Nokia renews lease in West Gate

Marking the largest lease transaction in the Wrocław office market this year. Nokia, the global leader in broadband transmission in mobile networks, has decided to renew its lease agreement at the West Gate office building in Wrocław, where it occupies 14,000 sqm. The building is part of Globalworth’s portfolio. According to Colliers International, which advised Nokia’s during the negotiations, this has been the largest lease transaction in the Wrocław office market in 2018 to date.

Nokia moved to West Gate in 2014, when it opened its R&D centre focused on research and telecommunication technologies testing. The company has decided to extend the lease agreement two years before its expiry.

Bartosz Ciepluch, Head of the Technology Centre in Wrocław commented: "We continue our business development in places where we feel good. These conditions are found in Wrocław, with its attractive labour market, and West Gate, which offers very comfortable and modern offices. We hope that our decision will encourage more investors to connect their business future with this city".

Nokia is West Gate’s biggest tenant. The office building is adjacent to another of Nokia’s offices in Wroclaw, West Link building, which also belongs to Globalworth Poland.

Sebastian Suchodolski, Office Leasing Director, Globalworth Poland added: "This year has been very intense for us. In June, we became the largest institutional office investor in Poland, strengthening this position with further acquisitions in July and October. Now we are signing Globalworth Poland’s largest lease agreement in 2018 with Nokia. The fact that our client has decided to extend the contract two years before it expired is the best confirmation that our business strategy is correct. We would like to thank them for trusting us and look to further cooperation in the years to come".

Wrocław is currently the third largest office market in Poland (the first being Warsaw) and, after Kraków, is the second largest regional city, with a supply of modern offices that exceeds 1 million sqm.

Dorota Kościelniak, Head of Wrocław Office, Colliers International commented: "At the end of the third quarter of 2018, the volume of office space in Wrocław amounted to slightly more than 1 million sqm. From the beginning of July to the end of September, nearly 132,000 sqm was delivered to the market and over 270,000 sqm of office space is under construction. However, not only the high activity of developers, but also that of tenants are indicative of the excellent condition of the office sector in Wrocław. The best example is the renewal of the lease agreement by Nokia in West Gate. According to our data, this has been the biggest lease transaction at the Wrocław office market in 2018 so far".

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Globalworth Poland

Globalworth Poland Real Estate N.V. (GPRE) is a pure-play Polish real estate platform listed since April 2017 on the Warsaw Stock Exchange. GPRE is majority owned by Globalworth, the leading CEE office landlord focused on Poland and Romania.

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