ARTICLES LABELLED WITH TAG Warsaw

As of the end of 2023, Warsaw remains the leader in Poland’s office market, but the 61,000 sqm (-74% y/y) completed in the last 12 months was one of the lowest results in its history, says Axi Immo. The developer’s lower activity period seems to be over, as by 2026, some 150,000 sqm of new supply should be delivered each year. After a very good 2022, 2023 was not much worse. Between January and December 2023, tenants signed contracts for about 750,000 sqm, meaning the total volume of transactions was slightly 13% lower than the year before. Continued low supply in 2023 and stabilizing demand reduced the vacancy to 647,000 sqm (-11% y/y).

The LIXA E office building, built as part of the office complex near Warsaw’s Daszyński Roundabout, has been granted a use permit. The building developed by Yareal Polska has provided the Warsaw market with almost 18,000 sqm of office space.

Only 60,900 sqm of office space was completed in the Polish capital in 2023, the lowest total in the history of the Warsaw office market. Savills also notes that development activity in Warsaw picked up in the second half of last year in response to a prolonged period of undersupply. In the most optimistic scenario, approximately 445,000 sqm of new office space will be delivered onto the Warsaw market in 2024–2026. 

V Tower is the new name for Warsaw's well-known office building, formerly known as Warta Tower. The renaming of this complex at 85/87 Chmielna Street is just one stage of the revitalization project led by Cornerstone Investment Management. As part of the modernization process, the property is to be equipped with modern systems and solutions, meeting the standards of ecological and technological certifications, 

LivUp, a company operating in the Polish Private Rented Sector, has closed 2023 with a portfolio of over 750 residential units in Warsaw and Kraków. In the past year, the company entered a new market - and opened its first project in Kraków, moved its headquarters, and finalized a rebranding process. LivUp is not slowing down at all. In 2024, the company plans to introduce an additional project with 160 flats on the Warsaw market. The goal for the next three years is to increase the portfolio to 2,000 residential units.

According to a report published by Newmark Polska, 2023 on the Warsaw office market was a year of stable occupier demand, moderate development activity and continued adaptation of tenants to evolving work patterns. Other notable factors impacting the capital’s market included the growing demand for sustainable and high-tech offices, which in turn led to an increase in refurbishment projects.

Although employment in the shared services sector is growing by the year, this has not led to stronger demand for office space. However, SSC/BPO/R&D centres remain key office tenants in Kraków and Wrocław. Warsaw also continues to feature on corporates’ radars, says Newmark Poland.

Capital Park Group has started to power its investment projects exclusively with energy from renewable sources. As of January 2024, Norblin Factory, Royal Wilanów and two Vis à Vis street malls use 100% green energy. The total area of all projects powered by RES is more than 110,000 sqm. The energy supplier is Enefit. The Westbridge Advisory team advised Capital Park in the procurement process.

GLP announced has successfully acquired two logistics warehouses spanning a combined area of 37,600 sqm in Janki near Warsaw. The price has not been disclosed.

Yareal Polska has announced the successful closing of a €45 million investment loan, with a term of 5 years, from pbb Deutsche Pfandbriefbank (pbb).