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WRF issues office market data fot Q3 2011

Eurocentrum, Warsaw

The Warsaw Research Forum has published data regarding the Warsaw office market for Q3 2011. In the third quarter of 2011 office market in Warsaw grew by six office buildings totalling 60,000 sq m. Three building were completed in the City Centre, two in the South West zone and one in Upper South. With that new supply the office market now equals to 3,565,000 sq m.

The market data prepared by the team focuses on: the size of modern office stock, completions of new buildings, take-up and vacancy rates. Two main markets of Warsaw were defined as the City Centre (CC) and Non-Central locations (NC).

The vacancy rate increased slightly to 6.7 percent. In the City Centre it was at the level of 7.2 percent, a decrease by 80 bp in comparison to the previous quarter. In Non-Central locations it increased by 120 bp to 6.4 percent. 

In the third quarter of 2011 the letting activity in Warsaw reached approximately 119,000 sq m totalling 440,700 sq m in 2011 to date. The largest volume of lettings were recorded in the Fringe zone (33,000 sq m) followed by Upper South (32,200 sq m). Total take-up in both Central zones was at almost the same level as in the previous quarter and reached 50,200 sq m. Total volume of lettings in Non-Central zones reached 68,700 sq m of which almost 47 percent was allocated in the Upper South zone. The volume of transactions recorded in 2011 to date is 20 percent higher than during the corresponding period last year.

In Q3 2011 the share of new leases in total take-up (excluding pre-leases) was almost 48 percent. Pre-let agreements accounted for 21 percent of total take-up which is an increase by 5 pp. in comparison to Q2 level. Share of renewals in total demand accounted for 20 percent and was lower by 17 percent in comparison to the previous quarter.
The biggest transactions were signed in the Upper South and Fringe zones. Mostostal in Adgar Business Centre II (7,800 sq m) was the biggest new lease and Imtech in Eurocentrum (7,100 sq m) was the largest pre-let agreement. The third one was Polbank lease renewal in Riverside Park (5,400 sq m).

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