Bratislava Research Forum Announces the Office Market Figurs for 4Q 2008

26 Jan, 2009,

Introduction

The Bratislava Research Forum is pleased to announce the Office Market figures for Q4 2008.

The members of the Bratislava Research Forum – Cushman and Wakefield, CB Richard Ellis and Colliers International share non-sensitive information with the aim of providing clients and public with consistent, accurate and transparent data about the Bratislava office market.

The market is classified into city centre, inner city and outer city as outlined in the plan below to allow a simplified analysis. In addition, data is collected according to Bratislava districts.

Office Supply/Stock

By the end of the fourth quarter of 2008, the total office stock in Bratislava exceeded 1,162 million square metres. Sixty percent of the space on offer, is Grade-A space and Fourty percent Grade B space.

Total stock according to districts

Since the start of 2008, there has been 176,683 square metres of new office space (Supply). In the centre of Bratislava, there were only a limited number of new office developements. 22,000 square metres of new supply arrived on the matket in Q4 2008– this ncludes the completion of the last tower of Apollo II - 16 000 m2.

Transactions on the Office space market (Office Take-up)

Transactions, which closed during Q4, reached up to 63 700 square metres, which reflects a 46,600 square metere increase in comparasin with the previous quarter. The finance/banking, manufacturing/construction services and professional service sectors dominated take-up, in the fourth quarter. Sixty percent of total transactions, were direct deals, the largest of which, was 24,000 sq m, and the new headquarters of Slovenska Sporitelna.

Office Take-Up according to sectors:

A total of 141,000 sq m of rented office space during 2008.

Significant Office Transactions

Significant Transactions:

Slovenska sporitelna headquarters: 24 000 sq m
Deloitte – Digital Park II – 5120 sq m
Slovenské elektrárne – Apollo II - 10 986 sq m

Office Vacancy

The vacancy rate increased in the fourth quarter and reached 8.9% at the end of the year. The lowest vacancy record rates were recorded in Bratislava 1 and Bratislava 5.

For further information please contact any member of the Bratislava Research Forum.

Appendix:

Definitions

Stock: Total completed office space (occupied and vacant), newly built since 1993 or refurbished, A and B class offices, owner occupied and for lease. Public authorities’ buildings and buildings fewer than 800 sq m are excluded.

New supply: Completed newly built or refurbished buildings that obtained a use permit in the given period.

A-Class office building: Reflects an above average fullfilment of the specific criteria including the following: integrated air conditioning system, limited total floor depth, floor to ceiling height minimum of 2.75m, flexibility of internal design, either three compartment trunking for telephones, electricity and computer cable or raised floors/suspended ceilings, manned reception and covered access to car parking, lift access and disabled access, dual power supply and/or power supply system back-up.

B- Class office building: Reflects an average or typical property in that market based on the above mentined criteria.

Take-up: A gross figure representing the total floor space known to have been let or pre-let, sold or pre-sold to tenants or owner-occupiers over a specified period of time. It does not include space that is under offer. A property is taken up when the contract is signed. Total take-up includes re-negotiations, net take-up excludes re-negotiations.

Pre-lease: Active pre-leasing for an office building begins as soon as preliminary design drawings are ready to show to prospective tenants. Pre-leasing occurs until the start of construction.

Vacancy rate: Ratio of physically vacant space in completed buildings as a percentage of the total stock.

Prime rent: Achieved rents that relate to new prime, high specification units in prime locations.

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