A total of 120,000 sqm of new office space were added to the Warsaw’s property market in the fourth quarter of 2012, according to a recent report by the Warsaw Research Forum. The biggest project to be delivered in the final quarter of last year was the 24,500 sqm Green Corner.
Although demand for Warsaw office space grew in in Q4 2012, vacancy rate reached 8.8 percent in the period. That marked a 0.7 percent jump compared with the third quarter of last year. Transaction volume came in at 153,200 sqm, making 2012 a record year for office deals in Warsaw (608,500 sqm) and marked a 6 percent increase compared to 2011. The report also shows nearly 68 percent of the deals were new leases (104,000 sqm), of which over 50 percent were pre-lets.
