Office spaces in Warsaw in the 4th quarter of 2011

Jones Lang LaSalle has published a report "The Warsaw Real Estate Market, the 4th quarter of 2011".

The demand

In 2011, the demand for office spaces in Warsaw was exceptionally high. In this period, 573 sq. m were rented, which is a record number. Also in the current year, experts predict the demand at the high level.

21 per cent of the concluded demand transactions were pre-let agreements, out of which the biggest two are worth special attention, that is the renting of office space in Green Coorner by Nordea (7230 sq.m) and in Pułąwska 366 by KIA (2600 sq.m).

The supply

The supply did not respond to the record demand; on the contrary, it dropped to the lowest level since the mid-90s.  The biggest office building, put into use I that period has the area of 10 thous. sq.m.

The vacancy rate

The vacancy rate was 7,1 per cent in the centre and 6,1 per cent in COB. Altogether, 80 850 sq.m did not find tenants in the centre. Taking various quarters into consideration, the vacancy rate n the capital remained almost at the same level as it was last year and amounted to ,7 per cent. It is the most difficult to find tenants in Mokotów.

The renting prices

The average price for renting a sq. m of the best office space in the Centre fell on the range 22 – 25 EUR for a month, although some offices of the AAA class were more expensive. Outside the centre, a sq. m cost 15 – 15,5 EUR for a month. In the 4th quarter, rent prices came into a slight upward trend. 

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