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Warsaw today and in 2020

Jan Szulborski, Consultant, Consulting and Research, Cushman & Wakefield

Global real estate services firm Cushman & Wakefield has launched its latest report Warsaw 2020 on Warsaw's future and major developments transforming the city's skyline. 

Warsaw, Poland’s capital and largest city, has a population of more than 1.75 million. It is also the country’s biggest labour market and home to many university-level schools with a strong R&D sector. It boasts a relatively low unemployment rate which stood at 5.6 pct at year-end 2017 and the highest gross monthly salary averaging PLN 5,432. Warsaw is growing at a rapid pace, combining modernity with history, new business districts with green areas, the latter accounting for 28 pct of the city’s total area in 2017, and investing in both public transport and alternative means of transport (including 400 km of cycle lanes as at the end of 2017).

Warsaw 2017

With many commercial and infrastructure projects underway, Warsaw is currently one of Europe’s biggest construction sites. At the end of 2017, Warsaw’s total office stock stood at 5.28 million sq m, while the leasing volume hit 824,700 sq m amid a record absorption level of 363,300 sq m and a vacancy rate averaging 11.7 pct, the lowest since 2013.

- At the end of 2017, the Warsaw office market saw a record absorption level which was nearly 60% higher than in 2016. High absorption was largely driven by the unabated activity of tenants who leased 824,700 sq m in 2017. Occupier demand for office space in Warsaw came largely from the business services sector that recognised the city’s key strengths such as the largest labour market in Poland, strong academic base, infrastructure improvements, high quality of life and relatively low living costs. With an increase in occupier demand, developers have stepped up construction activity. There is currently more than 770,000 sq m of office space under construction, most of which is scheduled for delivery in 2020 - said Jan Szulborski, Consultant, Consulting and Research, Cushman & Wakefield. 

Warsaw 2020 

Warsaw’s urban landscape will be thoroughly transformed by addition of new developments by the end of 2020, including Varso, the EU’s tallest building measuring 310 metres and offering more than 110,000 sq m of office space. The Daszyńskiego Roundabout area will consolidate its position as Warsaw’s new business hub following the completion of five high-rise buildings: The Warsaw Hub, Spinnaker, Generation Park, Skyliner and Mennica Legacy Tower. These projects will deliver 286,000 sq m of new office space by year-end 2020. In total more than 1.1 million sq m is expected to be added the market, bringing the city’s office stock to 6.3 million sq m.

In addition to modern high-rise buildings, a number of revitalised schemes combining office, retail and residential functions will be developed leading to a revival of some of the city’s neglected areas. With such projects as Browary Warszawskie (Echo Investment), ArtN (Capital Park), Koneser (Liebrecht & Wood) and EC Powiśle (White Star Real Estate and Tristan Capital Partners), these historic buildings will be redeveloped and fully integrated with the modern character of the city.

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