Polish office market maintains momentum - JLL

In H1, historically highest levels of office demand were recorded on the Polish market, according to international advisory company JLL. "H1 2015 was a very intense time on the Polish office market. Up to the end of June, gross demand in the country totaled 690,000 sqm, and the major markets outside Warsaw experienced another period of record-breaking demand for office space – 298,650 sqm in H1. In addition, Warsaw saw a great deal of tenant interest with Q2 setting a record in terms of demand. Developer activity continued apace. In H1, the market expanded by approx. 345,000 sqm of new office supply, with Warsaw accounting for almost 147,000 sqm, Poznań – 50,700 sqm, and Wrocław – 43,900 sqm. Currently, 1.4 million sqm of modern office space is under construction in Poland," said Tomasz Czuba, Head of Office Agency at JLL The space leased on the Warsaw office market totaled 390,200 sqm in H1, of which 221,100 sqm was accounted for by Q2 2015's record-breaking performance. H1 2015 saw a record-breaking demand of 298,650 sqm outside Warsaw, with  35 percent of it in Kraków. A recovery has been witnessed in Poznań, with demand already exceeding the city’s volumes for the whole 2014. The business services sector continues to be a strategic tenant on regional markets. In H1 2015, approximately 147,000 sqm of modern office space came on stream in Warsaw, almost 88,000 sqm of which came in Q2 alone. Development activity in Warsaw remains strong, with more than 725,000 sqm under construction and some 28,000 sqm under refurbishment. It is estimated that approximately 46 percent of the 207,000 sq m of office space, planned for delivery over the course of H2 2015, is pre-leased.