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Pre-leases eat up 2020 supply

Rafał Ostrowski 11 February 2020

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

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.

Pre-leases eat up 2020 supply
At the end of 2019, Warsaw’s vacancy rate came to 7.8 pct, its lowest since 2012

POLAND At the end of 2019, 70 pct of the space in ongoing Warsaw office projects scheduled for delivery in 2020 was already pre-leased, according to the Marketbeat 2019: Warsaw Office Market report by Cushman & Wakefield.

In the area around the Rondo Daszyńskiego roundabout in the city centre, pre-leases amounted to 86 pct, while about 13 pct of the entire Warsaw office pipeline for 2021 has also been pre-leased.

At the end of 2019, Warsaw’s vacancy rate came to 7.8 pct, its lowest since 2012, representing a 0.9 pp y-o-y decrease. Central zones of the city have a total of 117,900 sqm of vacant space, accounting for 5.4 pct of the Polish capital’s total stock. The vacancy rate in non-central locations now amounts 9.3 pct – 341,800 sqm of unoccupied office space. Warsaw’s vacancy rate is expected to continue to edge down over the next twelve months, but the downward trend is also set to slow due to office space being vacated in older, centrally located office buildings.

In 2019 leasing activity amounted to 878,000 sqm in Warsaw in 2019, up by app. 2 pct on 2018’s record volume. Around 225,500 sqm was transacted in pre-leases, accounting for around 42 pct of all new deals on the Warsaw office market in 2019.

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