The Warsaw Research Forum has published data regarding the Warsaw office market in Q2 2012. The market data prepared by the team focuses on: the size of modern office stock, completions of new buildings, take-up and vacancy rates. Two main markets of Warsaw were defined as the City Centre (CC) and Non-Central locations (NC).
- In H1 2012 the total stock of modern office space in Warsaw amounted to 3,689,700 sq m. In Q2 2012 5 office projects totaling 45,000 sq m were delivered to the market. Developers’ activity focused mainly on Non-Central locations, as nearly 90% of new supply was completed within these areas.
- The vacancy rate in Warsaw registered a minimal increase achieving the level of 7.4%. The vacancy in the Central locations grew to 8.2% (against 7.4% in Q1 2012), whereas the level of vacant space in the Non-Central zones decreased by 20 percentage points to the value of 7.0%.
- The total transaction volume recorded in Q2 2012 amounted to 172,800 sq m, which represents a 38.0% increase in comparison with Q1 2012. The highest tenants’ activity was noted in the following subzones: Upper South (47.0%), South West (19.4%) and Fringe (15.4%).
- The share of pre-lease agreements in total demand for office space reached 35% (60,600 sq m) and grew by 13 percentage points in comparison with the previous quarter. Renegotiations and renewals constituted 33% (57,700 sq m) of the transaction volume, while the share of new agreements dropped to 28% (49,100 sq m).
- The largest transaction registered in Q2 2012 was the pre-lease of 27,000 sq m concluded by T-Mobile (Polska Telefonia Cyfrowa) in T-Mobile Office Park (Upper South). Other notable lease transactions recorded during the discussed period were: renegotiation of 9,100 sq m signed by Axel Springer in Trinity Park I (Upper South), 7,000 sq m renew by AXA in Warsaw Trade Tower (Fringe) and pre-let of 6,800 sq m concluded by Allianz in Łopuszańska Business Park (South West).
Source: Colliers International