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Office Book 2013/2014

Crisis? What crisis?

Data collected by leading office market research agencies leave no doubt. The year 2013 may be the best one since the crisis started by the fall of Lehman Brothers in 2008. Perspectives for 2014 look just as well.

For years, there haven't been so many office buildings under construction in Poland. Some of them are speculative investments, but the direction the market is headed shows that tenants do require modern office space. After the record 2012, we may expect equally good if not better results in 2013. 2014 promises to be an interesting year as well.
The increasing vacancy rate seems to spoil the good mood. However, it is a challenge mostly for the owners of older properties which are not as good in terms of quality as the rising modern buildings. In order to keep up with the latter, lower rents are not enough. Modernisation is required. The office market starts undergoing what we know from the shopping centre segment – revitalisations and modernisations of properties that were constructed several years ago. This trend is going to set the tone for the office segment in the coming years. Even though 2/3 of the Polish office market is situated in Warsaw, other agglomerations are not going to give up without a fight. Kraków, Wrocław, Katowice, Łódź and Tri-City are strengthening their positions of major players. It is taking place mainly owing to the tenants from the BPO/SSC sector. Smaller cities also keep an eye on this sector and the Poland's map of modern office space is being extended with new locations.  Lublin, Szczecin, Olsztyn, Radom, Kielce, Białystok, Toruń or Rzeszów is trying to get their piece of cake as well. Their potential may not be as big as that of the largest agglomerations; nonetheless, it might be worthwhile to keep track of what is going on there. Bigger is not necessarily better.

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