Szczecin provides favorable conditions, which allow efficient competition with other provincial cities. According to recent forecasts, employment in the Szczecin region is expected to increase starting with the beginning of 2014. Exceptional dynamics are expected in the retail and business service sectors. The unemployment rate in Szczecin amounted to 11.1% in June 2013 and was below the country average. Since February 2013 a decline in the unemployment rate was observed in Szczecin as well as in the whole voivodeship.
The forecasted increase of foreign investment in the service sector connected with improving investors’ confidence in the city, will support Szczecin’s great potential to join the ranks of major business and cultural centers of Europe.
The Szczecin area is the wealthiest and most industrialized administrative region of the West Pomeranian Voivodeship. In terms of both economic and demographic situation, Szczecin has great potential to attract new investments. The city traditionally related with industrial development (mainly maritime and chemical), is aiming to transform its focus toward the BPO sector and modern industries including renewable energy and biotechnology.Szczecin offices©CBRE
The total modern office stock in Szczecin is estimated at 145,000 m². Only 6 schemes with a total area of 40,000 m² may be classified as class-A. Currently, a record number of buildings is under construction, with total area of almost 60,000 m² which should be delivered in 2013 and 2014. Another 200,000 m² are dedicated to construction, provided that the city enjoys economic growth in coming years.
The vacancy rate in 2011 and 2012 remained stable at around 8%. However, the rate increased to 13.6% in 2013, due to the delivery of 17,850 m² of new office space. Currently, prime office rents fluctuate around €14.00/month/m². Average rents account for €10-12/month/m².
Currently, the shopping center stock in Szczecin amounts to 250,000 m² located in ten buildings. The density ratio of modern retail space accounts for about 600 m² per 1,000 residents, which is lower than the average for agglomerations, creating opportunities for new investments. There is currently one scheme under construction–Marcredo Szczecin, which will add 14,000 m² to the city’s stock by the end of the year.
The vacancy rate remained low and in the recent years it fluctuated between 1-2%, reflecting the high demand for retail space in Szczecin. Prime retail rents for the most desirable premises with an area of about 100 m², attractively situated in a popular shopping center, should range from €40-45/m²/month. Rents along high streets range between €25-40/m²/month.
Galeria Kaskada©Galeria Kaskada
Szczecin is one of the smallest logistic and warehouse markets in the whole country. Industrial stock accounts for nearly 50,000 m². The total warehouse space in Prologis Park Szczecin amounts to 42,000 m², while in North-West only to 7,000 m². Currently, the vacancy ratio is around 0%. This indicates existing outstanding demand for high quality warehouse space.
Over the last 4 years, 13 leasing transactions were signed on the Szczecin market, with almost half of that number recorded this year. The largest leasing transactions involved logistic providers such as: Rhenus, Schenker and Raben. Over the last 3 years, rents grew by no more than €1.00/month/m² reaching the level of €3.7/month/m² for prime warehouse schemes. Effective rents range between €2.50-2.90/month/m².
The share of new residential objects in Szczecin is increasing gradually. The Szczecin residential market is dominated mostly by local developers; however next to Polish investors there are also international investors. Since 2009, the number of residential transactions in Szczecin has been indicating a gradual growth. On the primary and secondary markets 2.775 apartments were sold, which accounts for a 15% increase, when compared with the previous year.
The most attractive districts are located on the left bank of the city and include city center and Pogodno, where the plot supply is limited. Due to that fact, the largest number of investments is being constructed in the new areas, in the northern and western part of the city such as: Warszewo, Bukowo or Gumience.
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