New office space supply reaches record levels
13:53
The office property market in Poland last year saw the highest development activity in its whole history, with approximately 800,000 sqm of space having been completed across the country in that period, according to JLL data. This marks a 25 percent increase on the new office supply recorded in 2015, the company said in a press release. In 2016, the total existing office stock in Poland exceeded nine million sqm, and that in Warsaw alone – five million sqm.
The market in the Polish capital witnessed the completion of two new office towers – Warsaw Spire and Q22. In the largest regional office markets in Poland, projects comprising a total of around 400,000 sqm were completed last year. At the moment, approximately 1.4 million sqm of office space in under construction in Poland, mainly in Warsaw, Kraków, Wrocław and Tri-city. Kraków will this year become the second city in the country (after Warsaw) to see its office stock exceed one million sqm, noted Mateusz Polkowski, the head of research and consulting at JLL in Poland.
Also the demand for office space in Poland remained at a very high level in 2016, with more than 930,000 sqm having been leased in the first three quarters of the year. The figure for the whole year, which has not been officially announced yet, is set to be lower than that seen in the record-breaking year 2015 but higher than in 2014, and to represent the second-best leasing result in the history of the Polish market. “The prospects regarding demand in 2017 remain positive,” JLL said in the release.
