Reviewed by Roksolana Pyrtko
The Bratislava office vacancy rate in Q4 2025 was 12,25 % and 14,09 %, and both figures are correct. The first comes from the main CBRE panel and refers to a stock of 2 053 000 m²; the second comes from the text of the same report and from the Cushman & Wakefield table and refers to a stock of 1 755 400 m² without owner-occupied buildings and without state-owned buildings. The Q1 2026 panel already shows 13,38 %, so the move from 12,25 % to 13,38 % looks like an increase of 1,13 percentage points (pp), although CBRE in the text for Q1 2026 reports a fall of 71 basis points, that is 0,71 pp.
Vacant space on the new stock, according to Cushman & Wakefield, fell from 247 400 m² in Q4 2025 to 235 500 m² in Q2 2026, that is by 11 900 m². In Q3 2026 it rose to 254 100 m², that is to 14,40 % of a stock of 1 764 400 m² (Cushman & Wakefield), which on the uniform basis is 0,31 pp above Q4 2025. The 1,84 pp gap between the two readings is therefore accounting, not market.
CBRE’s methodology since Q3 2025 excludes owner-occupied and state-owned buildings from the stock
In the Figures Office report for Q3 2025 CBRE introduced for Bratislava a new methodology that excludes owner-occupied and state-owned buildings from the office stock and keeps only space commercially available for lease. The stock thereby fell from 2,05 million m² to 1,76 million m²; the deduction was about 283 000 m² in Q3 2025 and about 297 000 m² in the report for Q4 2025.
In MarketBeat Bratislava Office for Q4 2025, Cushman & Wakefield gives two columns for the city and for each of the five submarkets: vacancy of 14,09 % and “old” vacancy of 12,25 %. According to the note under the table, the old figure is calculated before the stock revision, that is before deducting buildings that are both owned and used by the same entity. The C&W tables name the Bratislava Research Forum as the source, and the figures on the new basis match CBRE: 14,09 % in Q4 2025 and 13,42 % in Q2 2026.
Vacancy from Q3 2025 to Q3 2026 in the CBRE panel and on the new basis
According to the main CBRE panel, vacancy was 12,65 % in Q3 2025, 12,25 % in Q4 2025 (stock about 2,05 million m²), 13,38 % in Q1 2026 and 13,42 % in Q2 2026 (stock 1 755 000 m²). On the new basis it was 14,41 %, 14,09 %, 13,38 % and 13,42 %, according to the CBRE report texts and the Cushman & Wakefield tables for Q4 2025 and Q2 2026. For Q3 2026 Cushman & Wakefield gives 14,40 % of a stock of 1 764 400 m²; as of 9. 11. 2026 the CBRE page does not publish the panel vacancy value (the full report is available only through a form).
| Period | CBRE panel: vacancy | CBRE panel: stock / occupied stock (thousand m²) | New basis: vacancy | Change q/q on the new basis (CBRE; Q3 2026: C&W) |
|---|---|---|---|---|
| Q3 2025 | 12,65 % | 2 047 / 1 788 | 14,41 % (CBRE, text) | +0,06 pp |
| Q4 2025 | 12,25 % | 2 053 / 1 801 | 14,09 % (CBRE, text; C&W, table) | −0,38 pp |
| Q1 2026 | 13,38 % | 1 755 / 1 521 | 13,38 % (CBRE, panel) | −0,71 pp |
| Q2 2026 | 13,42 % | 1 755 / 1 519 | 13,42 % (CBRE, panel; C&W, table) | +0,04 pp |
| Q3 2026 | not published (as of 9. 11. 2026) | 1,76 million m² / – | 14,40 % (C&W, table) | +0,98 pp (C&W) |
The panel series is not a time series: up to Q4 2025 it measures vacant space on a stock that includes owner-occupied buildings, and from Q1 2026 on a stock without them. Vacant space from the CBRE panel, that is stock minus occupied stock, is 234 thousand m² in Q1 2026 and 236 thousand m² in Q2 2026; for Q2 2026 Cushman & Wakefield gives 235 500 m² of a stock of 1 755 000 m². The C&W stock grew by 9 400 m² in Q3 2026 with the completion of Ganz House (1 755 000 + 9 400 = 1 764 400 m²) and 254 100 / 1 764 400 gives 14,40 %, so Q3 2026 stands on the same basis as Q1 and Q2 2026; C&W announces no change of methodology.
