Total stock in Łódź reached 580,000 sq m at the end of Q2 2021. Due to a lack of new supply, the total stock remained the same as the previous year. Approx. 100,000 sq m remains under construction, with it due for systematic completion in the coming years, and with some 50% due for delivery in 2023. Demand in the second quarter of 2021 remained at a similar level to that in Q1, continuing a trend observed in the previous quarters, i.e. tenants withholding decisions regarding the leasing of office space due to the uncertainty surrounding the COVID-19 pandemic.
Łódź is the market with the highest increase in the vacancy rate over the past year, reaching 18.3% at the end of June (a 1.5 pp. increase q-o-q and 5.1 increase y-o-y). The growth in amount of available office space is the result of the low level of leased new supply in projects completed in 2020 and weaker tenant activity in H2 2020 and H1 2021.
We refer everyone interested Despite the increase in the vacancy rate, asking rents for modern office space remain stable, fluctuating in the range of EUR 9-15 /sq m/month.
If you want to know more about Łódź, please have a look at the full report: https://reports.knightfrank.com.pl/strongcities_h12021