Polish office market on the verge of record-breaking take-up: JLL

Since the beginning of the year, over 1 million lease agreements have been signed all over Poland, an amount comparable with the record-breaking demand recorded in 2014, according to JLL's report. In terms of the market in Warsaw, more than 303,200 sqm of the office space leased in Q1–Q3 was for new deals in existing buildings, a further 95,400 sqm constituted prelets and 40,100 sqm came from expansions. Net take-up accounted for 72% of total demand, a result in line with previous quarters, the report read. Office take-up in the eight major office markets outside Warsaw totaled approximately 190,000 m2 in Q3 (up 27% q-o-q and 66% y-o-y) and 472,200 m2 since the beginning of the year, which is already 6% above the strong figures for the whole of 2014. The company estimated that some 1.3 million sqm of new stock is under construction across the country. Overall, JLL expects this year to achieve the highest annual take-up in the Polish office market’s history.