PINK has published figures on office market in Warsaw for Q3 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, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.
- At the end of September 2022, the total modern office stock in Warsaw accounted for 6,343,000 sqm.
- In Q3 2022, approximately 99,100 sqm of modern office space was delivered to the capital city market in three projects, i.e. Varso Tower (63,800 sqm) located in the Central Business District, P180 (32,000 sqm) in Mokotów and Poleczki 32 (3,300 sqm) in Puławska corridor. When added to the eight office schemes completed in Warsaw in the first half of 2022, the total new supply introduced to the market since the beginning of 2022 amounted to 228,100 sqm.
- At the end of Q3 2022, the vacancy rate in Warsaw reached 12.1% (up 0.2 pp. compared to the previous quarter and decrease by 0.3 pp. in relation to the comparable period in 2021). Availability of office space equalled 770,200 sqm. In central zones, the vacancy rate dropped to 11.1%, while outside the city centre it reached 13.0%.
- In the first three quarters of 2022, demand for modern office space exceeded 608,000 sqm, including 128,700 sqm in Q3 2022. The most popular areas of tenant’s interest were the City Centre, CBD and Mokotów zones.
- Between July and September 2022, the highest share in total take-up volume was attributed to new deals (including pre-lets transactions) – 48%, and to renegotiations – 45.5%. Expansions equalled 5% of the quarterly office take-up and owner-occupier deals to 1.5%.
- The largest transactions of Q3 2022 were renegotiations – an agreement of 11,300 sqm by a confidential tenant from the financial sector in Konstruktorska Business Center, 6,500 sqm renegotiation signed by a confidential tenant in Warsaw Spire C and renewal of a lease contract and expansion for a total of 4,500 sqm by Panattoni in Warsaw Spire Tower.