In the first quarter of 2018, the overall offer of office space in Bratislava reached almost 1.72 million square metres. The vacancy rate slightly decreased to 5.99 percent from 6.18 percent in the previous quarter. The lowest vacancy rate was in the Bratislava V district (3.22 percent), the highest in the Bratislava IV district (9.05 percent), the Slovak branch of the real estate services firm Cushman & Wakefield reported on April 20 as cited by the SITA newswire.
The highest rental rates applied to new office units with the highest standards in prime locations in Bratislava (prime rent). It increased from €16 per square metre to €17 per square metre per month.
Transactions concluded during the first quarter of 2018 reached 27,000 square metres, which represents a 68 percent decrease in transactions compared to the previous quarter.
New rents in this quarter accounted for 32 percent of all transactions, pre-rent accounted for 31 percent, rent renegotiation accounted for 24 percent of all transactions and 13 percent concerned expansion.
No office building was completed during the first quarter of 2018 in Bratislava. But next quarter office projects Blumental Offices II, Einsteinova Offices and Westend Plazza are expected to be completed. They will offer more than 64,000 square meters of modern office space.
The oldest shopping mall in Bratislava, Polus City Center in Bratislava’s Nové Mesto borough, is undergoing major reconstruction. With an investment of €4 million euros, the interior and exterior of the shopping mall will undergo radical change.
Mlynica, a former industrial building in Bratislava rebuilt into a multi-purpose building, is one of 40 projects shortlisted for the prestigious European Union Prize for Contemporary Architecture – Mies van der Rohe Award. The biennial competition is considered to be the most prestigious architectural award in Europe.
The first of three residential towers of Sky Park, a project designed by the prominent Zaha Hadid Architect studio in Bratislava, reached its final height at the 31st above-ground floor at the end of last year. The other two towers will reach their final height during the first half of this year. Construction of the first of two office buildings and restoration of the historical heating plant known as Jurovičova Tepláreň are going on as well.
At the end of 2018, the offer of housing units in newly finished apartment buildings in Bratislava hit a low since 2002-2005, when this market started developing in Slovakia. This resulted in an increase of average prices of apartments.
The iconic building of the British retail chain Tesco department store in the centre of Bratislava has changed hands. The new owner of the building is the Mirage Shopping Center company of Žilina-based businessman George Trabelssie. Since 2016 the retail chain Tesco has sold five department stores across Slovakia. Trabelssie, who is close to former chair of the Slovak National Party (SNS) Ján Slota, acquired Tesco department stores also in Nitra and Žilina, the Hospodárske Noviny business daily reported. Tesco will continue to operate in the building on Kamenné Square as it will rent the premises.
The reconstruction of the Park Inn by Radisson Danube hotel in Bratislava has become the ugliest new building constructed between the years 2011 and 2018. As much as almost one third of 1002 participants in a survey organised by the website Trend Reality of the economic weekly Trend voted for it. The weekly launched the survey in early December. Its goal was to start a discussion and hold up a kind of mirror to developers.
Prices of apartments grew at a two-digit pace in Slovakia in 2018. The average price of an apartment increased from €1,479 per square metre to €1,655 per square metre during the first 11 months of 2018. This means an increase of €176 per square metre or 11.9 percent, Vladimír Kubrický, analyst with the Real Estate Union, told the TASR newswire.