www.development-press.info
CONTENTS
New edition of C&W industrial map …............. 3
Market View: Bratislava Offices ….................... 4
IPO first quarter activity …................................ 5
The domestic investment market …................... 6
Emerging Trends Real Estate® Europe …....... 7
Bratislava City Report …................................... 8
Shopping centre development report …............. 9
Bratislava Research Forum Announces the
Office Market Figures for Q1 2012 …............. 10
Big Box Slovakia …......................................... 11
Cenné posolstvo kardinála Korca
Združeniu NEF Hospodársky klub
Sloboda je osobitný dar človeka. Ňou sa tvoríme na
zrelých a zodpovedných kultúrnych ľudí. Ale slobodou, ak ňou šliapeme po pravde života, človek môže
aj znetvoriť seba i život okolo seba.
V súvislosti so slobodou sa často hovorí najmä o
masmédiách. Médiá, tlačené a najmä elektronické, a z
nich najmä niektoré televízie, môžu byť nielen
požehnaním pre život a kultúru, ale môžu šíriť aj
nevyliečiteľné choroby ducha.
Kardinál Korec sa v r. 2001 stal čestným členom a laureátom
miléniového Zlatého biatca
Nerobme z vážnych vecí obchod. Nezneužívajme ani
politickú ani mediálnu moc. A nedovoľme odľudštiť
Slovensko. Dnešná spoločnosť potrebuje ešte naliehavejšie právnu a morálnu kontrolu možností človeka
a moci. V spoločnosti aj u nás musí platiť nie právo
sily, ale sila práva.
Pre spravodlivé zákony nestačí len to, že ich
odhlasovala väčšina v parlamente. Takéto zákony
môžu byť slepé a nespravodlivé, môžu sa presadiť
násilnou propagandou a mocou peňazí. Tu nestačí
odvolávať sa na prieskumy verejnej mienky, ani na
vedu. Verejná mienka nemôže hlasovať o násobilke,
ani o zemskej príťažlivosti, nemôže hlasovať ani o
etike, nemôže poprieť úctu a hodnotu človeka.
Ján Chryzostom kardinál Korec
Contact person: Mr. M.Schmidt, author of project
II/2012
The next issue: January 2013
James Mwangi of Kenya’s Equity Bank named
Ernst & Young World Entrepreneur Of The Year 2012
Monte Carlo, 10 june 2012– Dr. James Mwangi, CEO and Managing Director of Kenya’s Equity Bank
Limited was tonight named the Ernst & Young World Entrepreneur Of The Year 2012 at an awards
ceremony held in Monte Carlo’s Salle des Etoiles.
James was picked from among the 59 country finalists vying for the title across 51 countries, each of
whom had already been named the Ernst & Young Entrepreneur Of The Year in their home country. Equity
Bank is the largest bank by customer base in East and Central Africa and the largest African majority
owned company in the region. The bank has more than seven million accounts representing over half of all
bank accounts in Kenya. It also has operations in Uganda, South Sudan, Rwanda and Tanzania.
Ruben Vardanian, President, Troika Dialog and Chair of the judging panel said, “Not only has James
really transformed people’s lives across Africa by offering them access to funding that they have never had
before, Equity Bank continues to grow quickly through a strong financial performance.”
“I’m honored to accept this award on behalf of the people and customers of Equity Bank”, said James.
“This is a global recognition for Africans who are embracing the power of entrepreneurship to change the
economic and social state of Africa.”
Jim Turley, Global Chairman and CEO of Ernst & Young, said, “Over the past 26 years, entrepreneurs
have done more than any other group to stimulate innovation, job creation and prosperity during both
periods of growth and in challenging economic conditions. James epitomizes the vision and determination
that set entrepreneurs apart and is very worthy of the title Ernst & Young World Entrepreneur Of The Year
2012.” Source: Daniela Ursínyová, Ernst & Young, Tel.: +421 2 3333 9544, +421 910 820 332, [email protected]
Dr. P. Kasalovský: Aká bude efektivita vládneho programu?
V Bratislave, 14. júna 2012. Do konca minulého týždňa
som hovoril viac ako s päťdesiatkou našich súčasných
aj bývalých členov. S bývalými som sa stretol aj preto,
lebo som pochopil, že niekto môže byť rozčarovaný z
našich pomerov.
Zväčša je unavený z neopodstatnených mediálnych
atakov, z nevymožiteľnosti práva, z poskribovania, či
priam vydierania mocou na najrôznejších úrovniach.
Boli medzi nimi aj absolútne neveriaci v minimálnu
pozitívnu a mlčiacou väčšinou želateľnú zmenu k
nastoleniu poriadku, k disciplíne a k ústavnému
princípu rovnosti v praktickom živote.
Všetci rešpektujú výsledok parlamentných volieb. Od programového vyhlásenia však čakali viac, najmä
to, že bude nielen vecné, triezve, ale aj náčrtom plánu, ako zabezpečiť lepší život pre najširšie vrstvy v
jednotlivých sférach – v rezortoch, a nezadlžovať sa. Vo finančnej kríze v ktorej sa únia momentálne
ocitla, je tu stále predpoklad, že vývoj, lepšie povedané „samo vývoj“ (s tým „samo“, máme na Slovensku
tzv. „veľmi dobré skúsenosti“), pôjde ďalej. Bude to ťažké a hlavne v ťažkých pôrodných bolestiach. Aj
Slovensko uzavrelo manželstvo z rozumu s týmto subjektom. Napriek tomu nie sme únijným a už vôbec
nie federálnym štátom. Ale... Len vás chcem upozorniť na maličkosť. Podľa všetkých dostupných štatistík
je samotné manželstvo jednoznačne aj hlavnou príčinou každého rozvodu.
V praxi zatiaľ naše manželstvo s úniou nefunguje vôbec ideálne. Stále sa tu krajiny delia na starých členov
a nové členské krajiny, má to ďalšie politické nedostatky, ktoré nemôžeme len tak prehliadať. EÚ trpí
značným nedostatkom demokracie, hlavne tam, kde by sa demokracia najviac vyžadovala, napríklad
mechanizmus voľby prezidenta EÚ a ďalších funkcionárov, mechanizmus dotačnej politiky vedie k
nerovnému prístupu k spoločným zdrojom.
Doterajšie rozhodnutia a snahy vlády naznačujú, že jej chýbajú mozgy i keď si to nepriznáva. Tie, ktoré sa
jej ponúkajú z opozície sú zahľadené do seba a vôbec nemajú silu. O časti vládnych by sa to síce dalo tiež
povedať, ale tie majú za sebou viac ako 40% voličov z tých, ktorí využili volebné právo. Je tu vládny
program a ambícia jedinej vládnej strany SMER SD s Róbertom Ficom na čele vládnuť nielen jedno
volebné obdobie. Pôjde o to, či sa jeho realizácia pohne na rýchlostný stupeň 2 a potom až po šiesty, čo by
znamenalo isté miesto v nebi slovenských velikánov.
Zdroj: Neformálne ekonomické fórum Hospodársky klub, www.hospodarskyklub.sk
Tel.: +421 903 569 341
E-mail: [email protected]
Website: www.development-press.info
Slovenský súd rozhodol
proti zisteniam expertnej skupiny OSN
Podľa Krajského súdu v Bratislave bolo povoľovanie Mochoviec v poriadku napriek tomu,
že experti z Aarhuskeho výboru zistili presný
opak.
Krajský súd v Bratislave rozhodol v neprospech
organizácie Greenpeace, ktorá namietala proti
konaniu Úradu jadrového dozoru (ÚJD), ktorý v
roku 2008 predĺžil povolenie na stavbu jadrovej
elektrárne Mochovce 3,4 a povolil aj zmenu stavby bez zainteresovania verejnosti do povoľovacieho procesu. Podľa environmentalistov a ich
právnikov týmto súd rozhodol v rozpore s
predošlým zistením Aarhuskeho výboru, ktorý im
dal pred rokom a pol v tejto veci za pravdu, čím
sa rozhodol v rozpore s nadradeným medzinárodným právom.
„Aarhuský výbor síce rozhodol v náš prospech a
potvrdil, že Slovensko porušilo práva verejnosti
pri povoľovaní 3. a 4. bloku elektrárne v Mochovciach. Tento výbor však nemá vynucovacie
prostriedky, ktoré by mu umožňovali zasahovať
do vnútroštátnych vecí jeho jednotlivých signatárov. Výbor je poradným orgánom OSN pre
Dohovor. Očakávali sme, že súd bude tieto zistenia Výboru rešpektovať, sporné povolenie zruší
a povoľovací proces sa bude opakovať. Súd však
nepochopiteľne ignoroval medzinárodne rešpektovaný výbor a stotožnil sa s argumentmi
žalovaného a nie medzinárodných expertov. Je to
výnimočný prípad. Napriek tomu, že výbor nemá
možnosť prinútiť jednotlivé krajiny, aby akceptovali jeho zistenia, nestáva sa, že by jeho závery
niektorá krajina takto bezprecedentne ignorovala,“ povedala právnička spolupracujúca so
združením VIA IURIS Eva Kováčechová, ktorá
zastupuje v tomto spore Greenpeace.
Greenpeace teraz počká na doručenie písomného
rozhodnutia súdu, čím sa stane právoplatným a
zváži svoje ďalšie kroky.
„Na Aarhuský výbor sme sa obrátili práve preto,
lebo súčasná výstavba je podľa nás nelegálna. Či
už sa teraz obrátime opäť na Aarhuský výbor,
Európsku komisiu, či podáme odvolanie, proces
bude trvať veľmi dlho a je otázne, či stihne
skončiť pred spustením samotnej prevádzky elektrárne,“ povedala koordinátorka energetickej
kampane Andrea Zlatňanská.
