Office outlook for the first months of 2009

The Katowice office market has showed a little slowndown in numbers of commenced developments in the first months of 2009. The key reason is a drop in demand and difficulties in obtaining finance for the projects. One of the biggest developments, as Silesia Business Park is waiting for the better moment and TriGranit’s plan for Silesia Towers which is facing problems with investment financing. Further, Globe Trade Center doesn’t hide that project of Mikołowska Office Center is on hold and none activity will be prosecuted in this case for now.

Although the first quarter of 2009 started to show early signs of cooling – after several months of waiting, Reinhold Polska has started construcion works of Reinhold Center and the finish of 8 600 sq. m leaseable space is expected at the end of 2009. The facility acquired already the first tenant Enel-Med on a pre-let basis.

Katowice prime office rent is stable at level of €16 sq. m per month but trend is predicted to decline.