samba - hegedus tomas - 9.9.2014
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www.sambaslovakia.skTRANSCRIPT
GENERAL PRESENTATION
9th September 2014
Private & Confidential
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ABOUT CBRE
3 CBRE | NAME NAME
ABOUT CBRE
CBRE Slovakia1. Commercial real estate company in Slovakia(since 2001)Offices: Bratislava, Košice78 employees
CBRE GlobalyThe biggest real estate company (FORTUNE 500 a S&P 500 (NYSE: CBG))300 offices around the globe37 000 employeesHQ in Los Angeles, CA, USA
Top clients CBRE (SK):
4 CBRE | NAME NAME
ABOUT CBRE
Property ManagementFacility ManagementProject ManagementArchitecture & DesignPortfolio Management
Valuation AdvisoryResearch and ConsultancyOffice AgencyIndustrial AgencyRetail Agency
Global Corporate ServicesCapital Markets
BRATISLAVA OFFICE MARKET
6 CBRE | NAME NAME
Key Statistics H1/2014
OFFICE SPACE IN BRATISLAVA
SUPPLY TAKE-UP
2008 ± 180,000 sq m ± 116,000 sq m
2009 ± 130,000 sq m ± 63,500 sq m
2010 ± 61,000 sq m ± 153,500 sq m
2011 ± 69,350 sq m ± 99,200 sq m
2012 ± 59,900 sq m ± 102,800 sq m
2013 ± 29,300 sq m ± 92,080 sq m
H1/2014 - ±103,000 sq m
H2/2014*(expected) ± 41,250 sq m
TOTAL MODERN STOCK (A+B CLASS)
± 1,500,000 sq m
RENTAL INFORMATION
City center € 14.00-16.00/sq m/month
Inner city € 10.00-14.00/sq m/month
Outer city € 8.00-12.00/sq m/month
PRIME RENT BRATISLAVA
€ 16.00/sq m/month
VACANCY
205,000 sq m = 13.55%
*Business Garden Stefanikova, Green Cube, Westend Gate
7 CBRE | NAME NAME
BRATISLAVA OFFICE MARKET SNAPSHOTTake-up vs Supply vs Vacancy
office space in Bratislava (sq m)
-2
0
2
4
6
8
10
12
14
16
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2006 2007 2008 2009 2010 2011 2012 2013 1H2014
Vaca
ncy
(%)
sq m
Take-up New supply Vacancy
Prime Rents Vacancy
16 EUR/sq m/month 13.55%
City Centre Inner City Outer City
Total stock (sq m) 473,600 680,100 359,300
Vacant space (sq m) 47,800 115,400 41,900
Vacancy rate (%) 10.1% 17.0% 11.7%
New supply (sq m) 0 0 0
Total leasing activity (sq m) 45,812 8,456 20,801
Prime rents (€/ sq m/ month) 14.00-16.00 10.00-14.00 8.00-12.00
Table 1: Bratislava Office Market Indicator Q2 2014
8 CBRE | NAME NAME
Bratislava Office Locations:
1. City Centre
2. Central Business District
3. Westend Area
4. Polus Area
5. Airport Area
6. Panonska Area
X YZ
Z
CITY CENTRE
CENTRAL BUSINESS DISTRICT
AIRPORT AREA
POLUS AREAWESTEND
AREA
EINSTEINOVA AREA
PANO
NSKA
AR
EA
Headline rent: €9.00-11.50 /sq m/ month
Headline rent: €8.50-11.50 /sq m/ month
Headline rent: €10.00-11.50 /sq m/ month
Headline rent: €8.75-11.50 /sq m/ month
Headline rent: €11.00-13.00 /sq m/ month
Headline rent: €11.00-14.00 /sq m/ month
Headline rent: €12.50-16.00 /sq m/ month
BRATISLAVA OFFICE LOCATIONS
9 CBRE | NAME NAME
OFFICE MARKET
MARKET COMENTARY
• Growing amount of secondary office projects being vacated due to Tenants relocation to modern office premises exerts a growth pressure on vacancy rate in , which currently amounts to 13.55%.
