Office vacancy exceeds 14% in Warsaw - PORF

The vacancy rate in Warsaw increased by 1.8 percentage points between January and March 2016 (and 1.1 percent in year-on-year terms), to 14.1 percent. This translates into nearly 672,000 sqm of vacant space. The rate was slightly higher in central locations (14.2 percent) than outside the center (14.1 percent). The data was released by the Polish Office Research Forum, which encompasses six biggest real estate advisories: CBRE, Colliers International, JLL, Cushman & Wakefield, Knight Frank, and Savills. Over 113,000 sqm of office space was added to the Warsaw market in the first quarter of the year, 60 percent of which outside the city center. At the end of Q1, Warsaw’s modern office stock exceeded 4,751,000 sqm. Total office take-up in Q1 2016 reached 142,200 sqm. The highest demand was registered in the City Centre Core (32,800 sqm), South West district (28,200 sqm) and the City Centre Fringe (22,200 sqm).