2023 was marked in Poland by a shrinking office development pipeline amid a continued focus on the optimization of office footprints and overall office running costs. It was also another year in which both tenants and developers faced relatively high office fit-out costs. In addition, high borrowing costs were a drag on expansion, with caution being a key theme characterizing the Polish office market, says Newmark.
Interest in leasing offices in Poland is growing. In the third quarter, both in Warsaw and in the regional markets, the demand for office space was the highest this year. In the regions, 2023 will close with a result similar to the record from 2019.
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.
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.
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.
Swobodna SPOT is a new project by Echo Investment at 60 Swobodna Street in Wrocław. There will be a total of 41,600 sqm of leasable space in the project located in the city's business centre. Two office buildings and a green urban walkway connecting them were designed by architects from Kuryłowicz & Associates.
Another international company has joined the tenant portfolio of Warsaw’s Skyliner office building. The global healthcare company, Falck, has chosen the building owned by the Karimpol Group as its new office for its IT department in Poland. It will occupy nearly 1,500 sqm of space in the Skyliner.
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