Metropolitan office market in the first six months of 2015

Panorama of Warsaw, pic Echo Investment
Panorama of Warsaw, pic Echo Investment
The resources of modern office areas in Warsaw increased by 147 000 sq. m at the end of June 2015. Unfortunately, the vacancy rate also increased.

Polish Office Research Forum published a report which sums up the Warsaw office market in the first half of the year 2015. The data prepared by analysts includes modern areas in newly commissioned structures, number and size of lease transactions as well as vacancy rate.


According to the report prepared by PORF, the resources of modern office areas in Warsaw reached 4 538 800 sq. m at the end of June 2015. Thus, they increased by nearly 147 000 sq. m from the beginning of January. Offices located in the city center delivered ca. 22 per cent of areas whereas offices located in the upper-southern zone – 50 per cent.


The commission of other structures was followed by increase of a vacancy rate. At present, it amounts to ca. 14.1 per cent – it increased by 0.9 percentage point in comparison to the end of December 2014. The commercialization in central zones was not successful in the case of 15 per cent of current resources which means a slight decrease in comparison to the beginning of the first six months of the year 2015 (by 0.2 percentage point). The rate recorded a noticeable increase from 12.4 per cent to 13.7 per cent outside the city center.


The total volume of lease transactions concluded in the first six months of 2015 amounted to 390 200 sq. m, which constitutes ca. 64 per cent of the last year’s gross demand. Ca. 36 per cent were rented in offices located in the city center. The most popular zone among locations outside the center was the upper-southern zone (30 per cent of the transactions’ volume). The renegotiations and extension of lease constituted ca. 27 per cent of the transactions’ volume,  the interest of pre-let contracts amounted to 18 per cent and the level of companies’ expansion reached 7.5 per cent.


The list of the largest lease transactions recorded in the first six months of 2015 includes: renting of 21 100 sq. m by a company from the electrotechnical industry in the building A owned by the Warsaw Spire complex, 17 500 sq. m rented by PZU in Konstruktorska Business Center, renegotiation of EY in Rondo 1 (13 500 sq. m) and conclusion of a pre-let contract by Aviva in the second stage of Gdański Business Center (12 000 sq. m). 


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