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The office market in Warsaw after Q3 2016

Elżbieta Czerpak - Head of Research, Knight Frank.

After an absolute record in supply in the first half of the year (350,000 sq m completed in 16 projects), only one property was handed over for use in Q3 of 2016 – West Station I (ca. 29,000 sq m). Still, thanks to this single project we passed the magic level– the stock of modern office space in Warsaw now surpasses 5m sq m. – comments Elżbieta Czerpak, Head of Research, Knight Frank.

Additionally, basing on developer schedules, more than 70,000 sq m is to be completed until the end of the year. However, only about half of the space offered in those buildings has already found tenants. As a consequence, if developers keep their deadlines and we add the space becoming vacant in result of company relocations to new buildings, we may expect the volume of available space to rise until the end of the year – said Elżbieta Czerpak.

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