Eva Kováčechová sa obáva, že ak bude takéto
správanie štátnych orgánov a súdov tolerované,
bude slúžiť ako precedens na ďalšie porušovanie
zákonov, medzinárodných dohovorov či práv
verejnosti na rozhodovaní o životnom prostredí.
„Slovensko naďalej vytrvalo a bezprecedentne
ignoruje záväzky vyplývajúce z Aarhuskeho
dohovoru. Sme presvedčení, že pri stavbách, ktoré môžu mať taký významný dopad na ľudí a na
životné prostredie, ako práve jadrové elektrárne,
je osobitne dôležité dôsledné dodržiavanie
povoľovacích procesov a ochrany práv iných.
Týmto rozhodnutím sa však posúvame mnohé
roky späť, kedy verejnosť nemala reálnu možnosť zúčastniť sa na rozhodovaní o takýchto
významných stavbách. Toto rozhodnutie tiež dokazuje, že bez existencie silných vynucovacích
prostriedkov má Slovensko vážne problémy
rešpektovať dohovory, ktorých plnenie stojí a
padá „len“ na dohode zmluvných strán,“ uzavrela Kováčechová.
Pre viac informácií, prosím, kontaktujte:
Ing. Andrea Zlatňanská, kampanierka Greenpeace
Slovensko, mobil: 0905 745 879
Mgr. Eva Kováčechová, advokátka polupracujúca s
VIA IURIS, mobil: 0905 560 159
Mgr. Lucia Szabová, hovorkyňa Greenpeace
Slovensko, mobil: 0905 515 934
Will the traditional office exist in the near future?
Colliers International analyses office demand in its latest report on Generation Y
With a shrinking population and the rise of alternative workplace strategies (AWS), particularly remote
working, has the traditional office had its day? Not according to Colliers International’s latest white paper on
space planning and the future of the workplace. Colliers believes that in the future, i.e. 2030, demand for
office space will stay at a similar level to today.
This is predominantly due to the growing need, as dictated by employees working within a corporate office,
for flexible, collaborative space and more generous personal desk-space. This demand will result in an
increase in the amount of space required per office-worker, counter-balancing the decline in population and
rise in flexible/remote working.
Damian Harrington, director of Research at Colliers International, and author of the new White Paper,
commented: “Overall, the message is that we do not believe there will be a significant change (fall) in the
amount of space required for traditional office use over the next 15-20 years, despite a fall in office-based
employment.
“What we will see, however, is a
great deal of change in how office
space is used and configured.
Given the effect on the bottom
line of reducing rental outgoings,
there will be increasing pressure
to utilise technology and other
flexible office solutions to cut the
regular rent demand whilst keeping core staff happy, motivated,
productive and wanting to come
to work.
Amidst ever more competitive
labour markets, having the right
workplace strategy will be key to
a company’s future success.
“For developers and landlords,
having the right type of space which can accommodate changing layouts and needs and provide the
sustainable building solutions which occupiers and investors are now demanding will be paramount to the
success of an office portfolio. This is a demand not only from a corporate perspective but from staff
themselves.”
Further key findings from Colliers International’s White Paper on “Space Planning and the Future of
Workplace Design”, are: ● from a corporate perspective, space optimisation (79%) and cost savings (74%)
are the main reasons for companies to implement alternative workplace strategies ● for employees, home
based working (89%) and drop-in spaces/hoteling (82%) top the list of AWS requirements ● according to the
International Data Corporation, the number of mobile workers exceeded one billion people in 2010 and is
forecast to grow by 6% per annum over the next few years ● the growing trend towards remote working will
help drive demand for bespoke data centres as IT storage and management is increasingly outsourced.
Source: Katarina Dudakova, Key Communications, s. r. o., Tel. / Fax: +421 02 54 64 24 69, +421 910 967 741,
[email protected]
Prílev zahraničných investícií do Európy napriek kríze rastie
Investori vyjadrujú „opatrnú dôveru“ v budúcu atraktívnosť Európy
Z výsledkov desiateho každoročného prieskumu spoločnosti Ernst & Young o atraktívnosti Európy (European
Attractiveness Survey) vyplynulo, že investície smerujúce do Európy v roku 2011 napriek krehkosti ekonomiky
eurozóny naďalej rástli, pričom celkový počet projektov značne prevýšil úrovne pred krízou.
Príslušná správa obsahuje analýzu medzinárodných investícií do Európy za uplynulý rok a prieskum viac než
800 globálnych výkonných pracovníkov a ich názorov na to, akým smerom sa budú globálne investície v
nasledujúcej dekáde uberať a akým spôsobom realizovať. Slovenská republika v rebríčku hodnotených krajín
zaujala celkové 20. miesto v počte vytvorených projektov a 13. miesto v hodnotení počtu vytvorených
pracovných miest. Najviac investícií k nám smerovalo z USA a Nemecka, tretie miesto patrí Belgicku.
V Európe sa zaznamenal dvojpercentný nárast v počte projektov, a to z 3 757 v roku 2010 na 3 906 v roku
2011. Ešte prekvapivejším zistením bolo, že priemerný projekt bol oveľa rozsiahlejší a tvorba pracovných
miest vďaka priamym zahraničným investíciám (PZI) stúpla o 15 %. Najväčším investorom v Európe boli
naďalej USA s 1 028 projektmi (26 % z celkového počtu). Ide o šesťpercentný nárast v počte projektov, ktoré
USA investovali za uplynulý rok, a o najvyššie číslo za desaťročie od prvého prieskumu.
Odkiaľ pochádzajú investície?
Hoci USA zatiaľ zostávajú najväčším samostatným investorom v Európe, Európania sa nevyhýbajú ani
možným investíciám zo strany susedov. V roku 2011 sedem európskych krajín patrilo medzi desať
najvýznamnejších investorov smerujúcich svoje investície do regiónu. Troma najvýznamnejšími investormi
zostávajú Nemecko (412 projektov), Veľká Británia (294 projektov) a Francúzsko (192 projektov). Okrem
USA sa v rebríčku 10 top investorov nachádzali ešte Japonsko so 150 projektmi a Čína so 140 projektmi.
V počte projektov Nemecko predbehlo Veľkú Britániu, keďže si zabezpečilo 69 projektov z krajín BRIC, čo
je o 35 % viac v porovnaní s rokom 2010. Veľká Británia s 54 projektmi PZI sa umiestnila na druhom mieste
a za ňou nasledovali Francúzsko a Belgicko.
Zdroj: Daniela Ursínyová, Ernst & Young, Tel.: +421 2 3333 9544, +421 910 820 332, [email protected]
2
New edition of Cushman & Wakefield industrial map
Pracovné právo 2012
Stále v pohybe
Cushman & Wakefield has published the third edition of industrial map
which shows the locations of existing and planned warehouse and
production space in Slovakia.
Konferencia Pracovné právo 2012, ktorú pripravila spoločnosť EU Generation, ponúkla
účastníkom aj tento rok nové poznatky, rozšírenie vedomostí a bilancovanie toho, čo sa v
tejto oblasti za rok zmenilo.
The map also shows the biggest foreign investors in Slovakia and industrial
zones highlights in Bratislava together with a detailed depiction of
developers´ projects in Senec area which is without a doubt the most
developed area of modern offered industrial space on the market in
Slovakia. The document is primarily intended for logistics, manufacturing,
wholesale and retail companies, developers and anyone who is interested in
this specific market.
Prvá odborná prednáška patrila profesorke
JUDr. Helene Barancovej, DrSc., ktorá sa
zamerala na poslednú novelizáciu Zákonníka
práce z pohľadu jej nedostatkov. Účastníci sa
dozvedeli, ktoré body budú alebo by mali byť
novelizované v blízkej budúcnosti.
„The graphics in this edition is at a higher level compared to the last
version. Our main goal was to create a comprehensive mapping of modern
industrial development projects for lease and detailed overview of existing
and planned road infrastructure in Slovakia,“ says Peter Očovan from
Cushman & Wakefield, who actively participated in the preparation of the
maps.
The result is clear information about where to find the possibility of leasing
warehouse and production space as well as listing of the biggest foreign
investors in Slovakia and their location. The largest amount of modern
industrial space for rent is in Bratislava and Trnava region with the D1
Highway area next to Senec dominating Bratislava region. Map provides a
specific description of this location with detailed deployment of existing and planned industrial property.
From the beginning of 2012 developers have significantly moved towards construction of new industrial
space for lease and therefore map does not only show existing projects, but also projects which are ready for
construction whether on speculative base or for specific users. Part of the map is a booklet where developers
present their activities on the Slovak market.
Source: Alexandra Hanusková, +421 2 59 209 333, Cushman & Wakefield Property Services Slovakia, s.r.o.
[email protected], www.cushmanwakefield.com
Ide napríklad o viaceré paragrafy v Zákonníku
práce týkajúce sa pracovného času, ktoré sú v
rozpore s komunitárnym právom. Na úvodnú
teoretickú prednášku nadviazali ďalší prednášajúci s cieľom poukázať na praktické problémy s
aplikáciou vybraných pracovnoprávnych okruhov a tém.
Inšpirujúcim bolo vystúpenie advokátky Mgr.
Marie Janšovej, ktorá poukázala na takmer
rovnaké problémy týkajúce sa pracovnoprávnych sporov v Českej a Slovenskej republike,
poradila účastníkom ako sporom predchádzať a
doviesť ich do úspešného konca.
Napriek vyhliadkam na oživenie globálnej ekonomiky
panuje v oblasti predajov a nákupov firiem vyčkávanie
Ani momentálne priaznivejšie podmienky na uzatváranie transakcií zatiaľ neprinútili veľké podniky k
výraznejšej aktivite v oblasti predajov a nákupov firiem. Voľné prostriedky stále smerujú predovšetkým do
organického rastu. Vyplýva to z prieskumu investičnej dôvery (Barometer investičnej dôvery) uskutočneného
spoločnosťou Ernst & Young, ktorý obsahuje výsledky viac než 1 500 opýtaných vedúcich pracovníkov firiem
z 57 krajín sveta.
