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Consolidations driving Warsaw office market

Rafał Ostrowski 22 August 2019

Rafał Ostrowski


+48 22 356 25 11

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

Consolidations driving Warsaw office market
In July MBank signed the highest ever office lease in Warsaw - 45,600 sqm in Mennica Legacy Tower

POLAND This year has been one of consolidations and records for the Warsaw office market, according to a study published by real estate advisory firm Cresa Poland.

The most notable leasing deals of this kind include those by MBank, Getin Noble Bank and Warta, all of which have moved their headquarters and various scattered offices into a single larger location.

According to the ‘Occupier Economics: Office Market in Warsaw in H1 2019’ report by Cresa, office take-up came to 265,800 sqm in Q2 2019, the highest quarterly level on record. In the first half of 2019, new total office supply amounted to more than 80,000 sqm, less than half the volume posted a year ago. Warsaw’s office stock has thus risen by just 2.5 pct over the year to the current level of 5.54 mln sqm. The limited supply and robust occupier demand has pushed Warsaw’s vacancy rate down to 8.5 pct, its lowest in around six years. This is likely to change in the coming years, with several large office projects expected to be completed in central Warsaw.

“Following last year’s coworking boom, the largest tenants are stepping up their activity and transforming the capital’s office market. Given the large number of leases under negotiation, we expect this year’s total take-up to hit app. 800,000 sqm, matching last year’s level,” argues Artur Sutor, a partner and head of the office department at Cresa Poland.

In H1 2019, leasing activity topped 400,000 sqm, accounting for 54.3 pct of the total average take-up for 2013–2018. The largest transaction of the first half of the year was the lease for 18,500 sqm of The Warsaw Hub C by Getin Noble Bank, followed by Warta’s 17,600 sqm lease at The Warsaw Unit. July 2019 witnessed a record deal on the Polish office market when MBank leaseed 45,600 sqm of space in Mennica Legacy Tower.

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