The Polish Office Research Forum has published its data on the Warsaw office market for Q4 2015. Its market data prepared by a team of analysts concern modern office stock, new completions, the number of deals and take-up volumes, and vacancy rates.
- At the end of Q4 2015 Warsaw’s modern office stock stood at nearly 4,660,000 sq m.
- From January through December 2015 the new office supply totalled 277,600 sq m, of which 91,400 sq m came onto the Warsaw market in Q3. Most of the new office space (218,300 sq m) was delivered in non-central locations.
- Nearly 29.8% of modern office space is located in office buildings in the City Centre while 28.1% is available in the Upper South zone.
- Office completions from October through December 2015 included Warsaw Spire C (20,000 sq m, the City Fringe) and Poleczki Business Park Lisbon (6,500 sq m, the Lower South zone). The largest buildings delivered to the market in 2015 were Postępu 14 (34,300 sq m, the Upper South zone), Royal Wilanów (29,800 sq m, the South East zone), the refurbished Spektrum Tower (27,300 sq m, the City Core) and Domaniewska Office Hub (27,000 sq m, the Upper South zone).
- The vacancy rate in Warsaw fell from 13.3% at year-end 2014 to 12.3% at the end of December 2015, equating to 571,600 sq m of readily available office space. Vacancies in central locations accounted for 13.3% of Warsaw’s stock (down from 15.2%) while the vacancy rate in non-central locations stood at 11.8% (down from 12.4%).
- Total office take-up in 2015 reached nearly 834,000 sq m, representing a 36.3% rise on the value recorded in 2014. The largest office space volumes of more than 200,000 sq m were leased in the Upper South zone (229,300 sq m) and the City Fringe (227,000 sq m).
- From January through December 2015 new leases accounted for 43.1% of all deals while renegotiations made up 32.4% of total take-up. Pre-lets accounted for 14.9% of all transactions recorded in Warsaw last year.
- The largest deals in 2015 included Samsung’s 21,000 sq m pre-let in the Warsaw Spire complex, mBank’s renegotiation of its 17,500 sq m lease in the Jabłonowski Palace and PZU’s new 17,500 sq m lease in the Konstruktorska Business Center.
Polish Office Research Forum (formerly Warsaw Research Forum) comprises six real estate services firms: CBRE, Colliers International, Cushman & Wakefield, JLL, Knight Frank and Savills, whose representatives aim to standardize figures published through collection and comparison of quarterly data.