{"id":292,"date":"2017-05-22T12:47:47","date_gmt":"2017-05-22T12:47:47","guid":{"rendered":"http:\/\/ceo.com.pl\/en\/?p=292"},"modified":"2017-05-22T12:47:47","modified_gmt":"2017-05-22T12:47:47","slug":"boom-warsaw-office-market-continues-74579","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/boom-warsaw-office-market-continues-74579\/","title":{"rendered":"Boom on the Warsaw office market continues"},"content":{"rendered":"<div class=\"hentry single links--red-green\">\n<div class=\"release-object-content\">\n<p><strong>Global real estate services firm Cushman &amp; Wakefield presents an overview of the Warsaw office market for Q1 2017 in its latest report <em>Warsaw Office Market: The Boom Continues<\/em>.<\/strong><\/p>\n<ul>\n<li><em>Annual office supply expected to average 300,000 sq m in 2017\u201319<\/em><\/li>\n<li><em>Demand for office space largely driven by IT, media and professional services<\/em><\/li>\n<li><em>Rapid growth of the modern office market has led to a redivision of the Warsaw market into new office zones<\/em><\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/boom-warsaw-office-market-continues-74579\/#Office_zone_boundaries_redrawn\" >Office zone boundaries redrawn<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/boom-warsaw-office-market-continues-74579\/#Supply_and_take-up\" >Supply and take-up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/boom-warsaw-office-market-continues-74579\/#Rents_and_vacancies\" >Rents and vacancies<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Office_zone_boundaries_redrawn\"><\/span>Office zone boundaries redrawn<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cushman &amp; Wakefield, a member of the Polish Office Research Forum (PORF), was actively involved in redrawing the map of Warsaw office zones which takes account of office market changes.<\/p>\n<figure id=\"attachment_295\" aria-describedby=\"caption-attachment-295\" style=\"width: 300px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-295\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-300x199.jpg\" alt=\"Boles\u0142aw Ko\u0142odziejczyk, PhD, Senior Consultant, Consulting and Research, Cushman &amp; Wakefield\" width=\"300\" height=\"199\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-300x199.jpg 300w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-768x510.jpg 768w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-1024x680.jpg 1024w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-696x462.jpg 696w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-1068x709.jpg 1068w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/img_7844_boleslaw_kolodziejczyk-632x420.jpg 632w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-295\" class=\"wp-caption-text\">Boles\u0142aw Ko\u0142odziejczyk, PhD, Senior Consultant, Consulting and Research, Cushman &amp; Wakefield<\/figcaption><\/figure>\n<p>Boles\u0142aw Ko\u0142odziejczyk, PhD, Senior Consultant, Consulting and Research, Cushman &amp; Wakefield, and author of the report, said: \u201cNew zone boundaries reflect Warsaw\u2019s improving transport infrastructure, particularly the opening of the second metro line which has set out a new direction for developing new office projects. Warsaw\u2019s former Fringe was renamed City Centre and expanded to incorporate office buildings in the vicinity of Towarowa Street and Gda\u0144ski Railway Station. S\u0142u\u017cewiec Przemys\u0142owy was delineated as a subzone of the Mokot\u00f3w zone (formerly US zone) being the core area of office space concentration in this part of the city.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Supply_and_take-up\"><\/span>Supply and take-up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Warsaw\u2019s office stock rose to nearly 5.12 million sq m at the end of March 2017 following the delivery of 84,200 sq m of modern office space in Q1 2017, up by more than 28,800 sq m on the volume recorded in Q1 2016. Looking ahead, annual supply levels are expected to average 300,000 sq m in 2017\u20132019, approximately half of which will be completed in the city centre.<\/p>\n<figure id=\"attachment_294\" aria-describedby=\"caption-attachment-294\" style=\"width: 200px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-294\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-200x300.jpg\" alt=\"Kamila Wykrota, Partner, Head of Consulting and Research, Cushman &amp; Wakefield\" width=\"200\" height=\"300\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-200x300.jpg 200w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-768x1152.jpg 768w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-683x1024.jpg 683w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-696x1044.jpg 696w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-1068x1602.jpg 1068w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/kamila_wykrota-280x420.jpg 