The panel paradox: an increase of 1,13 pp against a decrease of 0,71 pp
According to the main CBRE panel, vacancy between Q4 2025 and Q1 2026 rose from 12,25 % to 13,38 %, that is by 1,13 pp, whereas on a uniform basis it fell from 14,09 % to 13,38 %, that is by 0,71 pp. The gap between the readings is 1,84 pp and did not arise in the market: in that quarter the panel moved from the old stock to the new one.
| Transition | Reading from the CBRE panel (pp) | Uniform basis (pp) | Gap between readings (pp) |
|---|---|---|---|
| Q3 → Q4 2025 | −0,40 (12,65 % → 12,25 %) | −0,38 (CBRE, text; from the levels 14,41 % → 14,09 % it would be −0,32; the difference is explained in the section on gaps in the data) | 0,02 |
| Q4 2025 → Q1 2026 | +1,13 (12,25 % → 13,38 %) | −0,71 (14,09 % → 13,38 %) | 1,84 |
| Q1 → Q2 2026 | +0,04 (13,38 % → 13,42 %) | +0,04 (13,38 % → 13,42 %) | 0,00 |
| Q4 2025 → Q2 2026 | +1,17 (12,25 % → 13,42 %) | −0,67 (14,09 % → 13,42 %) | 1,84 |
| Q2 → Q3 2026 | CBRE panel for Q3 2026 not published | +0,98 (13,42 % → 14,40 %; C&W) | – |
| Q4 2025 → Q3 2026 | +2,15 (12,25 % → 14,40 %; old panel row and C&W value) | +0,31 (14,09 % → 14,40 %) | 1,84 |
According to the CBRE panel, the gap between the readings is zero in the quarter in which the basis does not change (Q1 → Q2 2026) and 1,84 pp in the quarter in which it changed. In the transition from Q3 to Q4 2025 both readings have the same sign and differ by 0,02 pp, because the old stock changed in that quarter by only 6 000 m², from 2 047 000 to 2 053 000 m². The conclusion about the direction of vacancy between Q4 2025 and Q3 2026 depends on which two rows are compared: on the uniform basis it is +0,31 pp, in the panel it would be +2,15 pp.
The year-on-year change is given by the CBRE panel for Q2 2026 as −98 bps at vacancy of 13,42 %, and the panel for Q1 2026 as −117 bps at 13,38 %; both changes are decreases on the new basis. For Q2 2026 Cushman & Wakefield gives a year-on-year fall of 0,99 pp.
Shrinking the stock by about 297 600 m² adds 2,04 pp, the deducted vacant space takes away 0,20 pp
According to CBRE and Cushman & Wakefield data, the 1,84 pp gap between 14,09 % and 12,25 % in Q4 2025 arises from two opposite shifts: the stock shrank by about 297 600 m², from 2 053 000 to 1 755 400 m², which at unchanged vacant space adds 2,04 pp, and the deducted buildings contained about 4 100 m² of vacant space, which takes away 0,20 pp (own calculation).
| Calculation step, Q4 2025 | Stock (m²) | Vacant space (m²) | Vacancy |
|---|---|---|---|
| Old basis (CBRE, panel; C&W, column “old vacancy rate”) | 2 053 000 | about 251 500 | 12,25 % |
| Vacant space of the new basis on the old stock (own calculation) | 2 053 000 | 247 400 | 12,05 % |
| New basis (C&W, table; CBRE, text) | 1 755 400 | 247 400 | 14,09 % |
Vacant space on the old basis is 12,25 % of 2 053 000 m², that is about 251 500 m²; the CBRE panel gives 252 thousand m² as the difference between the stock of 2 053 thousand and the occupied stock of 1 801 thousand m². Vacant space on the new basis is 247 400 m² according to the table of Cushman & Wakefield for Q4 2025. The deducted buildings thus contained 4 100 to 4 600 m² of vacant space out of about 297 600 m², that is 1,4 to 1,5 % of their area, against 14,09 % in the remaining stock. This conclusion holds on the assumption that the denominator of the old basis in the Cushman & Wakefield table is 2 053 000 m²; C&W does not publish it.
Deducting an almost fully occupied area raises the share of vacant space without a single square metre being let or vacated. The change of basis therefore carries 1,84 pp, and when values from the two bases are compared, it has to be subtracted first.