V najbližších 12 mesiacoch sa chystá uskutočniť nejakú akvizíciu iba 31 % respondentov, zatiaľ čo v októbri
2011 plánovalo akvizíciu 41 % respondentov, čo predstavuje pokles o štvrtinu a vôbec najnižšiu hodnotu od
začiatku pravidelného prieskumu v roku 2009. Oproti tomu počet podnikov plánujúcich predaje aktív sa
zvýšil z 26 na 31 %. Stále viac podnikov tak zvažuje predaje aktív v snahe nahromadiť hotovosť a obmedziť
vedľajšie činnosti. Výsledky uskutočneného prieskumu potom vzťah medzi dôverou vo fungovanie hospodárskych mechanizmov a počtom uzatváraných obchodov jasne ilustrujú – celkový objem fúzií a akvizícií
v prvom štvrťroku 2012 poklesol celosvetovo o 22 %.
Viac odhodlania na akvizície majú spoločnosti pôsobiace v sektore finančných služieb, biologických vied,
ropného a plynárenského priemyslu, technológií a spotrebného tovaru. Naopak, v hutníctve a baníctve,
automobilovom priemysle či v sektore verejných služieb už takýto optimizmus ohľadom budúcich fúzií a
akvizícií nepanuje. Najväčší apetít pritom vykazujú spoločnosti sídliace v Indii, Veľkej Británii, USA a
Nemecku. Ku krajinám, ktoré účastníci prieskumu v tejto súvislosti považujú za najperspektívnejšie, patrí
USA, India, Turecko, Rusko, Čína a Brazília.
Akvizície? V znamení hotovosti
Silné prevádzkové výsledky, znižovanie nákladov a eliminácia rizík prispeli k tomu, že sa popredným
svetovým hráčom podarilo nahromadiť značné zásoby hotovosti. Z podnikov, ktoré podľa prieskumu fúzie či
akvizície už realizujú, prípadne takéto obchody plánujú, chce využiť hotovosť ako primárny zdroj
financovania takmer polovica opýtaných. Obľuba dlhového financovania mierne stúpla, predovšetkým vďaka
nízkym nákladom na úvery, respektíve ich ľahšej dostupnosti. Podiel spoločností, ktoré by v súčasnosti
financovali akvizíciu pomocou dlhu, vzrástol na 39 % z 33 % pred šiestimi mesiacmi.
Výhľad do budúcnosti
Aj napriek pozitívnemu vývoju ekonomických ukazovateľov a miernemu
nárastu dôvery sú firmy vo svojich výhľadoch neustále veľmi obozretné,
predovšetkým vo vzťahu k najbližšiemu obdobiu.
Praktické rady dala účastníkom aj advokátka
JUDr. Dagmar Zukalová (na fotografii), ktorej
prednáška o nadčasoch bola vnímaná s veľkým
záujmom. Ponúkla auditóriu jasné a fundované
odporúčania, upozornila na nedostatky slovenskej právnej úpravy a ponúkla viaceré overené
riešenia.
Referátom z praxe sa prihovoril Ing. Ján
Rozbora, ktorý sa venoval osobitostiam pracovného času v podmienkach slovenskej železničnej dopravy.
Záujem účastníkov vzbudila aj posledná téma,
ktorú predniesol Ing. Ján Lalka. Nekalé praktiky, okrádanie zamestnávateľa, aj to je realita, s
ktorou sa stretávajú zamestnávatelia.
Rovnako ako v pracovnoprávnych otázkach, aj
tu platí, že prevencia je prvoradá.
„Neistý charakter oživenia globálnej ekonomiky znižuje ochotu podnikov
investovať do fúzií a akvizícií čas a prostriedky. Aj naďalej preto budú firmy
uplatňovať obranný štýl, ktorý sa prejavuje kumulovaním hotovosti. K tomu,
aby s týmito prebytkami nejakým spôsobom naložili, ich môže prinútiť
napríklad tlak zo strany akcionárov. Ak sa tak stane, mohla by aktivita v oblasti
fúzií a akvizícií opäť rásť,“ hovorí Jozef Mathia, výkonný riaditeľ oddelenia
transakčného poradenstva Ernst & Young v Slovenskej republike.
Konferencia Pracovné právo 2012 spojila na
jednom mieste viac ako stovku odborníkov,
ktorí náruživo diskutovali a celý deň zdieľali
poznatky a skúsenosti z pracovného práva, čím
obohatili sami seba ako aj ostatných účastníkov.
Zdroj: Dagmar Zborayová, EU Generation Wien
Zdroj: Daniela Ursínyová, Ernst & Young, Tel.: +421 2 3333 9544, Mobil: +421 910 820 332
[email protected], www.ey.com/sk/media
Viac informácií: www.eugeneration.com
3
Michael Reynolds
v Galerii Jaroslava Fragnera
Největší světový biotekt Michael Reynolds,
přezdívaný též „architekt odpadu“, představil v
prostorách Galerie Jaroslava Fragnera v Praze
své průlomové projekty.
Stavitel takzvaných zemělodí, jak Reynoldsovy
kreace pokřtila jeho manželka Chris, je zastáncem trvale udržitelného bydlení. Jeho stavby tuto
filosofii dokonale zhmotňují. Provozní náklady
na chod zemělodí a jejich energetická náročnost
jsou prakticky nulové a skýtají kompletní
vybavení, jež je potřeba k životu. Jsou i variantou
pro případ, že by na Zemi došlo k vyčerpání
neobnovitelných zdrojů energie.
Market View: Bratislava Offices Q1 2012
In Q1 2012 we have not recorded any addition, newly built project or refurbishment, to the existing modern
office in Bratislava. However; before the end of this year we will see ca. 72,800 sq m of new office space
delivered to the market. All of the projects making up this total are currently under construction.
Bratislava modern office stock
currently stands at approximately 1.45 million sq m. The distribution of modern office stock
by location at the end of Q1
2012 was:
City Centre submarket (32.3%),
with a vacancy rate of 10.9%,
Inner City submarket (42.3%),
with a vacancy rate of 8.6% and
Outer City submarket (25.4%),
with a vacancy rate of 12.0%.
New supply. In Q1 2012 we
have not recorded any addition,
newly built project or refurbishment, to the existing modern
office in Bratislava.
However; before the end of this
year we will see ca. 72,800 sq m
of new office space delivered to
the market. All of the projects
making up this total are currently under construction.
Total leasing activity. Total leasing activity (TLA) on the Bratislava office market in the first quarter of 2012
reached 24,191 sq m. This is twice as much compared with the same period last year, however in line with the
last year’s average. Similarly as in previous quarters, a considerable share was represented by renegotiations
(46%), while remaining 54% were attributed to new deals.
Following last year’s trend, many tenants are choosing to roll over existing leases or take short-term
expansion space as opposed to relocating. We expect this type of transactions to sustain a stable share within
the leasing activity on the office market throughout this year.
Již téměř čtyři desítky let staví Michael Reynolds
svá levná obydlí ve vysokohorské poušti Nového
Mexika, v posledních letech ale i v dalších
koutech naší planety. Tyto stavby disponují
vlastním zdrojem energie (vítr, slunce), vody
(filtrovaná a později recyklovaná dešťová voda),
tepla (tepelná hmota) a vlastní kanalizací (na
způsob kořenové jímky).
Only ca. 10% of TLA (2,300 sq m) was formed by occupiers that moved from C-class standard to A/B-class
premises, occupiers expanding their premises and new acquisitions coming to the market. This is the lowest
amount of net take-up we have recorded throughout the previous year, while the quarterly average has been
approximately 8,400 sq m.
Office Market Indicators, Q1 2012
Prototypy jsou maximálně šetrné k přírodě a dají
se postavit prakticky kdekoliv, kde lze mít
nezastíněnou jižní stranu. Nejvhodnějším
materiálem pro stavbu zemělodí jsou lahve,
plechovky od piva, PET lahve nebo pneumatiky,
dobře poslouží také igelitové sáčky či kelímky od
jogurtů, obaly od džusů, plech z aut či lepenka.
Tuto skvěle fungující formu alternativního
bydlení - navíc s puncem originality a designového provedení - Michael Reynolds neustále
inovuje. I navzdory nepopiratelným kladům jeho
nápadů a myšlenek se však autor musel na území
USA před lety utkat s byrokratickými překážkami.
Za jeho vizi mu dokonce byla v Novém Mexiku
na několik let odňata licence architekta. Reynolds
však nepřestal věřit v budoucnost konceptu
udržitelného rozvoje bydlení a rozhodl se
společně se svým týmem pomáhat na vlastní
náklady v oblastech postižených přírodními
katastrofami.
Naučil stavět své zemělodě místní obyvatele
například v hurikánem postiženém Hondurasu
(1999) či Mexiku (2005), na Andamanech, kde
byli v roce 2005 místní nuceni potýkat se s
následky tsunami, nebo na Haiti, které před
dvěma lety zpustošilo zemětřesení.
Zdroj: Jiří Hlinka, Smart Communication s.r.o.,
[email protected], +420 283 882 082
Vacancy and net take-up. By the end of this quarter the amount of vacant space reached ca. 148,000 sq m.
This equates to a current vacancy rate of 10.2% which is higher by 70 bps y-o-y. The decrease is caused by
missing new supply combined with stable demand. This level is slightly lower compared with the average
vacancy rate we have measured over the past two years.
Rents. Achievable prime headline rents for premium office space in Bratislava are estimated at approximately
EUR 16.00-17.00/sq m/month in the City Centre location and are remaining stable. In non-prime locations the
headline rents are within the range of EUR 12.00-14.00/sq m/month.
