C&W: Poland's office stock at 8.7 mln sqm end-H1

At the end of H1 2016, Poland’s office stock totalled 8.7 million sqm. Warsaw remains the largest office market with Kraków, Wrocław and the Tri-City becoming major regional office hub, according to Cushman & Wakefield's report Property Times: Office Market In A Growth Phase. The largest office markets are: Warsaw (4.99 million sqm), Kraków (833,000 sqm), Wrocław (757,000 sqm) and the Tri-City (629,000 sqm). In H1 2016, the Polish market posted a new high in terms of office supply which totalled 572,000 sqm, of which 350,000 sqm (58 percent) was delivered in Warsaw and the remaining 222,000 sqm (42 percent) in regional markets. The largest completions were in Warsaw, including Ghelamco’s Warsaw Spire Tower (59,100 sqm), HB Reavis’ Gdański Business Center II (buildings C and D totalling 49,000 sqm) and Echo Investment’s Q22 (46,400 sqm). In H1 2016, office take-up remained healthy in Poland at 620,000 sqm, up by just over 2 percent or 12,000 sqm on the corresponding period in 2015. The lowest vacancy rate was in Kraków (6 percent), whilst the highest was in Szczecin (17.7 percent). Compared to the end of H1 2015, the strongest rise in vacancies was in Katowice (up by nearly 6.5 percentage points), whilst Poznań saw the largest decrease in the volume of vacant office space.