Pink releases data on the office market in Warsaw for q1 2023
Polish Chamber of Commercial Real Estate (PINK) has published figures on office market in Warsaw for Q1 2023. The data is sourced from advisory companies from the commercial real estate sector (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 March 2023, total modern office stock in Warsaw accounted for almost 6,256,300 sq m.
At the end of Q1 2023, the vacancy rate in Warsaw reached 11.6% (stable compared to the previous quarter and decrease by 0.6 pp. in relation to the comparable period in 2022). Availability of office space equalled 724,600 sq m. In central zones the vacancy rate dropped to 10.2%, while outside the city centre it reached 12.7%.
From the beginning of January until the end of March 2023, demand for modern office space reached approx. 159,000 sq m. The most popular areas of tenant’s interest were the City Centre, CBD and Służewiec zones.
During first three months of the year, recorded the highest share of the demand structure and accounted for as much as 70%. Renegotiations of existing contracts accounted for 23%, while expansions for only 5% of the registered demand.
The largest transactions of the Q1 2023 were: the renegotiation of Accenture's 8,800 sq m lease in Proximo II, DPD's owner occupier lease for 8,700 sq m in their new headquarters and a new agreement of 7,000 sq m signed by a confidential business services tenant in the P180 building.
Polish Chamber of Commercial Real Estate
