What happened on the Warsaw office market in Q1 2017?

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pic Ghelamco
PORF published data pertaining to the Warsaw office market for Q1 2017. The closure of data was conducted along with the verification of the Warsaw’s office zones – the boundaries and the existing names of zones have been changed.


Data published by PORF concerns resources of modern office space, new commissioned buildings, number and size of lease contracts, or amount of unrented space in Q1 2017. The market data was prepared in cooperation with the team of analysts.


Warsaw office market in Q1 2017:


  • almost 5.12 million sq. m – resources of modern office space in Warsaw at the end of Q1 2017;
  • more than 84 200 sq. m – total space of projects commissioned in Q1 2017; all buildings are situated outside the city centre;
  • 14 per cent – vacancy rate in Warsaw at the end of March (decrease by 0.2 percentage point quarter to quarter, and by 0.1 percentage point year to year); it results in ca. 718 000 sq. m of space available from now. There are 13.1 per cent of existing unrented resources in the central zone, whereas the vacancy rate outside the city centre totals 14.7 per cent;
  • almost 197 000 sq. m – total volume of lease transactions registered in Q1 2017. The largest number of rented areas is recorded in Centrum (City Centre), that is 54 300 sq. m, Centralny Obszar Biznesu (Central Business Area), that is 39 200 sq. m, and Mokotów, that is 38 600 sq. m;
  • the largest share in the structure of demand between January and March this year belongs to new contracts (54 per cent) and renegotiations of binding contracts (37 per cent). Pre-let contracts constitute only 8 per cent of registered volume;
  • renewal of the contract and expansion of Astra Zeneca by 13 200 sq. m in Postępu 14, pre-let contract of Diebold Nixdorf for 9800 sq. m in West Station II and renegotiation of the contract by Zarząd Transportu Miejskiego m.st. Warszawy (Public Transport Authority of the City of Warsaw) in JM Tower for 7300 sq. m are the largest transactions concluded in Q1 2017.


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Tags: Warszawa
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