The office market in Poland’s capital city is growing. In the first half of 2021, over 226,000 sqm of such space were added to Warsaw, and 250,000 sqm were rented, according to the latest CBRE report. In total, office space in the capital amounts to 6.1 million sqm and it is 7 percent more than a year ago. There is 373,000 sqm of new space under construction. Before the end of the year, six office buildings will be delivered to the market, and they are already 65 percent leased. CBRE experts indicate that the market is slowly returning to the trends from before the pandemic, but tenants' caution is breaking through.
“The changes that have occurred in the office market as a result of the pandemic will certainly have a long-term impact on companies and the style of work. In the first half of 2021, a quarter fewer offices were leased in Warsaw than a year earlier, and the vast majority of them were either relocated from other buildings or renegotiations existing contracts. We can see that the commercialization process of new buildings is taking longer, which is the result of redefining the workspace and its importance for the entire organization. Institutions are carefully looking for places that best fit their new needs. Although we have not yet seen large-scale returns to offices, there is no doubt that they will begin to fill up soon. Companies perceive the importance of the office as a place of cooperation, building relationships, and an important element of the image that helps to retain and attract the best talents,” Łukasz Kałędkiewicz, head of the office sector at CBRE, said.