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Office market in Warsaw

About 45 000 sq. m of modern office space were commissioned in Warsaw in the last quarter. The biggest transaction of this quarter was the pre-rental agreement in T-Mobile Office Park.

As the experts from the Warsaw Research Forum inform, about 45 000 sq. m of office space has been commissioned in Warsaw in the past quarter. The ratio of inhabited houses has slightly increased and currently amounts to 7,4% (8,4% in central localizations and 7% outside of the centre). The number of transactions concluded in the second quarter amounted to 172 800 sq. m (a 38% rise in comparison with the previous quarter).

Pre-rental agreements constituted 35% of the demand for office space. Continuations and renegotiations constituted 33% and the percent of new rentals decreased in comparison to the previous quarter – currently it amounts to 28%.

The biggest transaction of the second quarter of this year was the pre-rental agreement regarding 27 000 sq. m in T-Mobile Office Park concluded by T-Mobile. The experts also inform the information about the renegotiation concerning 9 100 sq. m concluded by Axel Springer in Trinity Park I. It is also worth to mention the renegotiation of 7 000 sq. m concluded by Axel Springer in Trinity Park I and the pre-rental agreement regarding the 6 800 sq. m concluded by Alianz in Łopuszańska Business Park.

Warsaw Research Forum is an association of analysts from companies focusing on commercial real estate, like: CBRE, Colliers International, Cushman & Wakefield, DTZ, Jones Lang LaSalle, Knight Frank, Savills. The organization focuses on the analysis of the office real estate sector and issues quarterly reports on the market’s condition.

Tomasz Czuba from Jones Lang LaSalle says: The last months on the office real estate market were without a doubt a good time for the sector. In the first quarter of 2012 almost 158 000 sq. m of modern rental space were commissioned, mostly in Warsaw – 92 500 sq. m. We estimate that in the second half of 2012 about 182 000 sq. m of new office space will be commissioned in the capital of Poland, and in 2013 the number will increase by another 300 000 sq. m. Currently, almost 1,1 million sq. m of office space is under construction in Poland.

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