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PORF issues data on the Warsaw office market for H1 2016

PORF - Polish Office Research Forum
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The Polish Office Research Forum has published its data on the Warsaw office market for H1 2016. 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 H1 2016 Warsaw’s modern office stock summed to 4,988,400 sq m.
  • In H1 2016 350,100 sq m was completed in Warsaw in 16 office buildings, of which almost 51% was delivered in Central locations.
  • At the end of the second quarter the vacancy stood at 15.4% (a 1.3 pp increase q-o-q and y-o-y likewise), which translates into over 767,300 sq m of readily available office space. Vacancy rate in central locations amounted to 17.6% while in non-central locations it accounted for 14.4% of modern office stock.
  • Total office take-up in H1 2016 reached over 360,100 sq m. The highest demand was registered in the Upper South zone (80,800 sq m), the South West zone (68,500 sq m) and the two central zones: ,the City Centre Core (66,100 sq m) and Fringe (56,200 sq m).
  • From January to June 2016 new leases accounted for 60% of all deals, while renegotiations made up 31% of total take-up. 17% of space leased in H1 was preleased.
  • The largest deals in H1 2016 included a renewal and expansion of 13,800 sq m by a Publicis Groupe in Platinium Business Park III, pre-construction deal of 7,600 sq m by Allegro in Q22 and renewal transaction of 5,500 sq m in Atrium Centrum by UPC.

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.