Approximately 30% of the office space currently under construction and planned to be delivered by the end of 2023 is already pre-leased according to Colliers Poland. Further estimating renting an office in the capital within the next three years tenants would have approx. 400,000 sqm at their disposal.
Currently, Colliers estimate an approx. 562,000 sqm of space under construction in Warsaw, with the completion planned by the end of 2023. Almost 80% of this space is being built in central zones (the Center and the Central Business Area). In non-central zones, the most construction is in Mokotów and in the East zone. Among the largest office buildings currently under construction in the capital, there are projects such as: Forest (71,000 sqm), Varso Tower (66,000 sq m), Warsaw Unit (59,000 sqm), Generation Park Y (45.7 thousand sqm) or Skyliner (44.7 thousand sqm).
We can see that despite the drop in demand caused by the outbreak of the pandemic, companies are not giving up on renting offices in the long run. We know that offices will still be needed, but their function will change – they will become a place for creative work and building relationships – adds Paweł Skałba, senior partner, director of the Office Agency Department at Colliers International.
The largest pre-lease transactions in the capital city finalized in the first three quarters of this year include: PZU contract in Generation Park Y (46.5 thousand sqm), Allegro and JTI in the Norblina Factory (16.1 thousand sqm and 8 respectively 5,000 sqm), CBRE in Warsaw Unit (4,300 sqm) and Orsted Polska in Varso 2 (3,800 sqm).
Tenants who do not want to wait for 2023 have 270,000 sqm at their disposal in 17 buildings across Warsaw, the construction of which should be completed as early as next year. This accounts for about 63% of next year’s office supply, says Anna Maroń, analyst in the Advisory and Market Research Department at Colliers International.
