May brought the expected stabilization on the office market in Poland. As shown by REDD data, the last four weeks have seen a slowdown in the growth of vacant office space for rent. Currently, it amounts to 2.4 million sqm. On a national scale, this is an increase in the available space approx. 30,000 sqm. Łódź and Gdańsk turned out to be the "stars" of the market.
"Analyzing the balance of newly rented and vacant spaces on regional markets, we can observe a positive closing of the month in Łódź and Gdańsk, where the vacant offices were fully absorbed by new lease agreements. A similar balance was recorded in Sopot, Gdynia and Lublin," said Piotr Smagała, managing director of REDD.
The largest negative balance was observed in Warsaw, Katowice and Poznań. In these three markets, the supply side was catered with an additional area of 19,300 sqm and 114 office modules that have not been balanced by demand.
Since the end of March, the balance of office modules has been constantly tilted to the supply side, which was topped up with 115 office modules in the peak week of April, which were not absorbed by demand.
"Although still in the red, in May the results are characterized by higher stability. The observation of the next 4-8 weeks will be crucial for assessing the trend. Especially since the last weeks are a clear increase in the number of concluded lease transactions," summarized Piotr Smagała.