The Polish Chamber of Commercial Property (PINK) has published figures on the office market in Warsaw for Q4 2021. 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.
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At the end of Q4 2021, the total modern office stock in Warsaw accounted for 6,150,900 sqm.
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In Q4 2021, more than 31,500 sqm of modern office space was delivered to the capital city market in three projects, namely: Central Point (18,000 sqm), the first phase of Fabryka PZO (12,100 sqm) and EC Powiśle D3 (1,500 sqm). Office stock in Warsaw in 2021 was expanded by 16 office buildings with a total area of almost 325,000 sqm.
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At the end of Q4 2021, the vacancy rate in Warsaw reached 12.7% (which means growth by 0.2 pp compared with the previous quarter and an increase by 2.8 pp. in relation to Q4 2020). Availability of office space equalled 778,400 sqm, in central zones, the vacancy rate was 12.9%, while outside the city centre it reached 12.4%.
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In Q1-Q4 2021, demand for modern office space reached 646,500 sqm, with 250,800 sqm signed in Q4 2021. The most popular areas of tenants’ interest during the last quarter were the City Centre zone, followed by the Central Business District and Mokotów office zones. Throughout the year 2021, the highest share in total take-up volume was attributed to new deals – 49% (including pre-lets transactions), renewals of current lease agreements attributed to 45% while expansions equalled 6%.
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The largest transactions of Q4 2021 were: renegotiation and expansion, signed by AstraZeneca in Postępu 14 building (20,800 sqm), pre-let agreement by a confidential tenant from the IT sector in Varso Tower (15,000 sqm) and extension of an agreement by GDDKiA in Green Corner B (12,800 sqm)
