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Warsaw and Amsterdam – common denominator

The chart presents the supply of office areas in Warsaw (Source: CBRE / PORF)
The chart presents the supply of office areas in Warsaw (Source: CBRE / PORF)
The year 2016 can go down in history of the Warsaw office real estate market as the best time for development. The size of this market amounts to more than 5 million sq. m of office areas. The similar amount of office space can be found in such cities as Amsterdam, Copenhagen, Dublin or Barcelona.

The dynamic development of the Warsaw office real estate market has been observed for several years. At present, there are 50 office projects under construction, which are to deliver nearly 600 000 sq. m to the market.

 

According to the report "Office Market View – Warsaw Office Real Estate Market after the Third Quarter of 2016" prepared by CBRE, the growth pace of new supply only slightly exceeds the dynamics of growth concerning demand. It influences the vacancy rate, which can increase in the fourth quarter of 2016, according to the estimates of CBRE. However, new contracts constitute 60 per cent of all lease transactions concluded in the second quarter, which indicates high demand for new investments among tenants.

 

The dynamically globalized Warsaw attracts investors from all over the world. The capital of Poland has great economic potential supported by human capital, friendliness for business and proper accessibility. The market of the Warsaw office areas will increase by 450 00 sq. m in 30 new buildings by the end of 2016. The broader accessibility to the high quality office areas will make Warsaw attractive to new players, which have not been present on the Polish market so far – says Joanna Kalinowska, Director in the Department of Lease of Office Areas, CBRE. 

 

At present, the most attractive office rents are maintained at the level of 23.00 EUR/sq. m/month. The experts of CBRE envisage that their value can slightly decrease in 2017 due to a big number of new projects, which are currently under construction in the city center of Warsaw.

 


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Tags: CBRE Warszawa
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