SAMBA - Hegedus Tomas - 9.9.2014
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This document provides a summary of the Bratislava office market and CBRE's services. It discusses CBRE globally and in Slovakia, key statistics on the Bratislava office market including supply, take-up, vacancy rates, and rental prices. It also profiles major office locations in Bratislava and provides details on existing, under construction and planned office projects. Recent deals and case studies involving CBRE representing clients are summarized.
SAMBA - Hegedus Tomas - 9.9.2014
- 1. GENERAL PRESENTATION 9th September 2014 Private & Confidential
- 2. ABOUT CBRE
- 3. 3 CBRE | NAME NAME ABOUT CBRE CBRE Slovakia 1. Commercial real estate company in Slovakia (since 2001) Offices: Bratislava, Košice 78 employees CBRE Globaly The biggest real estate company (FORTUNE 500 a S&P 500 (NYSE: CBG)) 300 offices around the globe 37 000 employees HQ in Los Angeles, CA, USA Top clients CBRE (SK):
- 4. 4 CBRE | NAME NAME ABOUT CBRE Property Management Facility Management Project Management Architecture & Design Portfolio Management Valuation Advisory Research and Consultancy Office Agency Industrial Agency Retail Agency Global Corporate Services Capital Markets
- 6. 6 CBRE | NAME NAME OFFICE SPACE IN BRATISLAVA Key Statistics H1/2014 SUPPLY TAKE-UP 2008 ± 180,000 sq m ± 116,000 sq m 2009 ± 130,000 sq m ± 63,500 sq m 2010 ± 61,000 sq m ± 153,500 sq m 2011 ± 69,350 sq m ± 99,200 sq m 2012 ± 59,900 sq m ± 102,800 sq m 2013 ± 29,300 sq m ± 92,080 sq m H1/2014 - ±103,000 sq m H2/2014* ± 41,250 sq m (expected) TOTAL MODERN STOCK (A+B CLASS) ± 1,500,000 sq m RENTAL INFORMATION City center € 14.00-16.00/sq m/month Inner city € 10.00-14.00/sq m/month Outer city € 8.00-12.00/sq m/month PRIME RENT BRATISLAVA € 16.00/sq m/month VACANCY 205,000 sq m = 13.55% *Business Garden Stefanikova, Green Cube, Westend Gate
- 7. BRATISLAVA OFFICE MARKET SNAPSHOT Take-up vs Supply vs Vacancy office space in Bratislava (sq m) 16 14 12 10 8 6 4 2 0 -2 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Take-up New supply Vacancy 2006 2007 2008 2009 2010 2011 2012 2013 1H2014 Vacancy (%) sq m Table 1: Bratislava Office Market Indicator Q2 2014 7 CBRE | NAME NAME Prime Rents Vacancy 16 EUR/sq m/month 13.55% City Centre Inner City Outer City Total stock (sq m) 473,600 680,100 359,300 Vacant space (sq m) 47,800 115,400 41,900 Vacancy rate (%) 10.1% 17.0% 11.7% New supply (sq m) 0 0 0 Total leasing activity (sq m) 45,812 8,456 20,801 Prime rents (€/ sq m/ month) 14.00-16.00 10.00-14.00 8.00-12.00
- 8. BRATISLAVA OFFICE LOCATIONS 8 CBRE | NAME NAME Bratislava Office Locations: 1. City Centre 2. Central Business District 3. Westend Area 4. Polus Area 5. Airport Area 6. Panonska Area X Y Z Z CITY CENTRE CENTRAL BUSINESS DISTRICT AIRPORT AREA POLUS WESTEND AREA AREA EINSTEINOVA AREA Headline rent: €9.00-11.50 /sq m/ month Headline rent: €8.50-11.50 /sq m/ month Headline rent: €10.00-11.50 /sq m/ month Headline rent: €8.75-11.50 /sq m/ month Headline rent: €11.00-13.00 /sq m/ month Headline rent: €11.00-14.00 /sq m/ month Headline rent: €12.50-16.00 /sq m/ month
- 9. 9 CBRE | NAME NAME OFFICE MARKET MARKET COMENTARY • Growing amount of secondary office projects being vacated due to Tenants relocation to modern office premises exerts a growth pressure on vacancy rate in , which currently amounts to 13.55%. • The position of Tenants is relatively strong, depending on the size of leased space and office zone. Strong incentives can be negotiated if proper strategy is in place. • Good possibility to consider relocation, as the availability of office space increases – in secondary office buildings, but good negotiation power against those Developers waiting for pre-lease. • Prime headline rents at the level of 16 EUR/sq m/month at Hviezdoslavovo square location and Eurovea (approx. 400 sq m transactions for 60 months lease term) GENERAL TRENDS • Declining speculative A class office construction with ca 23,800 sq m of office space was delivered in 2013. • Average quarter total leasing activity in 2014 amounts to ca 51,500 sq m. • Several projects ready to be constructed - Developers waiting for pre-lease agreement. • Several secondary projects were vacated in 2013.
