A revised methodology for tracking the office market in Bratislava took effect in the first quarter of 2025, bringing significant changes to how available space is calculated. Buildings fully occupied by their owners have been excluded from market data, offering a more accurate view of spaces available to tenants and investors. The adjustment resulted in a lower official supply of office space and a higher reported vacancy rate, but analysts emphasize that the market’s underlying performance remains stable, with rental prices showing moderate growth. The Bratislava Research Forum (BRF)—formed by Cushman & Wakefield, CBRE, Colliers International, and iO Partners—introduced the new calculation approach this year. Previously, owner-occupied properties were included in market figures. While relevant in the past, such properties are now considered outside the scope of interest for tenants and investors. Under the new methodology, the total office stock decreased from 2.05 million square meters to 1.76 million square meters. Of this, 20% is classified as A+ standard, 38% as A, and 42% as B. Commercially available space accounts for 86% of the market, with 4% state-owned properties and 10% owner-occupied buildings excluded. The methodology includes all approved office buildings constructed or renovated after 1993 that meet Class A or B standards, emphasizing flexibility, technical specifications, and amenities such as reception desks, barrier-free access, and backup power systems. Sustainability Continues to Grow Sustainability remains a growing focus in Bratislava’s office market. Nearly half of the total office area—48% or 851,720 square meters—holds a green building certification. Of the 274 office buildings in the city, 45 are certified. BREEAM remains the dominant certification, covering 60% of certified space, followed by LEED at 38%, and a small portion certified under a combination of BREEAM and WELL GOLD. Three buildings—Twin City Tower, Pribinova 40, and the historic 1900 Steering Plant—have achieved BREEAM Outstanding, the highest rating. Einpark Offices stands out as the only building in Bratislava to receive LEED Platinum certification while also achieving LEED Zero Carbon status, confirming both energy efficiency and carbon neutrality. Green certifications are increasingly a key factor in lease decisions, driven not only by multinational companies pursuing ESG goals but also by local firms seeking operational efficiencies. Transaction Activity and Vacancy Trends Leasing activity in the first quarter of 2025 totaled 62,847 square meters, a 3.3% decline from the previous quarter but a 36.3% increase year-on-year, signaling a rebound after slower periods. Renegotiations made up the largest share of transactions at 63%, while new leases accounted for 35% and expansions 2%. This trend reflects tenant caution, with many preferring to renew existing leases rather than commit to new spaces. The largest single transaction was a renegotiation for 17,000 square meters in The Mill building. Other notable deals included financial sector leases in Twin City C and Westend Gate, each exceeding 3,000 square meters, and an IT sector lease of 2,108 square meters in Digital Park II+III. By building quality, 44% of transaction volume occurred in A+ buildings, 40% in A, and 16% in B, underscoring strong demand for modern, high-quality spaces. Vacancy under the previous methodology was 12.63%. With owner-occupied buildings removed, the vacancy rate rose to 14.55%, reflecting the exclusion of fully occupied spaces. Vacancy rates were lowest in A+ buildings at 9.04%, followed by B at 13.03%, and highest in A buildings at 19.19%, partly due to temporary vacancies or newly completed properties without pre-leases. Rental Rates and Investment Outlook Prime office rents reached EUR 20 per square meter per month, a slight increase from the previous quarter. Analysts expect continued growth, particularly for buildings that meet high environmental standards and offer modern technical features. According to CBRE, prime office yields in Bratislava are around 5.25%, comparable to logistics yields, which have risen due to sustained demand for warehousing and production facilities driven by e-commerce and industrial sectors. While logistics continues to offer slightly higher returns, the pace of growth is stabilizing after rapid expansion. Offices remain attractive for investors seeking lower volatility and long-term leases, while logistics appeals to those accepting higher risk for potentially faster returns. In 2025, the office market—especially in the A+ segment—is showing signs of recovery, supported by tenant demand for sustainable, flexible, and high-comfort spaces. The market is expected to maintain gradual growth as work models evolve and sustainability becomes an even stronger factor in real estate decisions.