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Over 150,000 sqm of the new office space in Poland

Since the beginning of the year, the developers have completed 151,000 sqm of office space. At the end of Q1 2017, the total modern supply in the nine major office markets in Poland reached 9.1 million sqm. Approximately 56% of new supply was completed in Warsaw, while among the regional cities, Kraków and Wrocław were on the leading edge. Due to the high activity of developers in certain areas of the capital, the boundaries and the zone names have been changed.

In Q1 2017, six new office projects with a total area of 84,200 sqm were delivered to the Warsaw market. All of them are located outside the city centre, concentrated mainly in Żwirki i Wigury zone, where the second phase of Business Garden project totaling 55,000 sqm was completed. The next 26% of new supply is located in the West zone in the three newly built projects - EQlibrum (9,900 sqm), Airtech Business Park III (6,600 sqm) and West Warsaw Office (5,500 sqm).

As a result of the natural shift of business districts and development of plots with good accessibility (i.e. in the vicinity of the second metro line, Rondo Daszyńskiego, Dworzec Gdański Station) the Polish Office Research Forum, which Colliers International belongs to, has taken action to review Warsaw’s office zones.

“The boundaries and the zone names have been changed. The biggest changes have taken place with regard to the Central Business District, and City Centre area. The Central Business District is limited by Al. Jana Pawła II, Al. Solidarności, Hoża street and Krakowskie Przemieście with Nowy Świat. The City Centre zone was expanded to the north by Dworzec Gdański Station area, to the west by Karolkowa street and to the south by Plac Unii Lubelskiej. The east zone boundary is the Vistula river,” said Paweł Skałba, Partner at Colliers International and Director of the Office Agency.

Służewiec was set off from Mokotów zone too. The former South West area was subdivided into two areas along the main arteries - Al. Jerozolimskie and Żwirki i Wigury street.

Both City Centre and the new areas located close to the central zone are characterised by increased development activity as well as growing tenants’ and investors’ interest. The gross demand registered in first three months of 2017 in Warsaw amounted to 194,000 sqm. The highest leasing activity was observed in the City Centre zone (54,000 sqm). Substantial tenants’ demand was recorded in Mokotów zone (39,000 sqm) and Jerozolimskie Corridor (33,000 sqm).

Approximately 13 office projects with a total area of 67,200 sqm were completed in the main regional markets in Q1 2017, most of which in Kraków (28,000 sqm) and in Wrocław (18,000 sqm). The majority of completed buildings (61%) are small projects offering below 5,000 sqm GLA – Office Park Kokoszki A in Tricity, Komandorska 12 in Wrocław, Cross Point D in Łódź or Baildona 66 in Katowice.

In the regional markets, the total volume of transactions reached the level of 178,000 sqm, about 41% higher than in the corresponding period of 2016.

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