18 July 2014 - The Warsaw Research Forum has published its figures for the Warsaw office market for H1 2014. Its market data prepared by a team of analysts concern modern office stock, new completions, take-up volumes and vacancy rates.
- In H1 2014, the total supply of modern office space stood at 4,302,000 m².
- During the first two quarters of 2014 the market grew by 190,300 m2. Over 76% of new space was completed outside the city centre. The strongest development activity was recorded in the South West (69,200 m2) and North (44,500 m2) zones.
- New supply delivered in Q2 2014 totalled 105,900 m2. Seven office buildings entered the market, including the refurbished scheme Moniuszki 1a (8,600 m2, Fringe).
- The biggest investments delivered in H1 2014 were the first phase of the Gdański Business Center complex (44,500 m2, North) and the first stage of Eurocentrum Office Complex offering 38,700 m2 for lease (South West).
- At the end of June 2014, the vacancy rate for the whole city amounted to 13.4% (against 11.7% at the end of Q4 2013). The rate for the two central zones accounted for 13.6%, whereas for non-central locations it stood at 13.3%.
- In H1 2014, gross demand for office space reached 260,000 m2, of which 130,800 m2 were leased in Q2. Tenants activity focused on non-central zones (76% of registered volumes). The highest take-up levels were recorded in the Upper South zone (95,900 m2), the South West zone (51,700 m2) and Fringe (41,200 m2).
- New deals constituted 53% of total demand, while renegotiations/renewals made up 36.6%. The share of pre-lets in total activity stood at 6.7%.
- The largest transaction registered in H1 2014 was renegotiation of 13,200 m2 concluded by Netia in Marynarska Business Park. Other notable agreements signed during the period were PwC (renegotiation 10,800 m2, International Business Center), Citibank (expansion, 7,900 m2,
Marynarska 12) and Nokia Siemens Networks (renegotiation, 5,300 m2, Horizon Plaza).
Warsaw Research Forum (WRF) consists of seven real estate services firms: CBRE, Colliers International, Cushman & Wakefield, DTZ, JLL, Knight Frank and Savills. The representatives of these companies aim to standardize indices published through collection and comparison of quarterly data.