PINK has published figures on the office market in Warsaw for Q1 2022. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers, Cushman&Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.
At the end of Q1, 2022 total modern office stock in Warsaw accounted for 6,238,000 sqm.
In Q1 2022, more than 93,400 sqm of modern office space was delivered to the capital city market in six projects. The largest one was Forest Tower offering a total of 51,500 sqm and the next office building within the LIXA office complex (bldg. C, 19,400 sqm), both located in the City Centre office zone.
At the end of Q1 2022, the vacancy rate in Warsaw reached 12.2 percent (down 0.5 pp. compared to the previous quarter and increase by 0.8 pp. in relation to the comparable period in 2021). Availability of office space equalled 759,700 sqm. In central zones, the vacancy rate was 12.1 percent, while outside the city centre it reached 12.3 percent.
In Q1 2022, demand for modern office space reached nearly 273,200 sqm. The most popular area of tenant’s interest was the City Centre zone.
Between January and March 2022, the highest share in total take-up volume was attributed to new deals – 52 percent (including pre-lets transactions). Renewals of current lease agreements attributed to 27 percent, while expansions equalled 13 percent and owner-occupier deals – 8 percent.
The largest transactions of the Q1 2022 were two pre-let agreements: a 34,500 sqm by the PKO BP in SKYSAWA office complex and a 30,000 sqm by the undisclosed tenant from the banking sector in Forest Tower, followed by the 23,500 sqm lease renewal and expansion by Grupa ING in Plac Unii and an 18,800 sqm renewal by the undisclosed tenant from the banking sector in Generation Park X.