Fewer vacant offices in Warsaw, while selection in regions grows

In the first three months of this year, developers delivered 50 percent more offices than in the same period a year earlier and almost three times more than in 2020. According to Walter Herz, the seven largest business centers in the country gained a total of over 320,000 sqm of new space.

The number of offices under construction decreased during this period from 1.1 million sqm to about 870,000 sqm, around 600,000 sqm of which were under construction in April in the regional markets. 

“The diminishing number of emerging offices results in an increasingly limited choice of good-quality space in some cities. Warsaw is particularly exposed to supply shortages, where the smallest number of offices have been built in over a decade,” Mateusz Strzelecki, Head of Tenant Representation Partner at Walter Herz, said.

“At the same time, we observe a clear increase in demand in the office market. In the first quarter of this year, in the seven cities we surveyed, 413,000 sqm of space was leased, which means that tenants leased almost twice as many offices as in the same period last year,” Mateusz Strzelecki said.

(WBJ)