The Warsaw Research Forum has published its quarterly research figures for the Warsaw office market for Q1 2014. The analysis was prepared by a team of specialists and provides information on Warsaw’s modern office stock, new completions, take-up volumes and vacancy rates.
- Ten buildings totalling 84,500 sq m were added to the Warsaw office market in Q1 2014, bringing total modern office stock to 4,200,000 sq m. The largest completion was the first phase of Park Rozwoju offering 16,000 sq m of office space.
- The vacancy rate rose by over 0.5 percentage points to 12.2% in Q1 2014. In central locations it stood at 10.9% compared with 10.6% at the end of Q4 2013, while in non-central locations it was 12.8% (12.2% in Q4 2013).
- Take-up in Q1 2014 reached 136,400 sq m, a nearly 20% increase on the previous quarter. The largest office leasing volumes were noted in the Upper-South zone (37.5%) and in the Fringe zone (18.2%).
- New leases (71,500 sq m) accounted for 52% of all deals, with pre-lets making up just 16% of these (11,600 sq m). Renegotiations and extensions accounted for 37% of total volume, a similar level to that of Q4 2013.
- The largest deal in Q1 2014 was Netia’s extension of 13,200 sq m in the Marynarska Business Park office complex. Another deal involved owner occupation of 6,800 sq m of office space in Powiśle Park by Polska Spółka Gazownictwa. In addition, Citibank leased 4,700 sq m in Marynarska 12 office building and Altkom renegotiated a 3,100 sq m lease in Warsaw Trade Tower and expanded it by additional 1,200 sq m.
Warsaw Research Forum (WRF) consists of seven real estate services firms: CBRE, Colliers International, Cushman & Wakefield, DTZ, JLL, Knight Frank and Savills. The representatives of these companies aim to standardize indices published through collection and comparison of quarterly data.