Outlook. For the upcoming two years we expect a continuing low but healthy level of completed new office
projects. There is a noticeable recovery on the supply side with few construction starts last year securing a
steady supply in 2012 and 2013. As at the end of Q1 2012 we have monitored 72,800 sq m of office space
under construction with completion planned for 2012; mostly in the second half of the year. This is in line
with the amount of stock brought to market in the years 2010 and 2011. In terms of the level of demand for
office space, we expect this to remain sustainable for the rest of 2012.
Source: Jana Kováčová, Valuation & Research, CBRE s.r.o., Valuation Advisory, Park One, Nám. 1. mája 18, Bratislava,
811 06, Slovakia, T +421 (0) 2 3255 3300, M +421 911 670 703, [email protected], www.cbre.sk
4
IPO first quarter activity to kickstart 2012 comeback
After a sustained period of market uncertainty and volatility, the initial public offerings
(IPO) market is showing some signs of recovery after a number of high-profile deals
completed in the first quarter of 2012.
PwC’s IPO Watch Q1 2012 report found that a total of 58 IPOs raised €2.3bn on the European stock markets
during the quarter compared to €0.9bn in Q4 2011 and €3bn in Q1 2011. Average IPO offering value rose to
€50m in the quarter compared to €17m in Q4 2011 and €39m in Q1 2011.
Eduardo Souto de Moura
výstava držitele Pritzker Prize
Je to jako kdyby do Prahy přijeli držitelé Oscarů
Meryl Streepová nebo Colin Firth: v pražské
Galerii Jaroslava Fragnera se prezentoval loňský
držitel Oscara v architektuře, Pritzker Prize,
portugalský architekt Eduardo Souto de Moura.
The five largest IPOs accounted for over 86% of total IPO values raised in the quarter and were spread across
a variety of industries. The debuts of Ziggo in Amsterdam, a private-equity backed Dutch cable operator, and
DSKH in Zurich, a trade and marketing company, dominated the IPO markets in Europe raising a total of €1.5
billion and accounting for 65% of the total proceeds raised in the period. As a result of these two deals, NYSE
Euronext and SIX Swiss Exchange led the European IPO markets raising €975m and €681m on each
exchange respectively.
Although activity remains muted compared to historical levels, the prospects for future IPOs have been
boosted by the encouraging trading of a number of recent issuers, and renewed market stability.
Mark Hughes, capital markets partner, PwC said:
“A number of IPOs are pricing at the top end of their range and have generally performed well in the
aftermarket, which can only be good news for those companies considering an IPO later in the year. The
Ziggo IPO may pave the way for other private equity backed companies as market conditions continue to
improve.”
The US IPO market experienced some upturn in the first quarter of 2012, with 44 IPOs raising €4.4bn in
proceeds, representing a 33% increase in IPO volume compared to 33 listings in the first quarter of 2011. The
US markets also experienced strong aftermarket investor interest in new issuers, creating positive returns for
80% of this quarter’s IPOs.
With the confidence returning to the US market and the green shoots seen in Europe in Q1 2012 the signs are
positive for IPO prospects for the remainder of 2012 barring any further fallout from the Eurozone crisis seen
in 2011.
Richard Weaver, head of capital markets, PwC added:
“Our teams at PwC have seen the pipeline of IPOs remaining busy, although we expect most new applicants
to wait until the second half of the year to make their play and take advantage of IPO windows. Perhaps more
significantly, we are also seeing a number of companies who were forced to shelve their IPO plans last year
making a comeback. This is evidence that the general market malaise is starting to lift.”
Source: Zuzana Sehnalová, Marketing & Communications Leader, PwC. Tel.: +421 (0) 2 59350 133, Mobile: +421 (0)911 357 151,
[email protected]
DTZ: Investicím do nemovitostí se v České republice daří
i přes zvyšující se náklady na financování
Připomeňme, že Pritzker Prize se udílí žijícím
architektům od roku 1979. Mezi laureáty tohoto
nejvýznamnějšího architektonického ocenění patří také např. Richard Meier, Oscar Niemeyer,
Frank Gehry, Álvaro Siza, Tadao Ando, Sir
Norman Foster, Rem Koolhaas, Zaha Hadid, Jean
Nouvel nebo Peter Zumthor.
Je docela dobře možné, že u tuzemských příznivců současné architektury tohoto světoznámého
tvůrce proslavili sportovní komentátoři.
V roce 2004, kdy se hrálo fotbalové EURO v
Portugalsku, patřil de Mourou navržený svatostánek kopané v městečku Braga k velebenějším programovým bodům šampionátu než
lecjaký hráč milionové hodnoty.
[Praha]: Aktivita investorů na tuzemském realitním trhu úzce souvisí s množstvím oběživa, které je k
dispozici, a náklady na tento kapitál. Daná rovnice platí pro všechny typy investorů působící ve zdejším
prostředí: domácí i zahraniční institucionální investory, podílové a penzijní fondy, investiční i asset
manažerské společnosti, stejně jako privátní investory.
I když tito investoři zastávají odlišné investiční strategie, mají jeden společný jmenovatel – pro své realitní
akvizice využívají bankovní dluhové financování, jež umožňuje dosáhnout vyšších výnosů. Využívání
bankovních úvěrů, případně refinancování, je také dokladem konzervativnějšího přístupu investorů, který je
reakcí na vývoj trhu nemovitostí v posledních letech. Přesto český trh podle mezinárodní poradenské
společnosti DTZ prokázal loni značnou míru odolnosti, když dosáhl druhé nejvyšší úrovně investiční aktivity
od roku 2007 – a to přibližně ve výši 2,199 mld. EUR.
"Očekáváme, že objemy investic v důsledku vyšších nákladů na vlastní kapitál investorů i snížení dostupnosti
dluhového financování poklesnou. V zásadě ale jak banky, tak investoři se chrání proti riziku,“ vysvětluje
Ryan Wray, vedoucí investičního oddělení v pražské kanceláři DTZ, a dodává: „Banky zareagovaly
zvýšením dluhových marží o 300 bazických bodů nad Euribor and zaměřily se na minimální podíl pokrytí
dluhu příjmy (debt service cover ratio) v poměru 1:1,25, zatímco cílem investorů jsou vyšší výnosy, příslib
silných nájemců a dlouhodobě zajištěný příjem“.
Souběžně s vyššími náklady na úvěry banky upravily i podmínky poskytování financování investičních
transakcí. Zatímco ještě před rokem nebo dvěma nebyl problém krýt 70 a více % z objemu akvizice
bankovním úvěrem, v současnosti je to průměrně 65 %. Investoři proto ke klasickým zdrojům bankovního
financování vyhledávají i případné další alternativy, jako jsou soukromé zdroje („private equity“) nebo
mezzaninové financování. I když jsou obě tyto struktury obecně dražší, znamenají pro investory rychlé
vyplnění finančních mezer. A tím se rovněž zvyšuje pravděpodobnost úspěšného završení nemovitostní
transakce.
Aktuálně jsou banky ochotné financovat investiční transakce napříč všemi segmenty komerčních nemovitostí,
tedy obchodní, kancelářské i industriální projekty. Podmínky se však liší nejen v závislosti na kvalitě
kupované nemovitosti, ale také na aktivitách banky či investora v daném realitním sektoru.
V letošním roce zůstanou výnosy z nemovitostí dle předpovědi DTZ stabilní: u prvotřídních kancelářských
nemovitostí jsou yieldy (neboli míra výnosu) kolem 6,25 - 6,50 %, u maloobchodních nemovitostí kolem 6,00
až 6,25 % a u průmyslových nemovitostí se pohybuje dokonce ve výši 8 % v případě, že jsou zajištěné
dlouhodobé pronájmy bonitními nájemci.
Zdroj: Jiří Hlinka, Smart Communication s.r.o., +420 283 882 082, +420 602 226 913, [email protected]
5
Není to zdaleka jediný kontakt tohoto tvůrce s
fotbalem: v souvislosti s jeho loňskou dekorací
nejprestižnější architektonickou cenou Pritzker
Prize byla zmíněna i Souto de Mourova čerstvá
realizace vilového komplexu, již si u něj objednala hvězda portugalského národního týmu a
opora Realu Madrid Cristiano Ronaldo.
„Výstava Souta de Moury, jenž je ve světě té
nejlepší architektury ceněn i pro svou pokoru a
skromnost, stvrzuje zájem naší galerie o portugalskou architektonickou scénu. Ta patří k evropské špičce, podobně jako Nizozemsko nebo
Dánsko,“ říká Dan Merta, ředitel Galerie Jaroslava Fragnera, a dodává:
„v Souto de Mourově jazyce architektury lze
vystopovat ´hlásky´ jeho učitele Álvaro Sizy.“
Veškeré další informace lze nalézt na www.gjf.cz.
Zdroj: Jiří Hlinka, Smart Communication s.r.o.,
+420 283 882 082, [email protected]
Majitelé obchodů čelí agresivitě
zlodějů efektivnějšími systémy
DTZ: The domestic investment market is dependent
on the attitude of banks
Podle společnosti Special Service International
(SSI), která poskytuje komplexní bezpečnostní služby,
však jde o pomyslný vrchol ledovce: minimálně v
posledním roce strmě stoupá i agresivita zlodějů
nebo lidí, kteří do obchodů nechodí jen nakupovat.
The activity of buyers on the domestic investment market depends to a significant extent on the willingness
of banks to provide loan financing for such transactions. Domestic and foreign institutional investors as
well as stock and cash funds, like investment firms and private investors – all entities which purchase
property in the Czech Republic – use loan financing from banks almost without exception.
