INTERBIURO logo logo logoBałtyckie Centrum Biznesu Sp. z o.o. logo logoOlivia Business Centre logo logo logo logoKinnarps Poland Ltd. logo logo logoAluprof S.A logoUNIMOR Development S.A. logo logo logoTétris Poland logoTorus Ltd logo logo logo logoNowy Styl Group logoFlowcrete Polska Sp. z o.o. logo logo logoBusiness House logoMDD Office Furniture logo logo logo logo logo logoGdańsk Entrepreneurs' Foundation logoAgrobex Sp. z o.o. logo logo
Kuczek-Maruta Counsellors at Law logo

Strengthening of the Polish office market

The demand for modern office space increases with a simultaneous decrease in the vacancy rate.

Office space market in Poland is clearly accelerating - this trend is particularly evident in Warsaw. The demand for modern office space increases with a simultaneous decrease in the vacancy rate - according to the authors of the report "Commercial Market in Poland" prepared by CB Richard Ellis.

In the first quarter of the year, total area leased in Warsaw amounted to nearly 200,000 square meters, with just 24 percent of renegotiation and 31 percent of preliminary lease agreements. This is a record level on a quarterly basis. In connection with the start of construction, the level of rented space in the first quarter of 2011 also includes a preliminary lease agreement  with TP SA (43,700 sq m) in the Miasteczko TP, which is built on the company's request.
 
The total supply of modern office space in Poland is 3.5 million square meters Over the next 12 months, few projects will be completed, but the completion of a significant number of major office developments are planned in 2013 (such as Warsaw Spire, with an area of ​​100,000 sq m). Currently about 405,000 sq m of offices is under construction, of which 32 percent has been leased in the preliminary lease agreements. The most popular locations in Warsaw, both in terms of leased space and planned development projects are outskirts of  City Centre, Mokotów and Aleje Jerozolimskie. The vacancy rate in Warsaw was reduced to 6.6 percent, with more than 7 percent in the center and slightly below 6 percent in locations outside the city center. Number of requests for offers from potential tenants is increasing, and an increase in demand for office space is expected to remain at least until the end of 2012. Regional cities also note the growing interest of both developers and tenants.
 
A large number of foreign investors is planning new service centers or the expansion of existing ones. Outside Warsaw, demand for modern office space was about 75,000 square meters. The most popular were the location of Krakow (new leased space at the level of 18,500 sq m) and Lodz (19,300 sq m leased). The increase in demand and a small amount of space available immediately lowers vacancy rates, particularly in Wrocław (3 percent) and Krakow (9 percent).In many other locations availability of office space is also decreasing, although each city has a slightly different specificity. We expect that the total demand for office space in 2011 will be as high as in the previous year, although we expect a new record of lease agreements. We notice a slow increase in rents for the best space in the best locations in Warsaw - up to 24-26 EUR per month in the center, and 15-16 EUR outside the center. It should be noted, however, that the rapid growth is not here yet - said Joanna Mroczek, director of market research and consultancy at CB Richard Ellis.
Download PDF

0.0
Tags:
Be the first to comment
mantra