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Polish Office Research Forum has published its figures for the Warsaw office market for H1 2015. The market data prepared by a team of analysts includes modern office stock, new completions, take-up volumes and vacancy rates.

  • In June 2015, total modern office stock in Warsaw amounted to 4,538,800 m² having increased by 147,000 m² since the end of 2014.
  • Over 22% of new supply was located in office buildings located in the City Centre whereas 50% was in buildings located in the Upper South zone.
  • At the end of the second quarter, the overall vacancy rate amounted to 14.4% and the rate increased by 0.9 percentage point in comparison with 2014 year-end data. Office space available in the central zones accounted for 15.0% of the zones’ stock which was a small decrease (0.2 pp) when compared with Q4 2014 data whereas vacancy rate in non-central zones increased from 12.4% in Q4 2014 to 13.7% in Q2 2015.
  • Gross take-up in H1 2015 amounted to 390,200 m2 which is ca 64% of 2014 full year data. Approximately 36% of the letting activity took place in office buildings located in the City Centre, and Upper South zone was the most popular among all non-central locations (30% of total take-up).
  • Renegotiations and lease renewals accounted for 27% of total volume of take-up while pre-lets accounted for 18% of the letting activity. The share of expansions was over 7.5%.

The largest transactions concluded during the first half of the year were: 21,100 m² let by a company representing IT sector in the tower building of Warsaw Spire; 17,500 m² by PZU in Konstruktorska Business Center, EYs lease extension in Rondo 1 (13,500 m²) and Aviva pre-let in the next phase of Gdański Business Center (12,000 m²).