Důsledek? Zatímco před časem se majitelé a manažeři obchodů a nákupních center spoléhali především
na moderní technologie, v poslední době se vracejí k
fyzické ostraze, jež má také preventivní účinek. Podle
managementu SSI počty mimořádných událostí, v
nichž figurují slovní nebo i fyzické útoky (a to i proti
samotné ostraze), meziročně stouply o 100 %!
The current restrictive policy of banks, brought about by the overall development on the market, therefore
influences the amount of volume of realized transactions. Similarly as in the development of commercial
properties, the conditions for debt financing are becoming stricter and investors must also fulfill
requirements for their own financial resources and quality of the chosen properties. Despite this, according
to the international consulting firm DTZ, the local market displayed a significant level of resilience last
year, reaching the second-highest level of investment activity since 2007, i.e. approximately EUR 2.199
billion.
“Even in the case of
investors, it applies that
investment costs covered from equity capital
are higher than with
bank financing.
Likewise, strong international players having
a substantial volume of
equity capital seek
opportunities to refinance acquired commercial properties with
banks following the
culmination of the
acquisition process,”
„V obchodních jednotkách i obchodních centrech,
která jsme v posledních třech letech vybavovali
kamerovými systémy a další speciální technikou
napojenou na pulty centrální ochrany, nyní často
znovu implementujeme spojení s fyzickou ostrahou,“
říká Martin Vodrážka, jednatel společnosti SSI.
Nejčastěji má toto propojení podobu tzv. tísňového
tlačítka. Po jeho aktivaci dostává informaci nejen
bezpečnostní pracovník (obvykle v civilu), ale rovněž
management obsluhující kamerový systém a další
bezpečnostní mechanismy.
„Zásah je v případě oprávněnosti případu proveden
maximálně dvě minuty od aktivace. Pachatele často
zachytíme již mimo objekt nebo jednotku, kde k
aktivaci tísňového tlačítka došlo. Jde také o ideální
způsob, jak sledovat organizované party zlodějů,“
doplňuje Vladan Černín, technický ředitel SSI.
Podle něj nejsou výjimkou případy, kdy například
středně velká prodejna s módou a módními doplňky v
centru Prahy nebo Brna vykazuje měsíčně ztrátu
zboží v hodnotě 250 000 Kč. Například jednom z brněnským obchodních center se díky novým systémům a bezpečnostním standardům podařilo jen v
lednu letošního roku zajistit kradené předměty za
bezmála půl milionu korun.
Na vysokém objemu krádeží v České republice se
nezřídka podílejí i sami zaměstnanci. Na jedné straně
stojí zlepšování podmínek pro jejich loajalitu, na
druhé kontrolní mechanismy. Už proto, že zcizování
či přímo krádeže se u nás zdaleka netýkají jen
fyzického zboží: do celkové nelichotivé roční bilance
krádeží v objemu zhruba 8 – 10 miliard korun totiž
spadají také data a další cenné informace.
Proto se firmy vybavují zabezpečením IT techniky,
důkladněji prověřují uchazeče o zaměstnání, zavádějí
elektronický zabezpečovací systém v kombinaci s
ACS, tedy systémem, monitorujícím pohyb zaměstnanců a návštěvníků firem nejen při příchodu/odchodu do objektu firmy, ale i v rámci oddělení
či jednotlivých pater budovy.
Komplexní systém bezpečnosti, který v mnoha
podobách využívá společnost SSI, má však široké
využití i v oblastech mimo maloobchod. Velmi často
po spojení techniky a fyzické ostrahy sahají
kupříkladu klientská centra, reklamační oddělení
nebo pokladny společností.
Zdroj: Jiří Hlinka, Smart Communication s.r.o.
+420 283 882 082, [email protected]
explains Ryan Wray,
head of the investment
department at DTZ’s
Prague office.
Given that the aforementioned defensive posture of banks (expressed by rising interest rates) is negatively
impacting this year’s overall result of investment activity throughout Europe, the Czech Republic is no
exception. Investors are therefore seeking new methods of financing and are endeavoring to focus on
private equity or alternative mezzanine financing, or they are requesting loan financing from banks outside
the country where they are buying the chosen property.
Banks are currently willing to finance investment transactions across all segments of commercial
properties, i.e. shopping centers and office and industrial projects. However, the offered conditions vary
markedly depending on the current composition of the particular bank’s real-estate portfolio of previously
realized investment transactions. The most common condition is the requirement of class-A projects with
an assurance of long-term lease contracts with a minimum lease duration of three or more years.
Banks providing financing far more carefully assess the strength and reputation of clients and, naturally,
also the investor’s strength. At the beginning of 2012, banks’ requirements for the purchaser’s own
funding were in the range of 65% (loan-to-value ratio, or LTV). “The assessment of the debt service
coverage ratio is newly very strict among banks. This refers to coverage of loan payments from propertyleasing income to ensure a sufficient amount of funding for the property’s operation or the running of the
firm which owns the property,” Ryan Wray explains.
Banks’ stricter evaluation of properties is accompanied by higher interest rates and thus more expensive
loans. Therefore, investors are attempting to find other ways to meet the requirements of banks and thus
achieve the lowest possible loan costs. We previously mentioned mezzanine financing, which involves
increasing the investor’s equity capital through so-called subordinate debt, when the investor’s stocks or
commercial shares are pledged (or specially founded companies holding the property are purchased).
Although this method is costly, in the given moment it nevertheless helps to increase the LTV ratio, thus
increasing the probability that the transaction will be realized.
Other alternative financial instruments include bridging loans, construction loans, development loans and
similar forms of financing. At the moment of agreeing exclusivity in negotiations on the purchase of the
chosen property, investors are much more frequently turning to banks outside the Czech Republic. “Even
though all domestic banks are de facto owned by foreign parent companies, the conditions differ. For
example, investors – whether Czech or foreign – usually obtain mezzanine financing elsewhere in
Europe,” says Ryan Wray. He also states that the overview of investments in 2011 contains several
domestic investors which did not need external financing for purchases in amounts of up to EUR 10
million.
DTZ’s investment department anticipates that properties in the volume of roughly EUR 1.5 billion could
be purchased in 2012. The negative sentiment on the part of the banks offsets the attractiveness and,
mainly, the stability of the local property market, which is perceived particularly by investors from
Germany, the United States and Great Britain. Revenues will remain stable this year: yields (or the
revenue level) are approximately 6.5% from first-class office properties, 6.25% from retail properties and
up to 8% from industrial properties provided that they have assured high-quality leases with duration of at
least ten years.
Source: Jiří Hlinka, Smart Communication s.r.o., +420 283 882 082, +420 602 226 913, [email protected]
6
Emerging Trends Real Estate® Europe
Europe’s economic crisis has left real estate investment and
development in limbo – little relief expected in 2012
An economic crisis has left the European real estate industry in limbo, with preferred markets chosen more on
their potential as safe havens than high-growth hubs, and with highly specialised non-core investments
gaining attention as alternatives to traditional property types, according to Emerging Trends in Real Estate®
Europe 2012, the annual industry forecast published by PwC and the Urban Land Institute (ULI).
The report says that the prospects for any turnaround this year hinge on how recent regulatory measures will
affect banks' willingness to make commercial loans, and whether another financial industry collapse caused
by sovereign debt issues ultimately triggers a widespread release of assets by banks to investors. 2012 marks
the beginning of an era that will be defined by more negatives than positives in its early years, says Emerging
Trends, which includes interviews with and surveys of more than 600 leading commercial property
professionals across Europe. It predicts that this year, property financing will become a major casualty of the
measures banks take to tackle regulatory and macro-economic pressures; deleveraging will not free up capital
for fresh property lending; debt will become more short-term and expensive; and the need to find alternative
sources of funding will become imperative.
Emerging Trends says that 2012 is about finding new opportunities in both longer-term and short-term noncore investments.
Recommendations for longer-term non-core investments include:
● Solar energy parks and wind farms, identified by interviewees as a growth business ● Gas storage facilities
● Healthcare, hospital and data centres, which offer appeal as a stable income stream.
Recommendations for short-term, non-core investment strategies include:
● Buildings in need of refurbishment on the edges of prime districts in major cities ● Budget hotels,
especially in London's Waterloo, Paddington, King's Cross or Bishopsgate areas (survey respondents
recommended buying secondary office space and converting it to mainstream lodging) ● Mezzanine
financing for residential developers ● Homes in London that could be resold to wealthy individuals from
Greece and Italy seeking to own a home in a country that, while in a downturn, remains more economically
stable than those two countries.
This year, the report predicts, investors will continue to eschew a strategic focus on whole countries, cities
or sectors in favour of asset-led, deal-by-deal approaches. “Nowhere is considered a 'must buy,' today,” it
says. Values posted for European cities “could hardly be described as electric,” it notes , with over half the
cities recording a lower investment score than last year, including major markets such as London, Frankfurt,
Copenhagen, Madrid and Rome. The top-ranked cities in the survey tend to be either in western or northern
Europe, or growing regions to the east.
The top five markets are:
● Istanbul – For the second consecutive year, Istanbul is ranked first for both investment and development.
Its popularity is due largely to its strong economic growth prospects and demographics (a young, growing
population). Retail development in Turkey has particularly high potential, with consumer spending on the rise
and an influx of major international companies. “Turkey's appeal is based on a long-term view of the future,”
says Emerging Trends.
● Munich – Munich ranked second in the survey. With one of the lowest unemployment rates in Germany,
Munich‟s economy is perceived to have fared well in the recent economic malaise. Its appeal is based on the
notion of the city as a safe haven offering a deep and liquid market that is more stable than Frankfurt.
● Warsaw – Ranked third in the survey, Warsaw is viewed more favourably by outside investors than
domestic ones. Investors anticipate the city's increasing prominence as the financial centre for the Eastern
European region, boosting the city's office sector. Its retail sector is also highly favoured, as the city has
attracted international retailers. Extremely low retail vacancy rates and limited supply will keep this sector
strong.
