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WRF's office market data for 2 Q 2006 |
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The Warsaw Research Forum has issued its figures relating to the Warsaw Office Market for Q2 2006.
The market data prepared by the team concerns the modern office stock, take-up, completions of new buildings and vacancy rates in two defined areas of Warsaw: City Centre (CC) and Non Central locations (NC). In order to assure the most thorough market analysis, WRF decided to divide the main markets (CC and NC) into suitable submarkets.
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Note: Warsaw Research Forum (WRF) – The group consists of real estate market research and analysis specialists from five companies: CB Richard Ellis, Cushman & Wakefield, DTZ Zadelhoff Tie Leung, Jones Lang LaSalle and Colliers International, who obliged themselves to coordinate data to unify basic occupational office market data.
The Warsaw Research Forum’s results as at the Q2 2006 are summarized in the table below. |
Just under 120,000 sqm of office market activity took place during the second quarter of 2006, which is a record for Warsaw. Of this 5.7% could be accounted for by owner-occupier usage. An interesting observation from the period running from April – June 2006 is the importance of expansions. Tenants agreed with their current landlords to take an extra 9,200 sqm (7.8% of total take up). Simple renewals of existing leases were worth 24,820 sqm (20.8%)
Four buildings were completed during Q2 2006, bringing a total of 28,823 sqm of new office space onto the market. All are located outside of the city centre, with the largest, ECI Obrzeźna’s Cirrus building in the US district, providing 12,855 sqm. The other three are CPF Bobrowiecka (12,450 sqm) in the SE district, Collins Tower (1,418 sqm) also in US, and Hrubieszowska 6a (2,100 sqm) in W.
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The vacancy rate at the end of Q2 2006 stood at 7.9% for Warsaw as a whole, a fall of around three quarters of a percentage point from the previous period. This figure masks the considerable difference between the proportion of vacant space in the city centre zones and the suburbs, where currently vacancy rates are 11.4% and 5.5% respectively. The market is loosest in the City Centre-Core district where 17.07% of space in unleased. The vacancy rate in the popular US zone fell a tenth of a percentage point to 3.37% |
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