Office market in Poland to be viewed with cautious optimism

The situation in the office market after 2021 allows us to observe the next months with cautious optimism. The total stock of modern office space in Poland at the end of December 2021 amounted to over 14.5 million sqm. The space available for rent has slightly decreased, the REDD report summarizing 2021 showed.

Warsaw remains the clear leader in the office market in Poland (7.1 million sqm). Among the largest regional markets, the leaders are traditionally Kraków (1.5 million sqm), Wrocław (1.3 million sqm), and the Tri-City (863,000 sqm). The main part of the space in these cities is occupied by the highest class A office buildings.

At the end of 2021, the stock of existing and under-construction office space in Poland amounted to 14.6 million sqm, and another 1.2 million sqm of modern office space was under construction. Most is being built in Warsaw, at the end of 2021, there was 441,000 sqm. 

"In the main office districts of the capital, the amount of space under construction has not changed. The largest amount of space will be available in Wola (222,000 sqm), it is 50 percent of all Warsaw space under construction," Piotr Smagała, managing director of REDD, said.

"We observe that companies plan their space more carefully to meet their current needs. However, this optimization has been going on for several months and in 2022 we can expect a slight decrease in the vacancy rate, thanks to the increased activity of potential tenants," he added.

(WBJ)