● Berlin - Berlin, ranked fourth, was Europe's most attractive market for residential investment. Its appeal,
like that of Munich, is stability, and its popularity with interviewees reflects a wider search for safety in
today's market environment.
● Stockholm – Stockholm, ranked fifth, was another favourite for investors picking safe cities. The city and
Sweden overall have impressed investors with a strong performance throughout the financial downturn. It is
considered one of the strongest markets in Europe, due to strong public sector finances and a solid exportdriven economy.
In addition to Istanbul holding firm as the top investment and development market, the report highlights
other trends:
● The rise of Moscow as an investment magnet. Of the Russian-based interviewees, 82 per cent anticipate
deployment of more capital into real estate this year, and 75 per cent expect profits to rise.
● The decline of London in the ratings for new investment, existing investment and development.
Respondents cited concerns over the difficulty of obtaining assets, strong competition and pricing on the
brink of a bubble.
● The likelihood that investment will increase in few of the 27 markets in the survey. Respondents predicted
greater investment in a quarter of the cities – Berlin, Hamburg, Istanbul, London, Moscow, Munich and
Stockholm – but said capital values and rents would likely hold steady rather than rise as a result of the
investment activity.
Respondents from Ireland (“Irish interviewees believe their economy is through the worst”) and Turkey were
the most optimistic about business confidence and profitability over the coming months. Least optimistic
were respondents from the Czech Republic, France and Portugal.
Source: Zuzana Sehnalová, Marketing & Communications Leader,
PwC, Tel.: +421 (0) 2 59350 133, Mobile: +421 (0)911 357 151,
[email protected]
V SR v roku 2011 významne
vzrástla hodnota transakcií
Bratislava 16. apríla 2012 – Slovenský trh fúzií a
akvizícií v roku 2011 kopíroval trend regiónu
strednej a juhovýchodnej Európy, kde počet transakcií rástol a ich odhadovaná hodnota sa výrazne
zvýšila.
Celkovo bol v 11 krajinách regiónu zaznamenaný
nárast počtu fúzií a akvizícií o 11 %, pričom
hodnota zverejnených operácií sa zvýšila až o 48 %.
Odhadovaná hodnota slovenského akvizičného trhu
dosiahla 1,5 mld. USD, čo je suma o 1,3 mld. USD
vyššia ako v minulom roku. Na slovenskom trhu sa
začína prejavovať trend menšieho počtu väčších
transakcií.
Z transakcií so zverejnenou hodnotou mali tri
hodnotu nad 100 mil. USD, kým v roku 2010 túto
hranicu neprekonala ani jedna transakcia. Najatraktívnejšími sektormi na Slovensku z pohľadu
investorov boli telekomunikácie a nehnuteľnosti,
pričom v okolitých krajinách boli na prvom mieste
výroba a služby. Vyplýva to z výsledkov rebríčka
fúzií a akvizícií „M&A barometer v regióne
strednej a juhovýchodnej Európy“, ktorý vypracovala spoločnosť Ernst & Young. Najzaujímavejšími trhmi v regióne strednej a juhovýchodnej
Európy sú Poľsko, Turecko a Rumunsko.
V roku 2011 sa na slovenskom akvizičnom trhu
uskutočnilo – na základe zverejnených informácií –
27 transakcií (vrátane troch akvizícií realizovaných
investormi v zahraničí), čo oproti 25 transakciám
zaznamenaným v roku 2010 znamená nárast o 8 %.
„Stali sme sa štandardným, ekonomicky saturovaným mikroregiónom Európy. Kto tu chcel byť a
podnikať, už v Slovenskej republike pôsobí a pre
ostatných je to teraz skôr otázka vhodnej príležitosti
a aktuálnej stratégie,“ hovorí Petra Wendelová,
partnerka spoločnosti Ernst & Young pre fúzie a
akvizície.
„Pri transakciách tak ako vo všetkom platí, že na
veľkosti záleží. Úspech Slovenskej republiky na poli
M&A bude teda závisieť od našich schopností
nachádzať možnosti spolupráce a synergické efekty
s ostatnými krajinami v regióne. Firmy spoliehajúce
sa iba na slovenský trh budú z roka na rok strácať,“
dodáva Jozef Mathia, výkonný riaditeľ oddelenia
transakčného poradenstva Ernst & Young v Slovenskej republike.
Prevažujú domáci investori
Väčšinu transakcií na slovenskom trhu tvorili
zahraničné investície, ktorých podiel bol až 56 %.
Investície prichádzali najmä zo susednej Českej
republiky. Domáce investície tvorili 33 % z celkového počtu transakcií. Strategickí investori na
trhu prevažovali nad tými finančnými svpodielom
viac než 80 % na celkovom počte operácií.
Hodnota transakcie bola zverejnená v 44 % prípadov, čo je o 8 % viac oproti roku 2010.
Odhadovaná hodnota slovenského akvizičného
trhu dosiahla 1,5 mld. USD, čo je suma o 1,3 mld.
USD vyššia ako v minulom roku.
Najatraktívnejšie odvetvie pre fúzie a akvizície
Počtom transakcií boli na Slovensku najzaujímavejšími sektormi telekomunikácie a nehnuteľnosti. Spolu sa v týchto dvoch odvetviach uskutočnila približne tretina všetkých transakcií.
Zaujímavým faktom však je, že až na jednu
transakciu z iného odvetvia všetky štyri transakcie v oblasti nehnuteľností patrili medzi objemovo najvýznamnejšie transakcie na trhu.
Na treťom mieste sa z hľadiska početnosti
umiestnili transakcie v oblasti bankovníctva a
finančných služieb.
Zdroj: Daniela Ursínyová, Ernst & Young,
Tel.: +421 2 3333 9544, Mobil: +421 910 820 332
[email protected], www.ey.com/sk/media
7
Bratislava City Report Q1 2012
During the first quarter, there was no investment activity on the
Slovak real-estate market. However, we are aware of investors’
interest, mainly into industrial properties and land for development,
in 2012.
The market experienced significant investment volumes in the last quarter of 2011. In terms of pricing,
Slovakia reflects a 50bps to 75bps discount compared to the Czech Republic and Poland. Historic transactions
provide strong evidence of this spread.
Office Market
Supply. As at the end of Q1 2012, the
total office stock in Bratislava stood at
1,446,199 m². Of the existing stock,
58.6% are A class properties, the
remaining 41.4% are B class.
There was no new supply added to the
market during this quarter, which is a
significant decrease in the amount of
new supply in comparison with the last
quarter, when 6,900 m² was added to
the market.
The largest volume of A class premises
is located in the first Bratislava district
with 318,418 m², followed by the second district with 287,090 m². The smallest volume of 23,100 m² of new
premises is available in the fourth Bratislava’s district. The overall vacancy rate for Bratislava has decreased
slightly from 11.2% in the previous quarter to 10.2% at the end of Q1 2012. The lowest vacancy rates
recorded in the first quarter of 2012 were in Bratislava 5 (5.7%), followed by Bratislava 2 (10.9%) and
Bratislava 1 (10.7%).
Forecast. For 2012, we expect around 50,000 m² of
new retail space to be delivered in Bratislava within
the projects Central (37,400 m²); Trinity Shopping
Gallery (8,000 m²) and the extension of Avion
(4,600 m²). There is also an extension of IKEA
expected which will add another 14,700 m² of new
space.
In the regions, Europa Zvolen is the largest retail
development due for completion in 2012 with a
GLA of 24,000 m². In addition, retail space in
Bardejov in eastern Slovakia will be extended by a
new mixed-use project X-centrum and the opening
of a retail park, City Park with 10,000 m² in Levice
is scheduled for April 2012.
Industrial Market
Supply. Following the limited levels of construction
since 2009, we recorded growth in the industrial
market in 2011 and a similar trend continued in to
Q1 2012. The market was supplied by one new built
to suit project developed by Point Park Properties in
Lozorno for Schnellecke Logistics totalling 26,000
m². The total industrial stock in Slovakia amounts to
1,107,532 m².
Demand. The total volume of leasing transactions concluded during Q1 achieved 24,200 m², which is an
increase of about 51.6 % in comparisson to Q1 2011. Compared to last quarter, this is a decrease of about
25%. Renegotiations decreased during last quarter (37.6%). New contracts accounted for 62.3 % of the total
take-up.
Rents. Rental conditions will be stable over the long term.The highest asking rents in prime office buildings
in Bratislava’s best locations have remained stable throughout the year. Prime rents are currently at around
€14 – €17 /m²/month. Rents in the Inner City zone range between €10.5 and €12.5 /m²/month. Rental levels in
the Outer City district have stabilised between approximately €8 and €10/ m²/month. Rent free periods, which
are the most common form of incentives, can range between 3 to 5 months for new 5 year lease contracts.
Forecast. During following quarter the new multifunctional project CENTRAL will be delivered to the
market. The amount of office space accounts for 19,000 m². The additional four projects will count another
53,000 m² of office space. Due to the fact that new premises will not be fully occupied at the moment of
delivery, we assume increase in vacancy rate.
Retail Market
Supply. Only one retail scheme was added to the market in the first quarter of
2012. Korzo Retail Park (former P13) near Bratislava airport, opened its
remaining space after the first phase opened at the end of 2011.
The retail park’s lettable area totals
14,000 m². Total modern retail stock in
Slovakia has increased to approximately
1.44 million m².
There are still some projects under construction by
Karimpol and ProLogis in Senec and by Immorent
in Kosice. The vacancy rate at the beginning of the
year increased slightly to 5.2% in comparison with
4.88% in Q4 2011, mainly due to the termination of
some short term lease agreements. Almost all new
supply in 2012 will be built speculatively.
