Polish Chamber of Commercial Real Estate (PINK) has published figures on office market in Warsaw for Q2 2023. The data is sourced from advisory companies from the commercial real estate sector (Axi Immo, BNP Paribas Real Estate, CBRE, Colliers, Cushman & Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.
- At the end of Q2 2023, total modern office stock in Warsaw accounted for just under 6,253,800 sq m.
- In Q2 2023, approximately 18,700 sq m of modern office space was delivered to the capital city market in three projects, i.e. The Park 9 (11,000 sq m) located in Jerozolimskie corridor, Wał Miedzeszyński 628 (6,000 sq m) and the first office building of the Bohema complex (Building F Glicerynownia, 1,700 sq m), both located in the East zone.
- At the end of Q2 2023, the vacancy rate in Warsaw reached 11.4% (down 0.2 pp. compared to the previous quarter and decrease by 0.5 pp. in relation to the comparable period in 2022). Vacant office space equalled 714,400 sq m. In central zones the vacancy rate dropped to 9.9%, while outside the city centre it remained stable at 12.7%.
- In Q2 2023, demand for modern office space reached 167,100 sq m. The most popular areas of tenant’s interest were the City Centre and CBD zones. Consequently, office take-up registered in H1 2023 amounted to over 325,700 sq m.
- Between April and June 2023, the highest share in total take-up volume was attributed to new deal of current lease agreements – 51% (including pre-lets transactions), and to renewals – 45%. Expansions equalled to 4% of the quarterly office take-up.
- The largest transactions of the Q2 2023 were renewals – an agreement of 7,100 sq m by Lionbridge Poland in Taifun building, a 5,900 sq m renegotiation signed by a confidential tenant from business services sector in Warsaw Spire A (Tower) and renewal of lease contract for 5,300 sq m by confidential tenant from IT products & services sector in Horizon building.