- 10. OFFICE PROJECTS
- 11. 11 CBRE | NAME NAME OFFICE SUPPLY IN 2013 Year 2013 Hamilton House Location Bratislava I. Street Rajská Status Completed Date of Q2/2013 completition Office space 2,400 m2 Forum BC Location Bratislava II. Street Bajkalská Status Completed Date of Q2/2013 completition Office space 18,300 m2 Wallenrod Location Bratislava I. Street Mickiewiczova Status Completed Date of Q3/2013 completition Office space 2,500 m2
- 12. EXPECTED OFFICE SUPPLY IN 2014 12 CBRE | NAME NAME Year 2014 Westend gate Location Bratislava IV. Street Dubravská cesta Status Under construction Date of Q4/2014 completition Office space 36,000 m2 Business Garden Štefánikova Location Bratislava I. Street Štefánikova Status Under construstion Date of Q3/2014 completition Office space 4,500 m2 Green Cube Location Bratislava I. Street Hodzovo namestie Status Under construction Date of Q4/2014 completition Office space 750 m2
- 13. FUTURE PLANNED OFFICE PROJECTS Einsteinova Office* Location Bratislava V. Street Einsteinova Status Planned / waiting for prelease Date of n/a completition Office space 21,500 m2 Developer Sparkassen Immobilien DETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST 13 CBRE | NAME NAME Culenova Project* Location Bratislava I. Street Culenova Status Planned / waiting for prelease Date of n/a completition Office space 35,500 m2 Developer Penta Lakeside Park phase II* Location Bratislava II. Street Vajnorska Status Planned / waiting for prelease Date of n/a completition Office space 33,400 m2 Developer Trigranit *subject to securing pre-lease
- 14. Business Park Trnavska* Location Bratislava II. Street Trnavska Status Planned / waiting for prelease Date of n/a completition Office space 22,875 m2 Developer Iuris FUTURE PLANNED OFFICE PROJECTS DETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST 14 CBRE | NAME NAME Twin City* Location Bratislava I. Street Mlynske Nivy / Karadzicova Status Planned Date of completition H2/2015 Office space 60,000 m2 Developer HB Reavis Panorama Business II*- III.* Location Bratislava I. Street Pribinova Status Planned / waiting for prelease Date of n/a completition Office space 21,130+26,600 m2 Developer JTRE *subject to securing pre-lease
- 15. Eurovea phase II* Location Bratislava I. Street Pribinova Status Planned / waiting for prelease Date of n/a completition Office space 25,000 m2 Developer Ballymore FUTURE PLANNED OFFICE PROJECTS DETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST Stein – Office part* Location Bratislava I. Street Blumentalska / Legionarska Status Planned Date of completition Q3/2015 Office space 9,500 m2 Developer YIT Reding 15 CBRE | NAME NAME Zuckermandel Location Bratislava I. Street Nabrezie Ludvika Svobodu Status Planned Date of completition 2015/2016 Office space 23,400 m2 Developer JTRE *subject to securing pre-lease
- 16. Trigon* Location Bratislava II. Street Pribinova / Dostojovskeho rad Status Planned / waiting for prelease Date of n/a completition Office space 22,875 m2 Developer Ballymore FUTURE PLANNED OFFICE PROJECTS DETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST 16 CBRE | NAME NAME Ruzinov Project* Location Bratislava II. Street Bajkalska Status Planned / waiting for prelease Date of Q4/2015 completition Office space 22,500 m2 Developer Penta Veterna* Location Bratislava I. Street Veterna Status Planned / waiting for prelease Date of Q4/2015 completition Office space 10,300 m2 Developer Cresco *subject to securing pre-lease
