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Tenant activity in Europe begins to slow

Eurobuild CEE 27 November 2019
Tenant activity in Europe begins to slow
Warsaw comes third in terms of take-up among main European markets

EUROPE European office take up is forecast to reach 9.2 mln sqm by the end of 2019, down by 4 pct on the figures from 2018, Savills claims in its latest research.

Average vacancy rates in European Central Business Districts has dropped from 6.1 pct to 5.4 pct over the past 12 months. “The combination of strong underlying demand and low vacancy rates has resulted in accelerated rental growth in 2019. Indeed, prime CBD office rents have risen 6.2 pct on average over the past twelve months, up on the 4 pct of the previous twelve months,” said Mike Barnes, associate, European research, Savills

In Warsaw, the total leasing volume between January and September 2019 stood at close to a record 690,000 sqm – a record level ever observed during that period in Warsaw. Taking into account the last twelve months total take-up reached almost 922,000 sqm. The high demand for office space has resulted in a drop in the vacancy rate to 8.2 pct on average across the city, which is even lower (5.5 pct) in centrally located buildings.

“For some time now central locations in Warsaw have attracted developers, and projects that are built there are sought after by many companies. As competition from new or newer buildings is growing, owners of older properties have to refurbish their assets to improve their attractiveness to both new and existing tenants. The scale of refurbishment differs, but some of the most common renovations include redeveloping the main lobby and common areas as well as introducing new technological systems,” says Wioleta Wojtczak, the head of research at Savills Poland.

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