280w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-294\" class=\"wp-caption-text\">Kamila Wykrota, Partner, Head of Consulting and Research, Cushman &amp; Wakefield<\/figcaption><\/figure>\n<p>Kamila Wykrota, Partner, Head of Consulting and Research, Cushman &amp; Wakefield, said: \u201cTen new office buildings were delivered to the Warsaw market in the first three months of 2017 compared with last year\u2019s 21 office completions that provided a total of 407,000 sq m. New office supply concentrated in non-central locations, particularly in the \u017bwirki i Wigury zone (Business Garden\u2019s five buildings providing 54,800 sq m) and the West zone. Both zones accounted for 76,700 sq m of new office space coming onto the market. This year\u2019s supply is expected to exceed 300,000 sq m, 30% of which will be delivered in central locations.<\/p>\n<p>\u201cGross take-up totalled 194,000 sq m in Q1 2017, up by 37% on the level recorded in Q1 2016. The volume of total leased space rose by more than 84,300 sq m, the best Q1 performance since 2008. We expect this year\u2019s total leasing volume to exceed 750,000 sq m.\u201d<\/p>\n<p>Non-central locations accounted for nearly 52% of the total take-up with the largest volumes of leasing activity in Mokot\u00f3w and Jerozolimskie zones: 38,600 sq m and 33,300 sq m, respectively. Benefiting from lower operating costs, compared with Western European countries, Warsaw continues to attract strong occupier interest with robust demand coming from the IT sector (10%), media businesses (10%) and professional services (9%).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rents_and_vacancies\"><\/span>Rents and vacancies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In Q1 2017, Warsaw\u2019s average vacancy rate stood at 14%, the lowest level since the end of 2015 and down by 0.2 percentage points on year-end 2016. Forecasts suggest that office vacancies are likely to edge up by 0.5\u20131 pp in 2017. Healthy demand for office space in central zones brought the city centre\u2019s vacancy rate down by nearly 2.3% to 13%, while non-central locations saw their vacancy rate rise from 13.6% to 14.6%. The highest vacancy rates were noted in \u017bwirki i Wigury (26.4%) and Mokot\u00f3w (16.2%), and the lowest were in the North zone (2.9%) and in Pu\u0142awska Street (9%).<\/p>\n<figure id=\"attachment_293\" aria-describedby=\"caption-attachment-293\" style=\"width: 203px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-293\" src=\"http:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-203x300.jpg\" alt=\"Richard Aboo, International Partner, Head of Office Agency CEE, Cushman &amp; Wakefield\" width=\"203\" height=\"300\" title=\"\" srcset=\"https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-203x300.jpg 203w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-768x1135.jpg 768w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-693x1024.jpg 693w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-696x1029.jpg 696w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-1068x1579.jpg 1068w, https:\/\/ceo.com.pl\/en\/wp-content\/uploads\/2017\/05\/richard_aboo_head_of_office_poland-284x420.jpg 284w\" sizes=\"auto, (max-width: 203px) 100vw, 203px\" \/><figcaption id=\"caption-attachment-293\" class=\"wp-caption-text\">Richard Aboo, International Partner, Head of Office Agency CEE, Cushman &amp; Wakefield<\/figcaption><\/figure>\n<p>Richard Aboo, International Partner, Head of Office Agency CEE, Cushman &amp; Wakefield, said: \u201cPrime headline rents remained unchanged in Q1 2017, standing at EUR 23.5\u201324 per sq m per month in the city centre and at EUR 13\u201316.5 per sq m per month in non-central locations. As both developers and owners continue to offer attractive incentive packages, effective rents are occasionally lower by as much as 25% than headline rents. Rents are expected to remain flat in upcoming quarters.\u201d<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global real estate services firm Cushman &amp; Wakefield presents an overview of the Warsaw office market for Q1 2017 in its latest report Warsaw Office Market: The Boom Continues. Annual office supply expected to average 300,000 sq m in 2017\u201319 Demand for office space largely driven by IT, media and professional services Rapid growth of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[94,151,60,2688,2679,2786,2731,79,82],"class_list":["post-292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-real-estate","tag-boleslaw-kolodziejczyk","tag-cushman-wakefield","tag-kamila-wykrota","tag-leasing","tag-media","tag-polish-office-research-forum","tag-professional-services","tag-richard-aboo","tag-warsaw"],"jetpack_publicize_connections":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=292"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/295"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}