Submarkets: the gap between the bases is 2,2 pp in City Center and 0,1 pp in Southbank
According to Cushman & Wakefield, vacancy in Q4 2025 on the new and old basis in the five submarkets was: CBD 15,7 % and 13,6 %, City Center 9,1 % and 6,9 %, Inner City 11,7 % and 10,6 %, Outer City 20,4 % and 18,8 %, Southbank 8,1 % and 8,0 %. The gap is largest in City Center (2,2 pp) and in CBD (2,1 pp) and smallest in Southbank (0,1 pp).
| Submarket | Stock Q4 2025 (m²) | Old basis (C&W) | New basis (C&W) | Gap (pp) | Change q/q on the new basis (CBRE) |
|---|---|---|---|---|---|
| CBD | 632 700 | 13,6 % | 15,7 % | 2,1 | CBRE does not report |
| City Center | 329 300 | 6,9 % | 9,1 % | 2,2 | −0,09 pp |
| Inner City | 276 300 | 10,6 % | 11,7 % | 1,1 | −0,66 pp |
| Outer City | 360 400 | 18,8 % | 20,4 % | 1,6 | −0,08 pp |
| Southbank | 156 600 | 8,0 % | 8,1 % | 0,1 | +0,82 pp |
| Bratislava | 1 755 400 | 12,25 % | 14,09 % | 1,84 | −0,38 pp |
Submarket values from the CBRE report for Q3 2025, given at total vacancy of 12,65 %, were City Center 7,00 %, Southbank 7,22 % and Outer City 18,84 %. Comparison with the Q4 2025 values on the new basis (9,06 %, 8,09 % and 20,38 %) would show an increase of 2,06, 0,87 and 1,54 pp, whereas CBRE reports changes of −0,09, +0,82 and −0,08 pp. The order thus swapped (City Center in Q3 2025, Southbank in Q4 2025), but this is an artefact of mixing bases: from the Q4 2025 values and the CBRE changes q/q, Southbank on the new basis in Q3 2025 comes to about 7,27 % and City Center to about 9,15 % (own calculation), so Southbank had the lowest vacancy in Q3 2025 as well.
In Q3 2026 vacancy in City Center rose, according to Cushman & Wakefield, from 8,9 % to 13,4 % (+4,5 pp); vacant space there grew from 29 200 to 44 100 m², that is by 14 900 m², about 80 % of the 18 600 m² rise in the city (own calculation). The other submarkets moved by 0,3 pp at most (CBD 15,9 %, Inner City 12,3 %, Outer City 17,6 %, Southbank 7,1 %).
Take-up in the CBRE panel numerically matches net demand, not gross activity
According to the CBRE panel, take-up was 44 thousand m² in Q4 2025 and 25 thousand m² in Q2 2026, which matches the net demand of Cushman & Wakefield, 44 200 and about 24 800 m². Total leasing activity including renegotiations was 52 900 m² in Q2 2026 according to MarketBeat Bratislava Office Q2 2026. In Q3 2026 gross demand according to Cushman & Wakefield was 53 820 m² and net demand 38 458 m²; leasing activity on the CBRE page is 53 800 m².
According to Cushman & Wakefield, renegotiations made up 70 % of demand in Q4 2025 and 53 % in Q2 2026. Of the gross demand of 52 900 m², 24 900 m² remain after deducting renegotiations, which is approximately the net demand of 24 800 m² reported by C&W (own calculation with a rounded share). Comparing the 25 thousand m² from the CBRE panel with the 52 900 m² from the C&W text would show a more than twofold gap; these are two concepts, not two markets. In Q3 2026 this gap is 15 362 m², about 29 % of gross demand (own calculation).
What the Bratislava office vacancy rate does not show in the reports
The CBRE reports for Q3 2025 to Q2 2026 and the Cushman & Wakefield reports for Q4 2025 to Q3 2026 do not publish a list of the deducted buildings or a split of the deduction by submarket, do not explain the change in the deduction from 283 000 to 297 000 m², and after Q4 2025 do not give the old basis. These gaps limit what can be read from the tables.
- List of the deducted buildings and their split by submarket: C&W gives only the old and new vacancy rate for each submarket, not the stock of the old basis by submarket.
- Reason for the change of the deduction from about 283 000 m² (Q3 2025) to about 297 000 m² (Q4 2025): the CBRE report for Q4 2025 reports a fall of 38 bps to 14,09 %, that is 14,47 % in Q3 2025, whereas the report for Q3 2025 gave 14,41 %; the difference is 0,06 pp. The same shift appears in the year-on-year change: −98 bps at 13,42 % in Q2 2026 means 14,40 % in Q2 2025, while 14,41 % with +6 bps q/q from the report for Q3 2025 means 14,35 %.
- Old basis after Q4 2025: the CBRE reports for Q1 and Q2 2026 do not give it, and the C&W tables for Q2 2026 and Q3 2026 have no “old vacancy rate” column; the old series therefore ends in Q4 2025.
