Real estate
16:29 18 September 2019
Post by: WBJ

Public sector generating more demand for office space – JLL

Public sector institutions are increasingly often leasing space in new office buildings – in Warsaw alone, over the last five years, tenants representing the sector signed lease agreements for a total of 260,000 sqm, according to the latest report by JLL. The company’s experts predict that the trend will strengthen in the coming years. They point out that the cooperation between developers/owners of modern office properties and public sector institutions is a win-win situation. The former like signing agreements with tenants from the sector as those mean stability with the payment of rents being guaranteed by the state. For the latter, paradoxically, moving to new buildings often means savings. Although rents in new buildings are higher than rents in the aged buildings occupied by public institutions, new properties are much better designed and more efficient, which means tenants need to lease less space. Additionally, old building vacated by public sector tenants moving to new offices can be sold to developers, which brings revenues for the state or local government budgets.

(Warsaw Business Journal)

office property market

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