Modern office spaces, solutions aimed at reducing environmental impact as well and intriguing landscaping that complements the urban fabric are just some of the distinctive features of the Studio A building. Skanska’s latest investment will contribute 26,600 sqm of office space to Warsaw. The building is scheduled to be commissioned in 2025.
Cushman & Wakefield has summarized the third quarter of 2023 on the Polish office market. Office development activity continues to slow down both in Warsaw and in Poland’s regional city markets. Nominal leasing activity remains high in the largest regional cities, with Warsaw reporting a record number of leases.
pbb Deutsche Pfandbriefbank has provided a €75 million investment loan facility to a Polish company managed by Macquarie Asset Management on behalf of institutional investors.
Avenga, a global provider of IT and software engineering solutions, has been welcomed as a new tenant of the Infinity office building. Its new office will occupy over 700 sqm of modern space located on the 6th floor. The company will move to Infinity in Q2 2024.
From January to the end of September 2023, the total demand for modern office space in Warsaw amounted to nearly 0.5 million sqm. Tenants often choose two contract options, i.e., they relocate to a new space or decide to renegotiate existing terms. The vacancy rate is decreasing, standing at 10.6% at the end of September 2023. On the supply side, developers delivered just over 20,000 sqm to the capital's office market in January-September 2023, indicating a supply gap period in Warsaw. Nevertheless, more than 240,000 sqm is under construction, most of which will be completed by the end of 2025, says Axi Immo.
Apollo-Rida, the owner and property manager of the Equal Business Park in Krakow, has signed a lease for nearly 1,000 sqm of office space with global biopharmaceutical company AstraZeneca Pharma Poland. The landlord was advised during the transaction process by real estate advisory firm Savills, the sole leasing agent for office space in the complex.
Cushman & Wakefield has released a summary of office market conditions in Warsaw. This year’s development activity is expected to fall to its lowest in nearly 25 years amid a record number of leases, falling vacancy rates and the continued upward pressure on rental growth.
Supply: office development activity is at an all-time low
Octava sold Obrzeżna Center office building in Warsaw to the Polish investor. The price has not been disclosed. Avison Young and Savills jointly represented the seller.
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