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Polish Office Research Forum releases data on the office market in Warsaw for Q2 2017

PORF - Polish Office Research Forum
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Polish Office Research Forum has published its figures for Q2 2017 for office market in Warsaw. The market data prepared by a team of analysts includes modern office stock, new completions, take-up volumes and vacancy rates.

  • At the end of the first half of 2017 total modern office stock in Warsaw accounted for 5,161,100 sq m.
  • In 2017 YTD, more than 131,000 sq m of office space was completed. Between April and June 2017, the market grew by 47,200 sq m. In second quarter 6 projects were completed, the largest one being modernisation of Ethos building with 12,100 sq m of office space.
  • The vacancy rate in Warsaw reached 13.9% in the end of June (a 0.1 pp decrease q-o-q and 1.5 pp decrease compared with the analogical period in 2016), what implies 715,800 sq m available for immediate lease. Vacancy rate in central locations accounted to 13.2% while in non-central locations it reached 14.3%.
  • Gross take-up in 2017 YTD amounted to 391,400 sq In second quarter 200,500 sq m were leased in Warsaw. The strongest leasing activity was recorded in City Centre zone (64,000 sq m leased) and in Mokotów (48,500 sq m leased).
  • Between January and June 2017 the highest share in total take-up volume was attributed to new deals (56%). Renewals of current lease agreements attributed to 28% while expansions to 16%. Pre-let transactions made up more nearly 17% of recorded demand.
  • The largest lease transactions in the first half of 2017 included: a renewal of Millenium Bank lease agreement in Harmony Office Centre (18,300 sq m), a pre-let agreement by Citi Service Center Poland in Generation Park X (13,600 sq m), an expansion and renewal by Alior Bank in Łopuszańska Business Park (13,400 sq m) and an expansion and renewal by AstraZeneca in Postępu 14 (13,200 sq m).