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Warsaw real estate market at the end of the third quarter

Modern office space in Warsaw amounted to ca. 5 017 000 sq. m in the third quarter of 2016 (pic pixabay.com)
Modern office space in Warsaw amounted to ca. 5 017 000 sq. m in the third quarter of 2016 (pic pixabay.com)
How many new buildings were commissioned this year? What are the numbers and sizes of lease contracts and how many sq. m are still untenanted? The Polish Office Research Forum published data concerning the Warsaw office real estate market at the end of the third quarter of 2016.
  • Modern office space

 

Resources of modern office space in Warsaw amounted to ca. 5 017 000 sq. m at the end of the third quarter of 2016: ca. 378 800 sq. m of office areas were delivered to the metropolitan market within 17 office projects in the period from January to September. The biggest projects are e.g. Warsaw Spire A (59 200 sq. m), Gdański Business Center II C and D (49 000 sq. m) or Q22 (46 400 sq. m). Only one project was commissioned in the third quarter of 2016, that is West Station I (28 700 sq. m).

 

  • Demand for office space

 

Demand for office space in Warsaw amounted to 171 000 sq. m in the third quarter of 2016. In result, the total volume of transactions from the beginning of the year amounted to 531 000 sq. m. New contracts had the biggest interest in the structure of demand, that is 60 per cent (14 per cent of which were pre-let contracts) from January to September 2016. Renegotiations of foregoing contracts constituted ca. 30 per cent of transactions in the structure of demand, whereas expansions constituted 10 per cent of the registered volume. The vacancy rate in the city center of Warsaw amounted to 17.1 per cent and 13.5 per cent outside the city center.

 

  • The biggest contracts concluded in the first three quarters of 2016

 

Taking the first three quarters of 2016 into consideration, the biggest transactions are renovation and expansion of space by Publicis Groupe concerning 13 800 sq. m in Platinium Business Park III, renovation and expansion of Google concerning 8300 sq. m in Warsaw Financial Center, pre-let contract of Allegro concerning 7600 sq. m in Q22 and the new contract concluded by the trusted tenant in Atrium 2 concerning 7500 sq. m.

 

Market data was prepared together with the team of analysts of CBRE, Colliers International, Cushman & Wakefield, JLL, Knight Frank and Savills.

 


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