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Lower vacancy in Warsaw

Eurobuild CEE 12 February 2018
Lower vacancy in Warsaw
Citi Service Center in Generation Park X was the biggest Warsaw office lease of 2017
POLAND The vacancy rate in Warsaw came to 11.7 pct at end of Q4 2017, down by 1.2 percentage points compared to Q3 and by 2.5 percentage points compared to the end of December 2016, according to figures from the Polish Office Research Forum.

At the end of 2017, total vacant office space in Warsaw stood at 615,700 sqm, with a vacancy of 9.1 pct in the centre and 13.2 pct outside. At the end of December 2017 the total stock of modern office space in Warsaw came to app. 5,283,500 sqm. Developers completed app. 275,400 sqm in the capital over 2017 with Eight office buildings comprising 70,500 sqm delivered in Q4 alone. In Q4 2017, office space leases for over 230,900 sqm were signed, as a result of which the total area leased in the capital of Poland in 2017 came to 820,100 sqm (755,000 sqm in 2016). The districts which saw the highest leasing levels were the centre (208,400 sqm) and Mokotów (204,600 sqm). Around 63 pct of the leases were signed by new tenants, while renegotiations accounted for 26 pct and expansions for 11 pct. The largest transactions concluded in 2017 included: a pre-lease and expansion of Citi Service Center Poland in Generation Park X (18,600 sqm), a lease renewal by Bank Millennium in Harmony Office Centre (18,300 sqm), a new lease by J.P. Morgan Poland in Atrium Garden (15,600 sqm), an expansion and renewal contract signed by Alior Banku in Łopuszańska Business Park (13,400 sqm) and an expansion and renewal contract signed by AstraZeneca in the Postępu 14 building (13,200 sqm).

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