Demand. In the first quarter, we recorded a total
take-up volume of 24,900 m² compared to 19,800
m2 in the previous quarter. The largest share of new
contracts were transacted in the Bratislava region.
The largest transaction in Q1 was in Prologis Park
Senec with 4,800 m².
The most active sectors remain to be the logistics,
automotive and electronics. The ratio between new
take-up and renewals undertaken in Q1 2012 is
minimal. Due to continued interest in new premises,
we can predict an increase in future demand, mainly
due to the recently announced, new speculative
developments.
There were no new completions in the
Slovak regions during Q1. The total
modern retail stock in Bratislava totals
approximately 483,000 m².
Rents. Prime headline rents are traditionally achieved in Bratislava, currently at € 3.70 to 4.50
/m²/month and at € 3.80 to 4.20 /m²/month in
Košice. For speculative development in the
Bratislava region, rents are up to € 3.60 to 3.90
/m²/month supported by rent free periods which are
in the range of 6 to 9 months.
The majority of the retail stock consists
of space which was delivered to the
market after the year 2000. The
attractiveness of the regions outside
Bratislava has grown quickly in recent
years.
As at the end of Q1 2012, there was approximately 957,000 m² of modern retail space in the Slovak regions,
outside of Bratislava.
Demand. Consumer expenditure has been subdued across all sectors in Slovakia on the back of weakening
economic fundamentals over the recent period. The prognosis of IHS Global Insight for 2012 is a positive
retail sales growth of 1.1% compared to -0.4 in 2011; -0.8% in 2010 and 0.1 in 2009.
As the balance of the market is turning in favour of
landlords, we expect pressure on rental levels
through the decreased number of incentives offered
and increased pressure for longer term leases.
Forecast. For 2012, we expect around 130,000 m²
Retailer demand for new retail space is relatively low, especially in areas with higher saturation and lower of new industrial space to be delivered within
income. For prime retail space, demand remains stable, both in Bratislava and in the regions. Retailers’ Slovakia. We predict that vacancy will increase up
to between 7 and 8%. Prime yields should also
movements from lower quality centres to prime centres starts to be a common trend in Slovakia.
remain stable over the year, ranging between 8.5
Rents. Prime shopping centre rents in the capital city range between €50 and 80 /m²/month. In the regional and 9%.
cities, prime shopping centre rents range between €25 and 35 /m²/month. Bratislava’s prime High Street rents
are at a level of €35 to 50 /m²/month whilst, High Street rents in regional cities are between €15 to 25 Source: Vladimir Bullo, Consultant Valuation,
Jones Lang LaSalle s.r.o., Tel +421 2 59 20 99 21,
/m²/month. We expect rents to remain stable in the short term.
Mob +421 917 959 219, [email protected]
8
Marketbeat: Shopping centre development report, Europe
Shopping centre provision increased by nearly 3.6 million sq.m in the
second half of 2011. This brings the European completion total for the
year to 5.9 million sq.m - virtually identical to the 2010 figure. Central
and Eastern Europe accounted for 65% of new space added.
Across Western Europe, extensions account for
21% of new space added in 2011 and 30% of the
pipeline for 2012/13. In the UK, the 2011
completion total is skewed by Westfield Stratford
City, which accounts for nearly two-thirds of new
space added. Similarly, in Spain, Marineda City
makes up more than 70% of the 2011 figure.
European shopping centre growth. The European
pipeline for 2012 is estimated at 6.4 million sq.m,
with nearly 4.6 million sq.m scheduled for
completion in 2013. More than half of the markets
surveyed are expected to see an increase in
completions in 2012. Central and Eastern Europe
account for 61% of the pipeline.
With delays reported in a number
of markets, the 2011 total fell
short of projections made earlier
in the year.
The 2012/13 pipeline is estimated
at 10.9 million sq.m, with 6.4
million sq.m of GLA scheduled
for completion this year, although
further delays are possible.
Market size. Russia accounts for
21% of the European pipeline,
with 2.3 million sq.m of new space likely to be delivered in 2012/13. In Moscow, activity has shifted towards
the outskirts following restrictions on construction within the Third Transport Ring. Several projects have
recently been delayed around the country, and there is some uncertainty surrounding completion dates for
many schemes. In Turkey, a number of delays have also been reported. Istanbul remains the centre of
activity, with more than 700,000 sq.m of new space under construction. Shopping centres with GLA of 40,000
sq.m and up account for around 80% of the pipeline.
Against a backdrop of fiscal austerity, low wage
growth and high unemployment, consumer
confidence has eroded in many countries.
Occupiers have become increasingly cautious and
selective across most of Europe in recent months as
a result, with many secondary schemes struggling
to attract quality tenants. Therefore, the 2012
pipeline could potentially contract as projects are
delayed or put on hold, and due to uncertain market
conditions, it is difficult to make accurate forecasts
for 2013 and beyond.
Shopping centre investment. Retail investment
volumes totaled nearly €40 bn in 2011, a 3.5%
increase on 2010. Retail’s share of total commercial
property was 32%, compared with 33% in the
previous year. The UK and Germany continued to
dominate, accounting for 57% of the European
total. Despite a 15% decline in volumes relative to
2010, the UK remains in the number one spot, with
nearly €12 bn of retail assets transacted.
In France, extensions of make up
over 40% of the pipeline, with
more than 50 centres being
extended or refurbished. Nearly
40 new schemes are also under
construction, including major projects in Paris and Lyon.
In Ukraine, floorspace could
potentially increase by more than
25% in 2012/13. Kiev accounts
for around half of the pipeline,
with major projects also being
built in Kharkov, Odessa and
Kherson.
The Italian pipeline is estimated
at 750,000 sq.m, with major
schemes under construction in
Villesse, Palermo, Monopoli,
Parma and La Spezia. However,
several delays have been reported
in recent months, including the largest scheme in the pipeline, Villesse Shopping, which has been pushed
back to 2013.
The Spanish pipeline is also relatively healthy, with several large schemes scheduled for completion this
year, including Puerto Venecia in Zaragoza and As Cancelas in Santiago de Compostela. However, no new
starts have been reported in recent months, and the possibility of delays cannot be ruled out for some projects.
In Germany, completions are expected to pick up in 2012 after reaching an historic low last year. Meanwhile,
in Poland, a more cautious mood has taken hold and activity has slowed, although the pipeline remains
healthy, particularly in the large regional cities.
Key trends across Europe. Of the 34 markets surveyed, 19 saw annual completions decline relative to 2010,
with particularly steep drops in the Czech Republic, Austria, Slovakia and Croatia. In Bulgaria, following a
record completion total in 2010, no new space was added. In Germany, the 2011 figure was the lowest level
on record since 1989. On the other hand, Turkey, Poland, France and Finland saw a rebound in activity after
the previous year's slowdown.
In Russia, nearly 1.4 million sq.m of new space was added to the market, compared with 1.6 million sq.m in
both 2009 and 2010. The focus of activity has shifted towards the regions in recent years; indeed, in 2011
Moscow accounted for only 13% of new space added, in line with St. Petersburg. In contrast, Moscow
accounted for 36% of new space in 2009 and 25% in 2010. Major openings include MEGA Ufa (114,700
sq.m), MEGA Samara (102,000 sq.m), AFImall City in Moscow (114,200 sq.m) and Leto in St. Petersburg
(80,000 sq.m).
In Turkey, almost 1.1 million sq.m of shopping centre space was completed, the highest annual figure on
record. Turkey tops the chart in terms of percentage growth in floorspace, with a 20% boost in provision.
More than 400,000 sq.m of new space was completed in Istanbul, while Ankara saw provision boosted by
260,000 sq.m. Large shopping centres also opened in Kayseri, Denizli and Antalya.
Poland saw provision increase by more than 7% with the completion of nearly 600,000 sq.m of GLA,
including large centres in Rzeszów, Radom, Szczecin and Kielce. No new schemes were completed in the
capital; indeed, the last major shopping centre to open in Warsaw was Zlote Tarasy in 2007, although
provision should improve in the coming years with a few schemes in the pipeline.
In Western Europe, the focus of development has shifted towards the extension and refurbishment of
existing schemes in recent years. Notably, in France and the Netherlands, extensions make up more than 30%
of all new space completed in the past ten years; in Sweden and the UK the figure is close to 45%.
9
Activity increased year-on-year in around half of
the markets surveyed. Notably, in Russia, volumes
increased more than seven-fold despite a slowdown
in the second half; the 2011 total is the highest
figure on record since 2007. The Czech Republic,
Slovakia, Switzerland, Sweden, Italy, Germany,
Belgium, Denmark and Poland also saw an upturn
in activity.
On the other hand, several European countries saw
significant declines in retail investment. In Spain,
volumes decreased by 61% year-on-year, with only
€733 mn of retail assets transacted – the lowest
annual figure since 2004. In Portugal, volumes
declined by 80%; the 2011 total of €72 mn is the
lowest figure recorded in more than a decade.
France, Norway, Finland, the Netherlands, Greece
and Ireland also saw a slowdown in investment
activity, although for markets such as France, this
more reflects supply shortages rather than weaker
demand.
The average prime European shopping centre yield
ended the year at 6.96%, compared with 7.02% in
Q4 2010 and 5.74% at the peak of the market in
September 2007. On an annual basis, prime yields
moved in by 50-80 bps in Turkey, 75 bps in Russia,
50 bps in Poland and Norway, up to 75 bps in
Hungary, up to 55 bps in Germany, and 25-50 bps
in France, the Czech Republic, Switzerland and
Sweden. Yields came under upward pressure elsewhere, moving out by 25 bps in Greece, 50 bps in
Ireland, 25-50 bps across Italy (with the exception
of Rome and Milan, where yields held firm) and
125 bps in Portugal.
