Strong demand drives occupier activity on Warsaw office market
Office take-up hit an all-time high in Warsaw last year with leases amounting to nearly 880,000 sqm, according to Cresa. The 2019 volume was up by nearly 42,000 sqm on the previous peak year of 2015. The market reported a 7-percent increase in total office take-up in the four quarters of 2019 compared to the annual average for 2015-2019. “Notwithstanding healthy supply levels, tenants are being driven by robust demand for new offices to sign pre-lets for office space scheduled for delivery not only in 2020 but in 2021,” said Artur Sutor, partner and head of the office department at Cresa Poland. Warsaw’s office market expanded by 2.3 percent y-o-y to 5.59 million sqm, with 17 new office projects, totaling 162,200 sqm, delivered in 2019. Key completions in the fourth quarter included White Star Real Estate’s EC Powiśle B1 (5,000 sqm) and Golub GetHouse’s Mennica Legacy West (14,900 sqm).