• The position of Tenants is relatively strong, depending on the size of leased space and office zone. Strong incentives can be negotiated if proper strategy is in place.
• Good possibility to consider relocation, as the availability of office space increases – in secondary office buildings, but good negotiation power against those Developers waiting for pre-lease.
• Prime headline rents at the level of 16 EUR/sq m/month at Hviezdoslavovo square location and Eurovea (approx. 400 sq m transactions for 60 months lease term)
GENERAL TRENDS
• Declining speculative A class office construction with ca 23,800 sq m of office space was delivered in 2013.
• Average quarter total leasing activity in 2014 amounts to ca 51,500 sq m.
• Several projects ready to be constructed - Developers waiting for pre-lease agreement.
• Several secondary projects were vacated in 2013.
OFFICE PROJECTS
11 CBRE | NAME NAME
Year 2013
OFFICE SUPPLY IN 2013
Hamilton House
Location Bratislava I.
Street Rajská
Status Completed
Date of completition
Q2/2013
Office space 2,400 m2
Forum BC
Location Bratislava II.
Street Bajkalská
Status Completed
Date of completition
Q2/2013
Office space 18,300 m2
Wallenrod
Location Bratislava I.
Street Mickiewiczova
Status Completed
Date of completition
Q3/2013
Office space 2,500 m2
12 CBRE | NAME NAME
Year 2014
EXPECTED OFFICE SUPPLY IN 2014
Westend gate
Location Bratislava IV.
Street Dubravská cesta
Status Under construction
Date of completition
Q4/2014
Office space 36,000 m2
Business Garden Štefánikova
Location Bratislava I.
Street Štefánikova
Status Under construstion
Date of completition
Q3/2014
Office space 4,500 m2
Green Cube
Location Bratislava I.
Street Hodzovo namestie
Status Under construction
Date of completition
Q4/2014
Office space 750 m2
13 CBRE | NAME NAME
FUTURE PLANNED OFFICE PROJECTS
Einsteinova Office*
Location Bratislava V.
Street Einsteinova
Status Planned / waiting for prelease
Date of completition
n/a
Office space 21,500 m2
Developer Sparkassen Immobilien
Culenova Project*
Location Bratislava I.
Street Culenova
Status Planned / waiting for prelease
Date of completition
n/a
Office space 35,500 m2
Developer Penta
Lakeside Park phase II*
Location Bratislava II.
Street Vajnorska
Status Planned / waiting for prelease
Date of completition
n/a
Office space 33,400 m2
Developer Trigranit
*subject to securing pre-lease
DETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST
14 CBRE | NAME NAME
Business Park Trnavska*
Location Bratislava II.
Street Trnavska
Status Planned / waiting for prelease
Date of completition
n/a
Office space 22,875 m2
Developer Iuris
Twin City*
Location Bratislava I.
Street Mlynske Nivy / Karadzicova
Status Planned
Date of completition
H2/2015
Office space 60,000 m2
Developer HB Reavis
Panorama Business II*- III.*
Location Bratislava I.
Street Pribinova
Status Planned / waiting for prelease
Date of completition
n/a
Office space 21,130+26,600 m2
Developer JTRE
*subject to securing pre-lease
FUTURE PLANNED OFFICE PROJECTSDETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST
15 CBRE | NAME NAME
Eurovea phase II*
Location Bratislava I.
Street Pribinova
Status Planned / waiting for prelease
Date of completition
n/a
Office space 25,000 m2
Developer Ballymore
Stein – Office part*
Location Bratislava I.
Street Blumentalska / Legionarska
Status Planned
Date of completition
Q3/2015
Office space 9,500 m2
Developer YIT Reding
Zuckermandel
Location Bratislava I.
Street Nabrezie Ludvika Svobodu
Status Planned
Date of completition
2015/2016
Office space 23,400 m2
Developer JTRE
*subject to securing pre-lease
FUTURE PLANNED OFFICE PROJECTSDETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST
16 CBRE | NAME NAME
Trigon*
Location Bratislava II.
