Good forecasts for offices in Warsaw: CBRE

There is currently 6.16 million sqm of office space in Warsaw, and 374,000 sqm under construction (up 4 percent since the beginning of the year). Tenant activity is slowly increasing. In the third quarter of this year, as much as 149,000 sqm  of offices were leased, which is 32 percent better than in the same period last year, according to the latest CBRE report. The company's experts remain optimistic in their forecasts. On average, offices delivered to the market are 76 percent leased, which has a positive effect on absorption. In addition, companies are increasingly opting for larger offices.

“Positive moods prevail in the office market, as evidenced by the commenced construction works, an increased number of inquiries from existing and new tenants on the market and stable lease conditions. The absorption is also growing, currently amounting to 63,000 sqm per year. This is due to several factors which, according to our forecasts, will persist until the end of this year. It is mainly about putting into use buildings with a high rate of pre-let,” Mikołaj Sznajder, director of the office space department at CBRE, said.

(WBJ)