Warsaw Research Forum issues data on the Warsaw office market for Q4 2013

The Warsaw Research Forum has published its figures for the Warsaw office market for Q4 2013. Market data prepared by a team of analysts concern modern office stock, new completions, take-up volumes and vacancy rates.
  • Only three buildings totalling 52,000 sq m were added to the Warsaw office market in Q4 2013, which took the modern office stock to 4,113,000 sq m. The largest building delivered to the market was Plac Unii offering over 41,300 sq m of office space .
  • The vacancy rates rose by nearly 0.8 percentage points to 11.7% in Q3 2013. The vacancy rate in central locations stood at 10.6% compared to 10.5% at the end of Q3 2013, while in non-central locations it was at 12.2% (11.1% in Q3 2013).
  • Take-up in Q4 2013 reached 115,100 sq m, which boosted the total figure for 2013 to the record level of 633,200 sq m (up by around 4% on 2012’s level). The largest office space volumes were leased in the Upper-South zone (33.6%) and in the South-West zone (20%).
  • New leases (78,650 sq m) accounted for 68% of all deals, with pre-lets making up almost 42% of them (33,700 sq m). Renegotiations and extensions accounted for 31% of all transactions, which was a similar figure to that in Q3 2013.
  • The largest deal in Q4 2013 was the pre-let signed by KPMG for 8,300 sq m in the Gdański Business Centre office building developed by HB Reavis, while Budimex renewed space in Stawki 40 office building (6,200 sq m) and IBM signed pre-let for 5,500 sq m in The Park A2 developed by AIG/Lincoln and renegotiated 5,360 sq m in Wiśniowy Business Park.