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POLISH OFFICE RESEARCH FORUM RELEASES DATA ON THE WARSAW OFFICE MARKET FOR H1 2015

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).