- 17. FUTURE PLANNED OFFICE PROJECTS DETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST 17 CBRE | NAME NAME Vydrica – Office part Location Bratislava I. Street Nabrezie Ludvika Svobodu Status Planned / waiting for prelease Date of Earliest 2017 completition Office space 20,000 m2 Developer Zilion *subject to securing pre-lease Narodny Futbalovy Stadion – office part Location Bratislava II. Street Trnavska Status Planned Date of n/a completition Office space Ca 9,000 m2 Developer Grafobal
- 18. LAST DEALS – CASE STUDIES
- 19. 19 CBRE | NAME NAME CASE STUDY (TENANT REP) SLOVAK TELEKOM SLOVAK TELEKOM Project Completed merge of current office operations in Bratislava Challenge The business currently occupy 3 office buildings with 3 different Landlords totalling ca 24,000 sq m. The business had forecasted considerable headcount decrease and was projecting to consolidate the operations into area of below 20,000 sq m. Initial challenge has been to identify the proper office building which could meet the requirement in terms of size, timing and building standard expected. Other challenge has been timing in sense of meeting the current lease term expiries with existing landlords. Solution CBRE team with project management department evaluated current occupancy habits of Slovak Telekom, provided overview of available projects, run RFP process, developed strategy to select the most efficient/cost effective solution for Slovak Telekom. Lease contract negotiations have been completed and project Forum Business Center of HB Reavis has been selected. Slovak Telekom will relocate to new building in July 2013. NATURE OF INSTRUCTION: Lease acquisition CLIENT: Slovak Telekom SIZE: ca 16,000 sq m DATE: 2012
- 20. 20 CBRE | NAME NAME CASE STUDY (TENANT REP) PIXEL FEDERATION PIXEL FEDERATION Project Office Acquisition Challenge Pixel Federation appointed CBRE to provide T-Rep services in relation to the possible new office acquisition. Solution CBRE provided complete advisory services, market overview of possible locations, RFP process, Financial Analysis and procured proposals and prepared detailed due diligence of shortlisted alternatives. Based on recommendations and financial comparisons, Pixel NATURE OF Stay vs Go analysis Federation selected Digital Park phase III as new future HQ seat. INSTRUCTION: (ongoing) CLIENT: Pixel Federation SIZE: ca 1,700 sqm DATE: 2013
- 21. 21 CBRE | NAME NAME CASE STUDY (TENANT REP) TELEFONICA TELEFONICA Project Stay vs Go Analysis (lease renewal) Challenge Telefonica appointed CBRE to assist in evaluating stay vs go analysis which included negotiations with the current Landlord and evaluating other options on the market. Solution CBRE provided complete advisory services, market overview of possible locations, RFP process, Financial Analysis, procurement of proposals and prepation of detailed due diligence of shortlisted alternatives. Based on recommendations and financial comparisons, Telefonica NATURE OF Stay vs Go analysis decided to remain with the current Landlord and prolong the lease contract. INSTRUCTION: (ongoing) CLIENT: Telefonica SIZE: ca 5,100 sq m DATE: 2013
- 22. For more information regarding this presentation please contact: TOMAS HEGEDUS Managing Director +421 2 32 55 33 00 [email protected] Thank you!