WROCLAW, POLAND-The first-quarter recovery in regional Polish office markets, already begun last year, is expected to continue through 2011 and encourage start-ups of projects put on hold in the downturn, Jones Lang LaSalle predicts. Prime office headline rents have stabilized and could rise later, and corporate demand for office space is recovering.
New office start-ups followed last year’s improved corporate demand. Some 3.5 million square feet of space is under construction, notably in Wroclaw with one million square feet - 25% of existing space - and Lodz at 700,000 square feet, or 30%. Around 1.5 million square feet of speculative space will enter the market over the rest of 2011, JLL forecasts, still leaving the full-year total down 31% from 2010.
Major projects include Bonarka 4 Business and Green Office in Krakow and Olivia Business centre in Gdansk. Prime headline rents range from €11-13.5 square meter per month in Ł
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