KRAKOW IN COMPARISON WITH OTHER EUROPEAN CITIES

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1 KRAKOW IN COMPARISON WITH OTHER EUROPEAN CITIES Julie Archambault / Senior Negotiator Michał Galimski / Associate Regional Cities / Office Department Cushman & Wakefield

2 Office Space Market in Krakow H1 2016

3 KRAKOW SQM STOCK OFFICE IN H SQM SUPPLY IN H SQM POPULATION SUPPLY IN SQM THE AVERAGE MONTHLY GROSS SALARY IN ENTERPRISE TAKE-UP SECTOR IN PLN SQM TAKE-UP IN H UNEMPLOYMENT 4,10% SQM STUDENTS TO BE DELIVERED IN SQM THE SHARE OF EMPLOYMENT IN THE SHARED SERVICES CENTERS IN % TO BE DELIVERED IN % VACANCY RATE

4 BPO, ITO, SSC, R&D SERVICE CENTERS IN POLAND Foreign centers Polish centers Sources: ABSL

5 KRAKOW SQM STOCK OFFICE IN H SQM SUPPLY IN H SQM SUPPLY IN SQM TAKE-UP IN SQM TAKE-UP IN H OFFICE STOCK POLAND Kraków 9,7% Wrocław 8,7% Tricity 7,5% Katowice 4,8% SQM TO BE DELIVERED IN SQM TO BE DELIVERED IN 2017 Warsaw 57,0% Lublin 1,7% Łódź 3,9% Szczecin 1,9% Poznań 4,7% 6.00% VACANCY RATE Office Market Update H Cushman & Wakefield

6 KRAKOW SQM STOCK OFFICE IN H SQM SUPPLY IN H SQM SUPPLY IN SQM TAKE-UP IN SQM TAKE-UP IN H SUPPLY OF OFFICE SPACE (IN THOUSAND SQ. M) AND THE VACANCY RATE IN KRAKOW SQM TO BE DELIVERED IN SQM TO BE DELIVERED IN % VACANCY RATE Supply (m2) Vacancy rate (%) H I H Cushman & Wakefield

7 POLAND, REGIONAL CITIES OFFICE MARKET TRICITY MODERN OFFICE STOCK 629,000 SQM SUPPLY IN ,000 SQM VACANCY RATE 13,5 % PRIME RENTS: 12-13,5 EUR POZNAN MODERN OFFICE STOCK 404,000 SQM SUPPLY IN ,700 SQM VACANCY RATE 13,2 % PRIME RENTS: 12,5-14 EUR Tricity WARSZAWA MODERN OFFICE STOCK 4,988,000 SQM SUPPLY IN ,000 SQM VACANCY RATE 15,4 % PRIME RENTS: in the City Center EUR in Non- Central Locations 13-16,5 EUR WROCLAW MODERN OFFICE STOCK 757,000 SQM SUPPLY IN ,200 SQM VACANCY RATE 10,1 % PRIME RENTS: 12,5-14,5 EUR Poznań Wrocław Łódź Warsaw LODZ MODERN OFFICE STOCK 347,000 SQM SUPPLY IN ,400 SQM VACANCY RATE 9,7 % PRIME RENTS: 12-13,5 EUR KATOWICE MODERN OFFICE STOCK 398,000 SQM SUPPLY IN ,500 SQM VACANCY RATE 14,3 % PRIME RENTS: 12-13,75 EUR Katowice KRAKOW MODERN OFFICE STOCK SQM KrakówSUPPLY IN SQM VACANCY RATE 6 % PRIME RENTS: 12,5-14,5 EUR H Cushman & Wakefield

8 THE SHARE OF EMPLOYMENT IN THE SHARED SERVICES CENTERS IN 2016 Sources: ABSL

9 KRAKOW IN COMPARISON WITH OTHER EUROPEAN CITIES

10 OFFICE SPACE (M2) STOCK Cushman & Wakefield

11 5,00 4,50 4,00 3,50 3,00 2,50 2,00 1,50 1,00 0,50 0,00 Q Q Q Paris Moscow Milan Rome Brussels Stockholm Madrid Frankfurt Copenhagen London Munich Million sq.m Hamburg Oslo Berlin Amsterdam Dusseldorf Istanbul Warsaw Barcelona Lisbon Athens Vienna Sofia Dublin Prague Budapest Bucharest Manchester Luxembourg Glasgow Birmingham Bratislava Edinburgh Krakow AVAILABILITY BY MARKETS Cushman & Wakefield

12 Number of years of available supply SQM Quarter STOCK OFFICE IN H SQM SUPPLY IN H Krakow Bratislava Luxembourg SQM Budapest London SUPPLY IN 2015 Prague Warsaw Berlin SQM Edinburgh Bucharest TAKE-UP IN 2015 Manchester Munich Oslo Q Q Q Barcelona SQM Birmingham HamburgTAKE-UP IN H Dublin Paris Glasgow Vienna Dusseldorf Moscow Frankfurt Madrid TO BE DELIVERED IN SQM Brussels Sofia Amsterdam Lisbon Stockholm Athens Milan TO BE DELIVERED IN 2017 Copenhagen Rome SQM # of years 6.00% VACANCY RATE Cushman & Wakefield

13 Vacancy Rates Sofia Moscow Istanbul Warsaw Amsterdam Rome Milan Bucharest Prague Dublin Lisbon Stockholm Budapest Madrid Frankfurt Copenhagen Brussels Athens Oslo Dusseldorf Barcelona EUROPE Manchester Birmingham Bratislava Paris Edinburgh Hamburg Glasgow Krakow Munich Berlin Vienna Luxembourg London 0% 5% 10% 15% 20% 25% Cushman & Wakefield

14 140,00 134,91 Monthly Rent / sq.m. 120,00 100,00 80,00 60,00 40,00 20,00 65,83 52,51 39,58 33,33 22,92 51,35 37,00 29,00 20,72 49,33 39,60 34,00 34,96 30,83 25,00 24,50 26,50 24,00 25,00 21,00 18,00 13,00 20,00 21,00 18,50 45,00 35,08 31,84 34,54 35,08 15,50 14,50 - Cushman & Wakefield

15 EMEA Office Market Wave Q Rent growth slowing Still landlord favorable but growth is down from peak SLOW GROWTH Oslo Krakow Istanbul Moscow Kyiv Athens Budapest, Geneva, Sofia Edinburgh, Luxembourg City Lyon, Prague Vienna, Marseille, Brussels Zurich, Bucharest, Rome Warsaw, Bratislava Rent growth accelerating Ideal for owners of property Frankfurt, Munich Manchester, Barcelona, Helsinki Berlin, Antwerp, Copenhagen Hamburg Amsterdam, Madrid Birmingham, Milan, Paris Dusseldorf, Glasgow, Lisbon ACCELERATING London Stockholm Dublin LANDLORD FAVORABLE TENANT FAVORABLE DOWNTURN Rent still elevated but falling from top of market cycle Falling rents promise future opportunity for tenants RECOVERING Rent at or near bottom of market cycle Ideal for tenants leasing or seeking to lease property Cushman & Wakefield

16 THANK YOU! CONTACTS: Michał Galimski Associate Mobile: Julie Archambault Senior Negotiator Mobile: Cushman & Wakefield Polska Sp. z o.o. Kamienica Parkowa, Szlak Kraków, Poland