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Cushman & Wakefield has announced the results on its activity at the Warsaw’s office space market in |
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The total volume of office transactions concluded with the involvement
of Cushman & Wakefield advisors exceeded 50,000 sq m in the first
quarter of this year, which accounted for 35% of the modern office
space lease market in Warsaw in this period.
It is a record amongst real estate consultancies present on the market
(the total volume of lease transactions in the first quarter stood at
143,500 sq m).
The largest leases in the first quarter of 2007 involving Cushman & Wakefield included:
- Bank Millennium - tenant representation in lease acquisition of
22,400 sq m at the Harmony-Polifonia Office Center (with an option for
over 30,000 sq m);
- Nokia - tenant representation in lease renegotiation of 5,700 sq m at the Sienna Center;
- Globe Trade Centre - landlord representation in lease acquisition of 5,500 sq m to Noble Bank at the Nefryt building;
- Sygma Bank - tenant representation in lease acquisition of 4,750 sq m at Trinity Park II;
- Johnson & Johnson - tenant representation in lease acquisition of 3,600 sq m at the Wiśniowy Business Park, Building F;
- Allen & Overy - tenant representation in lease acquisition of 1,400 sq m at Rondo 1.
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Richard Aboo, Partner and Head of Office Department at Cushman &
Wakefield, comments: “We are experiencing an unprecedented movement in
the office space market in Warsaw. Companies are upgrading to larger
and higher standard premises. As a result, there is a shortage of large
floor plate office space in the centre of Warsaw. What’s more important
is that the situation is unlikely to change in the near future, because
the supply planned for 2007-2008 is not sufficient to meet demand.
The
changes in market conditions have resulted in a considerable drop in
vacancy rates, which caused a dynamic increase in rents in the city
centre reaching EUR 25 in the prime buildings.” |
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