Leasing activity on the Wrocław office market hit 47,900 sqm in the first three months of the year, accounting for 35 percent of the annual average for 2015-2019, according to Cresa. Demand came predominantly from the IT sector, which made up 83 percent of the total. Renegotiations made up 37 percent of the total, while owner-occupation accounted for 24 percent. “Wrocław’s office market remained in good health in the first quarter of 2020. However, due to the uncertainty caused by the Covid-19 pandemic, some companies have put further growth and office expansion decisions on hold and are watching events unfold. This is, however, mainly limited to industries that have been the hardest hit by the ongoing economic lockdown,” said Michał Grabikowski, head of the Wrocław office at Cresa. “Developers are also more cautious about starting new projects, with a demand-supply balance likely to be restored quickly. Pending lease negotiations have revealed that headline rents remain unchanged.”
