Polish Office Research Forum releases data on the Warsaw office market for Q3 2015
Polish Office Research Forum has published its figures for the Warsaw office market for Q3 2015. This market data are prepared by a team of analysts and concern modern office stock, new completions, take-up volumes and vacancy rates.
- As of Q3 2015, the total supply of modern office space stands at 4,627,600 m².
- Between January and September 2015 the market grew by 238,300 m2, of which 91,400 m2 were delivered in Q3 2015. Majority of new supply was completed in non-central zones where such projects as Postępu 14 (34,300 m2, the Upper South zone), Royal Wilanów (29,800 m2, the South East zone) and Domaniewska Office Hub (27,000 m2, the Upper South zone) were delivered. In the city centre two office buildings such as Spektrum (27,600 m2, renovation) and Carpathia Office House (4,700 m2) were completed.
- At the end of September 2015, the vacancy rate for the whole city amounted to 12.9% (-0.9 percentage point y-o-y) which resulted in 600,000 m2 of space available for immediate lease. The vacancy rate for the two central zones accounted for 13.9%, whereas for non-central locations it stood at 12.5%.
- In Q3 2015, gross demand for office space reached 222,600 m2. Due to this fact, the total volume of transactions registered from the beginning of 2015 amounted to 612,800 m2. The highest take-up levels were recorded in the Upper South zone (174,700 m2), Fringe (155,500 m2) and the South West zone (81,000 m2).
- Between January and September 2015, new deals constituted 62.7% of total demand, while renegotiations made up 28.4%. The share of pre-lets in total activity stood at 15.5%.
- The largest transactions registered in the first three quarters of 2015 were: the pre-let agreement of 21,000 m2 concluded by a tenant in IT sector in the Warsaw Spire complex, PZU (new agreement, 17,500 m2, Konstruktorska Business Center), EY (renegotiation, 13,500 m2, Rondo 1), and Aviva (pre-let, 12,000 m2, Gdański Business Center).