At the end of Q2 2023, the office market vacancy rate in Warsaw reached 11.4% (down 0.2 pps compared to the previous quarter and decreased by 0.5 pps in relation to the comparable period in 2022). The Polish Chamber of Commercial Real Estate (PINK) has published figures on the office market in Warsaw for Q2 2023.
The data is sourced from advisory companies from the commercial real estate sector (Axi Immo, 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.
- At the end of Q2 2023, the total modern office stock in Warsaw accounted for just under 6,253,800 sqm.
- In Q2 2023, approximately 18,700 sqm of modern office space was delivered to the capital city market in three projects, i.e. The Park 9 (11,000 sqm) located in Jerozolimskie corridor, Wał Miedzeszyński 628 (6,000 sqm) and the first office building of the Bohema complex (Building F Glicerynownia, 1,700 sqm), both located in the East zone.
- At the end of Q2 2023, the vacancy rate in Warsaw reached 11.4% (down 0.2 pps compared to the previous quarter and decreased by 0.5 pps in relation to the comparable period in 2022). Vacant office space equalled 714,400 sqm. In central zones, the vacancy rate dropped to 9.9%, while outside the city centre, it remained stable at 12.7%.
- In Q2 2023, demand for modern office space reached 167,100 sqm. The most popular areas of tenant’s interest were the City Centre and CBD zones. Consequently, office take-up registered in H1 2023 amounted to over 325,700 sqm.
- Between April and June 2023, the highest share in total take-up volume was attributed to new deals of current lease agreements – 51% (including pre-lets transactions), and to renewals – 45%. Expansions equalled 4% of the quarterly office take-up.
- The largest transactions of Q2 2023 were renewals – an agreement of 7,100 sqm by Lionbridge Poland in the Taifun building, a 5,900 sqm renegotiation signed by a confidential tenant from the business services sector in Warsaw Spire A (Tower) and a renewal of a lease contract for 5,300 sqm by a confidential tenant from IT products & services sector in the Horizon building.