Non-central trend in the capital

Warsaw Research Forum, which consists of six large real estate consultancies (CB Richard Ellis, Cushman & Wakefield, DTZ, Jones Lang LaSalle, King Sturge and Colliers International) has issued key data on office space in Warsaw for Q3 2008. Eleven new buildings were delivered to the market during the quarter (21 in 2008 so far) offering a total of 102,800 sqm. All of these are located outside the city center, and eight are situated in Mokotów and the area of Al. Jerozolimskie and ul. Żwirki i Wigury. 

The largest lease agreements were signed in these sub-zones - Saturn Media Holding in Blue Office and Bank Millennium's pre-let in Polifony Office Center (8,000 sqm), ING Bank Śląski in ESTA II (6,100 sqm) and BRE Bank's pre-let in Luminar (5,500 sqm). The largest deal in the city center was signed by Skarbnica Narodowa in AtriumCity (760 sqm).

Modern office supply in the north sub-zone, which was once characterized by low investment activity, increased by 34,000 sqm with two new projects. One of them, North Gate at 29,900 sqm, was the largest office building delivered to the market this quarter.

The vacancy rate in the Warsaw market amounted to 2.7 percent - a 60 basis-point increase in comparison to the previous quarter. The highest vacancy rate was observed in the "City Center Core" zone with 4.7 percent, while the lowest vacancy rate was recorded in Wola, with 0.3 percent.