Street Pribinova / Dostojovskeho rad
Status Planned / waiting for prelease
Date of completition
n/a
Office space 22,875 m2
Developer Ballymore
Ruzinov Project*
Location Bratislava II.
Street Bajkalska
Status Planned / waiting for prelease
Date of completition
Q4/2015
Office space 22,500 m2
Developer Penta
Veterna*
Location Bratislava I.
Street Veterna
Status Planned / waiting for prelease
Date of completition
Q4/2015
Office space 10,300 m2
Developer Cresco
*subject to securing pre-lease
FUTURE PLANNED OFFICE PROJECTSDETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST
17 CBRE | NAME NAME
Vydrica – Office part
Location Bratislava I.
Street Nabrezie Ludvika Svobodu
Status Planned / waiting for prelease
Date of completition
Earliest 2017
Office space 20,000 m2
Developer Zilion
*subject to securing pre-lease
Narodny Futbalovy Stadion – office part
Location Bratislava II.
Street Trnavska
Status Planned
Date of completition
n/a
Office space Ca 9,000 m2
Developer Grafobal
FUTURE PLANNED OFFICE PROJECTSDETAILED PERMITTING SITUATION FOR EACH PROJECT AVAILABLE UPON REQUEST
LAST DEALS – CASE STUDIES
19 CBRE | NAME NAME
CASE STUDY (TENANT REP)SLOVAK TELEKOM
SLOVAK TELEKOM
Project
Completed merge of current office operations in Bratislava
Challenge
The business currently occupy 3 office buildings with 3 different Landlords totalling ca 24,000
sq m.
The business had forecasted considerable headcount decrease and was projecting to
consolidate the operations into area of below 20,000 sq m. Initial challenge has been to
identify the proper office building which could meet the requirement in terms of size, timing
and building standard expected. Other challenge has been timing in sense of meeting the
current lease term expiries with existing landlords.
Solution
CBRE team with project management department evaluated current occupancy habits of
Slovak Telekom, provided overview of available projects, run RFP process, developed
strategy to select the most efficient/cost effective solution for Slovak Telekom. Lease
contract negotiations have been completed and project Forum Business Center of HB
Reavis has been selected. Slovak Telekom will relocate to new building in July 2013.
NATURE OF INSTRUCTION: Lease acquisition
CLIENT: Slovak Telekom
SIZE: ca 16,000 sq m
DATE: 2012
20 CBRE | NAME NAME
CASE STUDY (TENANT REP)PIXEL FEDERATION
PIXEL FEDERATION
Project
Office Acquisition
Challenge
Pixel Federation appointed CBRE to provide T-Rep services in relation to the possible new
office acquisition.
Solution
CBRE provided complete advisory services, market overview of possible locations, RFP
process, Financial Analysis and procured proposals and prepared detailed due diligence of
shortlisted alternatives. Based on recommendations and financial comparisons, Pixel
Federation selected Digital Park phase III as new future HQ seat.NATURE OF INSTRUCTION:
Stay vs Go analysis (ongoing)
CLIENT: Pixel Federation
SIZE: ca 1,700 sqm
DATE: 2013
21 CBRE | NAME NAME
CASE STUDY (TENANT REP)TELEFONICA
TELEFONICA
Project
Stay vs Go Analysis (lease renewal)
Challenge
Telefonica appointed CBRE to assist in evaluating stay vs go analysis which included
negotiations with the current Landlord and evaluating other options on the market.
Solution
CBRE provided complete advisory services, market overview of possible locations, RFP
process, Financial Analysis, procurement of proposals and prepation of detailed due
diligence of shortlisted alternatives. Based on recommendations and financial comparisons,
Telefonica decided to remain with the current Landlord and prolong the lease contract.NATURE OF INSTRUCTION:
Stay vs Go analysis (ongoing)
CLIENT: Telefonica
SIZE: ca 5,100 sq m
DATE: 2013
+421 2 32 55 33 [email protected]
For more information regarding this presentation please contact:TOMAS HEGEDUSManaging Director
Thank you!