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SUPPLY
The total office stock in Warsaw increased by 141,400 sq m in H1 2008 and reached 2.84 million sq m. The vast majority of new deliveries were located in the Upper South subzone, including such projects as Marynarska Business Park, Tulipan House, Nefryt and Marynarska Point I.
Taking into consideration developers’ plans, the additional 130,000-140,000 sq m is likely to be completed till the end of 2008. DTZ forecasts 2009 to be record-breaking in terms of new completions as the total office stock may increase by 380,000 sq m, most of which are located outside the city centre.
The majority of new office projects scheduled for delivery over the course of 2008-2009 is located in the Upper South and South West subzones.
DEMAND
The volume of leasing transactions (excl. renegotiations) in H1 2008 reached nearly 220,000 sq m, which represents an 11% decrease in comparison to the corresponding period of 2007. In spite of the lower take-up level, the demand for modern office space in Warsaw has remained strong.
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It is reflected both in a low availability ratio (2.1%) and a high number of pre-lets. Such transactions accounted for as much as 63% of the total take-up volume in Q2 2008.
Majority of deals occurred in Upper South and South West subzones including Bank Pekao leasing 39,000 sq m in Lipowy Office Park, which is the largest transaction ever recorded on the Warsaw office market.
DTZ forecasts that over 2008-2009 the demand may decrease in comparison to 2007. [...]
Office Market Update Warsaw.pdf
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