Over 2.5 mln sqm of free office space in Poland in Q1 2021

Largest database on the real estate market in Poland, REDD Real Estate Digital Data, summarized the office sector in the first quarter of 2021. At the end of March, over 2.5 million sqm of office space was available in A, B, and C class buildings. This is an increase from the end of 2020 by over 150,000 sqm.

According to REDD data, currently, the office stock in Poland amounts to almost 13 million sqm, and another 1.2 million sqm is under construction.

"Speaking of available space in existing buildings and those under construction, as of March 31, 2021, 2,650,949 sqm of offices were available on the market. There were almost 1.9 million sqm of vacant office buildings, which is an increase since the end of 2020 by more than 140,000 sqm. There was 641,000 sqm of available space under construction, which is a decline by over 100,000 sqm since the end of 2020,” Piotr Smagała, REDD Managing Director, said.

At the end of March, there was 6.9 million sqm of modern office space in Warsaw. The vacancy rate for Warsaw stood at 11.46 percent.

“As much as 722,000 sqm of modern space remains available for lease immediately, and in the next three months, the office resources available immediately may supply another 90,000 sqm of offices where the current tenants do not extend their lease agreements,” Piotr Smagała added.

(WBJ)