The market is set to be more active in 2012, with
more supply forthcoming, although the outlook for
2012 is mixed. While demand for prime retail
assets remains strong overall, a shortage of
affordable finance, coupled with selective occupier
demand, are likely to impact on investors’ tolerance
for risk across many parts of Europe.
Source: Alexandra Hanusková, +421 2 59 209 333,
Cushman & Wakefield Property Services Slovakia, s.r.o.,
[email protected],
www.cushmanwakefield.com
Bratislava Research Forum Announces
the Office Market Figures for Q1 2012
The members of the Bratislava Research Forum – Cushman and Wakefield, CB Richard Ellis, Colliers
International and Jones Lang LaSalle share non-sensitive information with the aim of providing clients and
public with consistent, accurate and transparent data about the Bratislava office market.
Výsledky trhu kancelárskych
priestorov za 1. kvartál 2012
Bratislava Research Forum si dovoľuje zverejniť
údaje o trhu kancelárskych priestorov za 1.
kvartál 2012.
The market is classified into city centre, inner city and outer city as outlined in the plan below to allow a
simplified analysis. In addition, data is collected according to Bratislava districts.
Office Supply/Stock
By the end of the first quarter 2012, the total office stock in Bratislava exceeded 1,449 million square meters.
Almost 60% of the space is Grade A office space and more than 40% is Grade B office space.
Členovia tohto fóra – Cushman & Wakefield, CB
Richard Ellis, Colliers International a Jones Lang
LaSalle zdieľajú informácie, ktoré nie sú dôverné
s cieľom poskytnúť klientom a verejnosti
konzistentné, správne a transparentné dáta o trhu
kancelárskych priestorov v Bratislave.
Trh kancelárskych priestorov v Bratislave rozdeľuje Bratislava Research Forum na nasledujúce
časti: centrum mesta, vnútorná a okrajová časť
Bratislavy.
Ponuka kancelárskych priestorov - celkový
objem kancelárskych priestorov
Ku koncu prvého kvartálu 2012 presiahla celková
ponuka kancelárskych priestorov v Bratislave
1,449 milióna m². Necelých šesťdesiat percent z
tejto ponuky tvoria kancelárske priestory v
štandarde A a vyše 40 % kancelárske priestory v
štandarde B.
We have not recorded any new addition to the stock (Supply) in the first quarter of 2012. Before the end of
2012 we expect more office projects to be delivered to the market; such as the first “green” building BBC 1
Plus and other projects as Centrál and Digital Park III. Along with other smaller projects the stock will
increase by almost 70,000 sq m.
V prvom kvartáli roku 2012 sme nezaznamenali
žiadne novopostavené kancelárske priestory. Do
konca tohto roka očakávame dokončenie väčších
projektov, medzi ktoré zaraďujeme aj prvú
„zelenú“ budovu BBC 1 Plus, ďalej projekty ako
Centrál a Digital Park III.
Spolu s ďalšími menšími projektmi zväčšia
ponuku kancelárií o takmer 70 000 m².
Transakcie na trhu kancelárskych priestorov
Transakcie, ktoré boli uzatvorené počas 1.
kvartálu 2012, dosahujú výmeru 24 200 m², čo v
porovnaní s prvým kvartálom minulého roku
predstavuje nárast o viac ako 50 % avšak oproti
poslednému kvartálu 2011 ide o pokles v hodnote
takmer 25%.
V tomto kvartáli dominovali na trhu transakcie
spoločností z odvetvia profesionálnych služieb (8
700 m²) a spoločnosti z odvetvia IT (5 200 m²).
Rovnako ako v štvrtom kvartáli roku 2011
dominovali na trhu prenájmu kancelárskych
priestorov aj na začiatku roku 2012 transakcie
spoločností o veľkosti menej ako 500 m², ktoré
predstavovali 62% z celkového počtu transakcií.
Spoločnosti o veľkosti 501 – 1 000 m² uzatvorili
v tomto kvartáli takmer 21% zo všetkých
transakcií a zvyšných takmer 18% predstavovali
spoločnosti s rozlohou väčšou ako 1001 m².
Neobsadenosť kancelárskych priestorov
Transactions on the Office space market (Office Take-up)
Transactions that have been concluded in the first quarter of 2012 represent a total amount of 24,200 sq m,
what is more than 50% increase in comparison with Q1 2011, however comparing to the last quarter of 2011
it is a decrease of approximately 25%. In this quarter the majority of transactions were signed in the
Professional services sector (8,700 sq m), followed by the IT sector (5,200 sq m).
Just as in Q4 2011 the majority of transactions closed at the beginning of 2012 were in the units of less than
500 sq m, which represented 62 % of all the transactions closed. Units in the range of 501–1,000 sq m
accounted for almost 21% of signed deals in this quarter and a further 18% comprised the leases signed for
units of 1,001+ sq m.
Office Vacancy
The overall vacancy rate for Bratislava has decreased slightly from 11.2% in the previous quarter to 10.2% at
the beginning of 2012. The lowest vacancy rates recorded at the beginning of 2012 were in Bratislava 5
(5.7%), followed by Bratislava 2 (10.9%) and Bratislava 1 (10.7%).
Miera neobsadenosti sa mierne znížila z pôvodných 11,2% v predošlom kvartáli a dosiahla
10.2% ku koncu prvého kvartálu 2012. Najnižšia
miera neobsadenosti bola zaznamenaná v Bratislave 5 (5,7%), nasledovaná Bratislavou 2 (10,9%)
a Bratislavou 1 (10,7%).
Zdroj: Katarina Dudaková, Key Communications, s.r.o. ,
Tel.: +421 2 5464 2469, Mobil: +421 910 967 741
[email protected]
Source: Katarina Dudaková, Key Communications, s.r.o., [email protected]
Tel./Fax: +421 2 5464 2469, Mobil: +421 910 967 741
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MarketView: Big Box Slovakia Q1 2012
Activity on Slovak industrial market remained stable in the first quarter of
2012. We recorded two new completions as well as two new project
commencements confirming the demand on the market.
Both newly started developments are being built on speculative basis. This might cause an increase of
vacancy level after their completion and on the other hand provide more immediately available modern
industrial space. Total modern developer-led warehouse space in Slovakia currently amounts approximately
1,207,000 sq m where almost 80% of this is located in the Greater Bratislava Area. The amount of vacant
space is steady, reaching low levels with country-wide vacancy rate at 5.3%.
Total Leasing Activity
Based on geographical division of industrial market in Slovakia, 95% of total leasing activity (TLA) in the
first quarter of 2012 was recorded in Greater Bratislava Area. TLA across Slovakia reached 27,250 sq m,
which is 64% decrease y-o-y, however 14% higher compared to the previous quarter. This is in line with our
historical data confirming lower activity on the market at the beginning of the year. In total nine contracts
with average size of 3,000 sq m were signed, out of which only one in Pan-Regional Slovakia. Structure of
leasing activity in Q1 2012 was following: new leases: 64%, renegotiations: 31%, pre-leases: 5%.
Vacancy & Rents
Amount of vacant space in Slovak industrial
market stays low with overall vacancy rate 5.28%.
This is an increase of 126bps compared to the same
period in 2011 and an increase of 55 bps q-o-q.
Asking headline rental levels remained steady
during the first quarter of 2012 and we do not
expect any significant changes to occur in near
future.
Generally, rents strongly depend on project type,
rental period, size of rented area, which further
determines the level of offered incentives. In
Slovakia the average rent free period varies
between 1-2 months per year of contract depending
on size.
Average headline rents across all of Slovakia
currently stand between ca. 3.30 – 4.20 €/sq
m/month and we do not expect any significant
changes to occur in near future. Prime yield is
currently estimated at 8.50%, 125 bps above prime
office yield.
Submarket 1 – Greater Bratislava Area
The amount of modern developer-led warehouse
stock in Bratislava grew by 39,100 sq m including
completion of built-to-suit project for Schnellecke
by PointPark Properties (24,700 sq m) and
speculatively constructed hall by VGP (14,400 sq
m).
New Supply and Space Under Construction
In Q1 2012 two new projects were completed, adding 39,100 sq m of modern industrial space to the market.
The projects were developed by PointPark Properties (24,700 sq m) and VGP (14,400 sq m), both located in
Greater Bratislava Area. As at the end of the first quarter of 2012 we have monitored three projects under
construction totaling ca. 44,800 sq m, two of them located in Greater Bratislava Area and one in Eastern
Slovakia, in Kosice area.
Total stock in Greater Bratislava Area currently
amounts to ca. 952,700 sq m. Out of this, most of
the space is located in schemes along the D1 and
D2 motorways. Two projects have been under
construction as at the end of Q1 2012 totaling
35,000 sq m. We expect both to be completed
before the end of 2012.
Total leasing activity in the first quarter of 2012
reached 25,900 sq m, which is 34% decrease on the
previous quarter and 55% increase when compared
to the same period last year. The net absorption was
positive and reached 27,900 sq m reflecting more
space being occupied rather than returned to the
market. However due to delivery of speculatively
built project the vacancy rate increased slightly to
5.91%, only 90bps lower q-o-q.
Submarket 2 – Pan-regional Slovakia
We have not recorded any new addition to the stock
this quarter, meaning it remained on ca. 254,300 sq
m. New development (9,800 sq m) by Immorent is
under construction in Kosice in Eastern Slovakia.
Outlook
In the previous two years developers were cautious
regarding new developments, but this has changed
and we are already seeing a growth in developer’s
interest to deliver some space on a speculative basis
once again. Generally the financing will remain one
of the key factors in determining which way
markets will be moving in 2012.
For more information regarding the BigBox, please
contact: Jana Kováčová, Research CBRE, Park One,
Nám. 1 Mája 18, Bratislava, T: +421 2 32 55 3 329, e:
[email protected]
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II/2012 - development