PINK is hereby publishing figures on office market in Warsaw for Q1 2020. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers International, Cresa, Cushman&Wakefield, JLL, Knight Frank, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.
- At the end of Q1 2020 total modern office stock in Warsaw accounted for 5,588,500 sq m.
- In Q1 2020, approximately 6,700 sq m of office space was completed in one scheme - Varso 1.
- The vacancy rate in Warsaw reached 7.5% in the end of March (a 0.3 pp decrease q-o-q and 1.6 pp decrease compared with the analogical period in 2019), which translated into nearly 418,000 sq m office space for lease. Vacancy rate in central locations stood at 4.9% while in non-central locations it reached 9.1%.
- In Q1 the gross demand reached 138,900 sq m. The strongest leasing activity was recorded in the City Centre and Mokotów.
- Between January and March 2020 the highest share in total take-up volume was attributed to new deals (55% - including owner occupier deals). Renewals of current lease agreements attributed to 31% while expansions to 14%.
- Confidential client (insurance sector) renewal transaction was the biggest deal signed in Q1 2020, it covers 17,500 sq m of office space in Konstruktorska Business Center building.
- The other largest transactions leased in first quarter 2020 cover three pre-lets, namely: confidential client (services sector) transaction in Fabryka Norblina for 8,500 sq m, CBRE in Warsaw UNIT for 4,300 sq m and Orsted for 3,800 sq m in Varso 2.
