Warsaw Office Market in Q3 2017

Warsaw (pic pixabay.com)
Warsaw (pic pixabay.com)
What are the results for Q3 2017 in the Warsaw office market? We present data prepared by PORF.

Polish Office Research Forum (PORF) has published data on the Warsaw office market for Q3 2017. They were prepared in collaboration with the team of analysts from the following companies: CBRE, Colliers International, Cushman & Wakefield, JLL, Knight Frank and Savills.

 

Office Market in Warsaw – Q3 2017

 

  • ca. 5 222 400 sq. m – resources of modern office space in Warsaw at the end of September this year;
     
  • ca. 204 900 sq. m – modern office space delivered on the capital market from the beginning of 2017. Three modern office buildings of total space amounting to 73 500 sq. m were commissioned in Q3;
     
  • 12.9 per cent – the vacancy rate in Warsaw at the end of Q3 this year (decrease by 1.0 percentage point in comparison to the previous quarter and decrease by 1.7 percentage points in comparison to the similar period in the previous year), which means that availability of office space amounted to 672 700 sq. m. The vacancy rate in the city center amounted to 11.1 per cent whereas outside the city center – 14 per cent;
     
  • 198 600 sq. m – demand for modern office space in Q3 2017, which resulted in the total volume of transactions from the beginning of the year in the amount of 589 500 sq. m. The biggest interest was recorded in the following districts: The City Center (151 000 sq. m) and Mokotów (132 200 sq. m);
     
  • 61 per cent – the highest participation in demand from January to September 2017 was recorded within new contracts. Renegotiations of binding contracts were responsible for 26 per cent of registered demand whereas expansions – for 13 per cent;
     
  • the largest transactions concluded in the first Q3 2017 are: renewal of lease contract by Bank Millenium in Harmony Office Center (18 300 sq. m), pre-lease contract by Citi Service Center Poland in Generation Park X (13 600 sq. m), expansion with renewal of contract by Alior Bank in Łopuszańska Business Park (13 400 sq. m) and expansion with renewal of contract by AstraZeneca in Postępu 14 (13 200 sq. m).

 


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