The Tri-City Is Going for a Million

The Tri-City market is already offering over 75 thousand sq m of modern office space. The first quarter of the year has brought the agglomeration the largest amount of new supply in the regions - over 45 thousand sq m of offices. One of the largest office facilities commissioned at the time in Poland was the 180-meter Olivia Star in Gdansk. Last year was also very good for the Pomerania region. The increase in new office space supply in the Tri-City exceeded 20 per cent.

Over 170 thousand sq m of offices is currently under construction on the Tri-City market. The new space is being built in 9 modern buildings. Most of the office buildings will be commissioned by the end of 2019. The resources of the Tri-City are increasing very fast, but to exceed 1 million sq m, we will have to wait at least 24 months, just like recently in Wroclaw.

Office hub in the district of Oliwa

The largest office hub of the Tri-City is located at Al. Grunwaldzka Street, stretching on a distance of several kilometers in Gdańsk’s districts of Oliwa and Wrzeszcz. The business area located along the artery includes about 40 per cent of the Tri-City’s office resources. The largest office complexes on the market, which are usually built in stages are located in that area. The vast majority of new offices in the Tri-City are being in this region of Gdansk.

The construction of the Olivia Seven office building is coming to an end. The facility is a part of Olivia Business Center investment and will bring 30 thousand sq m of space. The last building of the Alchemia business complex - Neon is also under construction. It is implemented by Torus company. In the office building, which in October 2019 will supply the Tri-City market with over 35 thousand sq m of lease area, apart from office space, there will be around 1.5 thousand sq m of retail and service space. Moreover, the investor of this project has already started the construction of Officyna investment, which will include two buildings, at Al. Grunwaldzka Street. The buildings will provide the agglomeration with another 11 thousand sq m of modern lease space.

Skanska company is also preparing for the construction of a third office park on a plot of 9 thousand sq m at 343-345 Al. Grunwaldzka Street. The company intends to construct a few buildings on this plot. Preparation work for the implementation of the first of them has already started this spring. The new fourteen-storey office building in Gdansk is to offer about 23 thousand sq m of space. Another building of similar size is to be constructed shortly afterwards.

Gdynia's business center

The second largest Tri-City office area is located nearby Łużycka Street in the south-western part of Gdynia, where, among others, Łużycka Office Park and the Tensor complex are situated. One third of office space in Gdynia is concentrated in this zone. The post-industrial areas stretching along the Nadbrzeże Prezydenta seafront, are also a rapidly growing business location in Gdynia. Vastint Poland company has already completed the first stage of the Gdynia Waterfront multifunctional complex in this area, with office building and is planning to build another stage of the investment. It will bring 75 thousand sq m of space, including office facilities.

Apart from Gdansk's Al. Grunwaldzka Street and Gdynia's office hub, the third-largest business zone in the Tri-City is the area located in the central part of Gdansk. It includes mainly small office buildings, which were built over 10 years ago. However, this is an area with great potential, where new investments will soon be constructed and the existing facilities will continue to develop.

Modern Młode Miasto

The post-industrial areas on the riverbank of Motława and Martwa Wisła, are to change in the near future into a new, representative part of the city, thanks to the planned urban revitalization. The commercial buildings and residential buildings, as well as an extensive recreation space are to create a synergistic whole. Młode Miasto, located in the central part of Gdansk, where many investors prepare their projects, combines the post-industrial character of the former shipyard areas with the historical center of the city. A bigger activity of developers can also be expected in the areas nearby Gdansk Lech Walesa airport, where Allcon office park and BCB Business Park are located. The potential of this area is related to the high availability of investment land and good access to air and railway transport.

Record demand for Tri-City offices

Gdansk is the leader in the Tri-City office market, with over 70 per cent of office space available in the region. Over 20 per cent of the Tri-City offices is located in Gdynia, whereas the exclusive, tourist destination of Sopot has only a few per cent of the market resources and no significant office projects are planned in this resort.

The high demand for the Tri-City offices, despite the large supply, has recently had a decline in the vacancy rate, which has dropped in the agglomeration to the lowest level in six years. This year sees the continuation of the trend, which last year brought a record-breaking result to the Tri-City when it comes to the amount of space leased by tenants (114 thousand sq m). In the first quarter of the year, interest in offices in this market was over three times larger than a year ago. The average annual absorption in the region, within the last 5 years, is around 85 thousand sq m of space.

Growth of the BSS sector

High demand for offices in the Tri-City, as well as in other regional cities, is associated with the rapid development of the BPO/SSC sector. The companies from this sector are the main tenant of office space in this area. They are responsible for 65 per cent of the entire last year's lease volume. Entities with American and Polish capital, as well as companies from the Nordic countries and Germany are mainly investing in the agglomeration.

The Tri-City is the fourth largest office market in Poland and also the fourth location in Poland in terms of investments from the business services sector. Companies in this industry employ over 23 thousand people in the region. The Tri-City market saw the highest percentage increase in employment in the BSS sector in our country, between the first quarter of 2017 and the first quarter of this year, which exceeded 20 per cent.

There are 135 service centers operating in the Tri-City, 14 of which appeared on the market last year. Among others, such companies as Eltel Networks, Eurofins Digital Testing, Marine Harvest, FujiFilm Swarovski, Ricoh, Arrow, In4mo and Benetel have invested in this market.

Tri-City attracts investors

The Tri-City is attractive to investors in many respects. It is an agglomeration with a large share of A class office space in the buildings that have been constructed over the last 6 years. It also provides a well-developed transport infrastructure, which has recently improved significantly.

In addition, the 750-thousandth Tri-City agglomeration is an unrivaled leader in northern Poland when it comes to access to qualified staff. At 23 universities in the Pomeranian province, there are almost 90 thousand students. However, the demand for companies is growing much faster than the number of available employees.

Apart from the wide cultural and commercial offer, the Tri-City also attracts with its Baltic Sea location, beautiful beaches and extensive park spaces. Hence, the location is interesting, not only for the new, young residents, companies that locate their business there, but also for international investment entities, which have recently become much more interested in Polish regional markets.

Total investment transactions on the regional office markets in Poland last year, reached a record value of EUR 970 million, leaving Warsaw behind. In the Tri-City the value has reached EUR 165 million. Among others, the Gdansk’s Tryton Business House has changed the owner. It was bought by Griffin Premium RE from Echo Polska Properties.

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The Tri-City Is Going for a Million

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