Warsaw office stock totals 5.46 million sqm for 2018

Warsaw’s total office stock stood at 5.46 million sqm at the end of 2018, according to Cushman & Wakefield. Despite last year’s supply gap, which is expected to carry into 2019, new supply totaled just 232,700 sqm delivered across 20 office projects, down by 70,000 sqm when compared to the five-year average for 2012–2017. Last year’s largest completions on the Warsaw market included Proximo II (19,950 sqm), Equator IV (19,200 sqm) and Centrum Biurowe Koneser (17,300 sqm). “At year-end 2018, there was nearly 730,000 sqm of office space under construction. Of that total, more than 82 percent was underway in central locations. New office supply is, however, expected to be relatively low at 230,000 sqm in the next 12 months. In addition, supply forecasts for 2020 have been revised downwards as delivery of several large-scale projects has been postponed to 2021,” said Jan Szulborski of Cushman & Wakefield.