At the end of June 2022, the stock of modern office space in Warsaw amounted to less than 6,270,300 sq m.
In the second quarter of 2022, 35,600 sqm of modern office space was delivered to the Warsaw market in two projects – SkySAWA (22,800 sqm) located in the Central Business District and Intraco Prime (12,800 sqm) in the Center zone. Since the beginning of 2022, over 129,000 sqm of office space has been delivered to the market, including six projects completed in the first quarter of this year.
At the end of the second quarter of this year. in Warsaw, the vacancy rate reached 11.9% (a decrease by 0.3 pp. compared to the previous quarter and by 0.6 pp. compared to the corresponding period in 2021). The availability of office space was at the level of 747,700 sqm. In central areas, the vacancy rate fell to 11.6%, while outside the city center it reached 12.2%.
In the second quarter of 2022, the demand for modern office space reached 212,200 sqm. The COB and Centrum zones were the most popular among tenants. In the first half of the year, the total demand for offices amounted to almost 479,400 sqm.
In the period from April to the end of June 2022, the highest share in the demand structure was attributed to renegotiations – 48%, and new contracts – 45% (including pre-lease contracts). On the other hand, expansions accounted for 7% of registered demand.
The largest transactions were renegotiations – renewal of the lease agreement for almost 21,000 sqm by Samsung Electronic Polska (R&D) in the Warsaw Spire C building, renegotiation of the contract for 9,800 sqm signed by KOWR in Karolkowa Business Park and renewal of the lease agreement for 9,500 sqm by a confidential tenant from the IT industry in the Warsaw Financial Center building.
Source: PINK has published aggregate data on the Warsaw office rental market in the second quarter of 2022. The source of the data are consulting companies operating on the commercial real estate market (BNP Paribas Real Estate, CBRE, Collier’s, Cushman & Wakefield, JLL, Knight Frank, Newmark, Savills), and the information concerns the resources of modern office space, new projects completed, the size of the lease transactions and vacant space.