- Two values of old vacancy in one document: MarketBeat C&W for Q4 2025 gives 12,25 % in the table and 12,65 % in the note under the panel; 12,25 % matches CBRE (−40 bps q/q), 12,65 % is the CBRE value for Q3 2025. This material uses 12,25 %.
Which vacancy basis to compare, by role
The choice of vacancy basis depends on what is being compared: a percentage between quarters, absolute vacant space, or a level against older reports. For Q4 2025 to Q3 2026, according to CBRE and Cushman & Wakefield, the uniform basis is the new stock of 1,76 million m² (14,09 %, 13,42 % and 14,40 %, the last according to C&W), and the old basis ends in Q4 2025 with 12,25 % of a stock of 2,05 million m².
- Institutional investor: a model of occupancy and exit uses one basis for the whole series; 12,25 % from Q4 2025 is not replaced by 13,38 % from Q1 2026 without recalculation, and the comparable pair is 14,09 % and 13,38 %.
- Developer: when estimating absorption, absolute vacant space is more reliable, 247 400 m² in Q4 2025, 235 500 m² in Q2 2026 (−11 900 m²) and 254 100 m² in Q3 2026 (+18 600 m², Cushman & Wakefield), than a percentage of a stock that changed between reports.
- Tenant (manufacturer, 3PL): a signal of rising vacancy from the CBRE panel between Q4 2025 and Q1 2026 has no basis; on the new basis vacancy in Q2 2026 was 0,67 pp below the Q4 2025 level and 0,98 pp lower year on year according to CBRE (0,99 pp according to C&W); in Q3 2026 it rose according to C&W to 14,40 % (+0,98 pp over Q2 2026).
- Every quoted figure: for a percentage the stock in the denominator is stated (2 053 000 or 1 755 000 m²), and for take-up it is stated whether it is net demand or gross leasing activity.
Sources and verification
The data come from CBRE Figures Office reports for Q3 2025 to Q2 2026 (and the page for Q3 2026) and from Cushman & Wakefield MarketBeat Bratislava Office reports for Q4 2025, Q2 2026 and Q3 2026, as of 9. 11. 2026. Differences, decomposition and sums are own calculations from the figures given; the C&W submarket tables name the Bratislava Research Forum as the source.
| Indicator | Source | Note |
|---|---|---|
| Vacancy in the panel, stock, occupied stock | CBRE, Figures Office Slovakia – Bratislava, Q3 2025, Q4 2025, Q1 2026, Q2 2026 | Panel “Vacancy Rate”, “Total Stock”, “Occupied Stock”; stock 2 047 and 2 053 thousand m², from Q1 2026 1 755 thousand m² |
| New basis, deduction of 283 000 and 297 000 m² | CBRE, text of the reports for Q3 2025 and Q4 2025 | 14,41 % and 14,09 % on the new basis; 12,25 % on the “former methodology” |
| Old and new vacancy by submarket, vacant space 247 400 m² | Cushman & Wakefield, MarketBeat Bratislava Office Q4 2025 (Bratislava Research Forum) | Table Market Statistics; note to the column “old vacancy rate”; copy of the report on amcham.sk |
| Vacancy 13,42 %, vacant space 235 500 m², gross and net demand | Cushman & Wakefield, MarketBeat Bratislava Office Q2 2026 (Bratislava Research Forum) | Report in Slovak; the column “old vacancy rate” is absent from the table |
| Vacancy 14,40 %, vacant space 254 100 m², stock 1 764 400 m², gross and net demand, submarkets | Cushman & Wakefield, MarketBeat Bratislava Office Q3 2026 (Bratislava Research Forum) | Report in English; the column “old vacancy rate” is absent from the table |
| Stock 1,76 million m², leasing activity 53 800 m² | CBRE, Figures Office Slovakia – Bratislava, Q3 2026 (public page) | The vacancy value from the main panel is not on the page; the full report is available only through a form |
| Gap between readings, decomposition of 1,84 pp, submarket gap, changes up to Q3 2026 | Own calculation from the figures above | Rounded to 0,01 pp; vacant space of the old basis is derived from 12,25 % and a stock of 2 053 000 m² |
| Difference in definitions | CBRE panel, Cushman & Wakefield tables | Vacancy = vacant space / stock; stock in the panel 2 053 thousand m² (Q4 2025) and 1 755 thousand m² (Q1 2026); take-up in the CBRE panel matches net demand, not gross leasing activity |
This material was reviewed by Roksolana Pyrtko, who is the CEO of the Lviv shopping and entertainment centers “Roksolana” and “Spartak”, an attorney, and a specialist in commercial real estate analytics and development.
This material is informational in nature and does not constitute legal, tax or financial advice.