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Warsaw office market report

The Warsaw Research Forum has published its figures for the Warsaw office market for H1 2013. Its market data prepared by a team of analysts concern modern office stock, new completions, take-up volumes and vacancy rates.

In H1 2013 the total stock of modern office space in Warsaw exceeded 4 million m² and amounted to 4 011 200 m².

New supply during the first six months of the year was 152,500 m² distributed equally between first and second quarter. Only one office building out of nine completed during the first half of 2013 is located in the City Centre (Plac Bankowy; 3,700 m²). The majority of the new supply (70%) was completed in Upper South zone (Mokotów).

The biggest buildings completed during H1 2013 were Konstruktorska Business Center (48,300 m²) and Marynarska 12 (40,000 m²) both located in the Upper South.

High new supply resulted in an increase in vacancy rate across Warsaw from 8.8% at the end of 2012 to 10.5% at the end of June 2013. Vacancy rate in the City Centre was lower than in non-central locations (9.9% versus 10.8%).

Total gross take-up in H1 2013 amounted to 333,900 m² which is 12% higher when compared with the first half of 2012. Traditionally the largest volume of office space was let in the Upper South zone (107,200 m²). Letting activity in the City Centre was 77,400 m².

31% of total take-up were lease extensions and renegotiations whereas pre-leases accounted for 16% of letting activity.

The largest deal signed in H1 2013 was the lease of 13,000 m² by The Office for Registration of Medicinal Products, Medical Devices and Biocidal Products at Ochota Office Park.

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