Office take-up hits 420,000 sqm in H1 2018

Office take-up exceeded 420,000 sqm in Warsaw in the first six months of 2018, according to Cresa. New leases accounted for 66.1 percent of the total, followed by renegotiations (24 percent) and expansions (9.9 percent). Key lease transactions on the Warsaw market included a confidential tenant’s lease of 14,800 sqm at Piękna 2.0, Cambridge Innovation Center’s 13,500 sqm lease at Varso II and LOT’s 11,800 sqm renegotiation at PLL LOT’s office building. The capital’s total office stock increased by nearly 5 percent y-o-y to 5.41 million sqm in H1, with 15 office schemes delivered to the market, including Equator IV (19,200 sqm, Karimpol), CEDET (14,300 sqm, Immobel) and Centrum Marszałkowska (13,100 sqm, BBI Development/WSS Społem). No large-scale office completions are expected in the second half of the year.