What the future holds for the office market has been one of the hottest topics of debate ever since the pandemic struck. What changes are to be expected in the office sector after the pandemic? Katarzyna Lipka, an expert of Cushman & Wakefield, outlines key trends for 2021 and beyond.

Despite its unique nature, 2020 brought twice as many new offices in Warsaw as the previous year. Thanks to the high activity of developers, there is already a total of over 12 million sqm of office space in the largest cities in Poland. This year, the leaders of the real estate development market announce further completions of large investments. The companies implementing office projects throughout the country plan to commission up to 800 thousand sqm of new space.

Atenor has signed an agreement relating to the acquisition of another plot in District XI of Budapest, under 20 Hengermalom Road, with an area of 8,326 sqm. The plot is next to Atenor’s planned project, BakerStreet, and similarly, a Class A+ office building will be developed on it as Phase II of BakerStreet.

In 2020, demand for office space in regional cities was 16% lower compared to 2019, the vacancy rate increased by 3.2 pp and the volume of office space under construction is at its lowest in about five years. Advisory firm JLL summarizes the situation in the Polish office market at the end of 2020.  

One United Properties announces the lease agreement with Superbet for an 8,206 sqm office space in One Cotroceni Park in Bucharest. 

Ghelamco has started preparations for the construction of The Bridge skyscraper. The building will stand at the intersection of Towarowa and Grzybowska streets, next to Plac Europejski (European Square) in Warsaw.

Finnish developer YIT has been awarded a construction permit for a mixed-use complex next to the European Solidarity Centre in Gdańsk.

CBRE, which has been managing the 22,805 sqm Visionary office building in Prague 7 for CA Immo for two years, has received a mandate to manage the Austrian company’s remaining office portfolio in the Czech Republic.

Skyliner, one of the highest office towers in Warsaw developed by Karimpol, has obtained an occupancy permit. The skyscraper was designed by APA Wojciechowski. Tenants will start moving into the building in the first half of 2021.

Tenant activity in 2020 was 31% lower than in 2019, with developers being much more cautious about launching new developments than in previous years. As a result, this could lead to a supply gap in the Warsaw market. Advisory firm JLL summarizes the Warsaw office market at the end of 2020.