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25 pct of space leased by co-working

Eurobuild CEE 02 January 2019

POLAND A quarter of office space leased in 2018 in Warsaw's city centre was rented by co-working operators, says consultancy Walter Herz.

In total, the companies from this sector leased almost 90,000 sqm of office space in the city in the first three quarters of 2018, which represents around 14 pct of the demand for Warsaw office space.

According to the consultancy Warsaw is a European leader in terms of its economic growth, which can be clearly seen in the growth of the office market. In recent years, the city has made an immense leap in terms of the quality of the space offered. "In two to three years, the projects that our under development will provide the city not only with spectacular buildings, but also create new, attractive urban spaces," claims Bartłomiej Zagrodnik, the managing partner of Walter Herz in Poland.

Over the first nine months of 2018, office stock on the Warsaw market gained rose by 200,000 sqm. Developers completed 20 office buildings. On average, the projects were around 70 pct leased.

The consultancy estimates that in 2019 around 270,000 sqm of space will be added to the Warsaw market. However, companies looking for large areas in the centre should wait at least until 2020.

The vacancy rate in Warsaw is currently at its lowest for the last five years and averages around 10 pct. In the city centre it is only just over 6 pct. Over the last 12 months, the vacancy rate has dropped by around 3 pct. The largest amount of empty office space in Warsaw can be found around ul. ​​Żwirki i Wigury as well as in Służewiec, where vacancy stands at around 17-19 pct.

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