A syndicate of four banks granted HB Reavis a loan for refinancing the Varso Place project, a mixed-use scheme in central Warsaw. The total amount of €475 million makes it the largest non-portfolio loan in the history of the commercial real estate market in Poland and one of the biggest in Central and Eastern Europe. The last stage of Varso Place, Varso Tower, was delivered in 2022.

Peakside Capital Advisors has selected a general contractor for phase 1 redevelopment of the City Point Targówek urban logistics park. The contract will be executed on an EPC basis by Kajima Poland. Phase 1 demolition work is currently in progress. Ultimately City Point Targówek is to provide nearly 100,000 sqm of warehouse and office space, meeting the highest standards in sustainability. Handover of the first building to tenants is expected to take place by the end of this year.

The Warsaw office market saw a shrinking volume of space under construction and increasing pressure on rents in 2022. However, according to the latest report by Cushman & Wakefield, the capital's market could see a significant tenant recovery as contracts signed in the record period of 2018-2019 come up for renewal.

In 2022, Karimpol Polska signed 11 leases with a total area of nearly 22,200 sqm in Skyliner, its flagship project in Warsaw’s Wola district. The commercialisation of the building has reached 80%. CBRE Poland has brokered the lease of all spaces.

GTC closed the year by achieving a high occupancy rate for its office buildings in Warsaw. Particularly important for GTC's results was a contract-laden end of the year. The company signed office leases from its Warsaw portfolio for nearly 20,000 sqm, 34 percent of all transactions were new tenants.

Demand for Warsaw offices remains at the level we saw during the market boom, despite the fact that many tenants are optimizing their floor space, says Walter Herz.

Develia S.A. signed a PSPA (preliminary sale agreement) with an entity from Adventum Group for Wola Retro, a prime office building located in Warsaw. The price agreed is ca. €69.8 million. Closing is expected by the end of April 2023.

Panattoni has purchased 4 ha of land and is soon to start construction on Panattoni Park Warsaw South III Piaseczno, where it will immediately develop the entire area of around 20,000 sqm. The development is being constructed near to the S7 expressway and the Janki junction, which joins the national road S7 and the S8 expressway. 

According to a report published by Newmark Polska, new office supply reached 237,000 sqm in 2022, bringing Warsaw’s total prime office stock to close to 6.27 million sqm at the end of the year. The gross office take-up hit 860,000 sqm.

PINK has published figures on the office market in Warsaw for Q4 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.