Real Estate Market Report 2010 Poland - Ober Haus

Real Estate Market Reports 2010 - Łódźwww.ober-haus.comlower than asking rents by 8%. Rent prices for B-class spacefell slightly and stood at PLN 40 to 50 per sqm (EUR 10 - 12.5)and in case of C-class buildings the rents amounted to PLN25 - 40 (EUR 6.25 - 10) per sqm. In 2010, we anticipate a slumpof demand and so effective rents may decrease. Last year,service charges ranged from PLN 10 to 16 (EUR 2.50 - 4). Thiscomponent of office cost depends on prices of utilities andcompanies servicing premises.and Jysk. In May 2009, a new 4 star hotel Andel’s was opened atOgrodowa Street. It was another spectacular revitalization of anhistorical factory building.Galeria Łódzka - a shopping mall completed in 2002 byECE, located on Piłsudskiego Avenue. The total retail area is45,000 sqm. The main tenants are Media Markt, Tesco, Go Sport.New ProjectsRetailDemand For New Retail SpaceSupplyThere are 12 big shopping centres in Łódź, the largest beingManufaktura and Galeria Łódzka. In 2009, retail space supplyrose to 403,000 sqm. In Łódź the density of retail space is 630sqm per 1000 inhabitants. Part of the retail centre Port Łódź wasopened for use in Autumn of 2009, including the biggest IKEAshop in Poland - 33,000 sqm. Port Łódź is to supply the marketwith 100,000 sqm of modern commercial space with 200 shopsand service outlets. The main tenants will be Leroy Merlin, H&M,C&A, Reserved, Cropptown, House, Mohito, Home&You, Esotiq,Cubus, Benetton, ExiSport, RTV EURO AGD and Douglas.To lease space in these or other properties, call Ober-Haus on+48 42 637 12 25.Fabryka Biznesu - an office, retail and entertainment complexlocated at Politechniki Street 5. Development will start in 2010.It will offer 57,000 sqm of space. Planned completion date In2013.Plaza Łódź - Plaza Centers is going to develop a moderncommercial centre situated on a plot of 55,000 sqm at RzgowskaStreet. In the entertainment part of the centre there will bean amusement park and a movie theater. The total space willamount to 45,000 sqm. Date of completion in 2012.DemandIn 2009 retail centra vacancy was less than 1%, whichdemonstrates stable demand for retail space.The economicslowdown in many sectors of the market did not affect muchthe retail market. In 2009 the most demand was retail spacein shopping centres (100 - 200 sqm) and these located by themain shopping streets (especially Piotrkowska Street andPiłsudskiego Street).Rents• Port Łódź Retail Centre, Inter IKEA Centre Polska S.A.Main Shopping MallsTo lease space in these or other properties, call Ober-Haus on+48 42 637 12 25.Rents in shopping malls In 2009 fell by 6% in comparisonto 2008 and reached the level of PLN 140 - 160 (EUR 35 - 40)per sqm. Service charges were o PLN 20 - 25 (EUR 5 - 6.25) persqm. Rents for space in the city centre and by the main streets,for example Piotrkowska Street were to on average PLN 120(EUR 30) per sqm. Large areas were slightly cheaper. It isestimated that in 2010 rents will remain without change.Manufaktura - a shopping and entertainment centre,developed by Apsys. One of the largest in Poland, located indowntown Łódź, has 110,000 sqm of commercial space, aswell as restaurants, museums, galleries. The main tenants areLeroy Merlin, Cinema City, Go Sport, Electro World, Real, H&M30