REDD sums up Polish office market in 2020

Analysts of REDD, an independent platform providing data on the office market in Poland, summed up 2020 on the office market. At the end of the fourth quarter, the total office stock in Poland amounted to 12.88 million sqm. The largest amount of space is located in Warsaw (6.87 million sqm), Kraków (1.41 million sq), and Wrocław (1.25 million sq m). Platform analysts are the only ones in Poland to consider the space in all A, B, and C class buildings.

According to REDD data, about 660,000 sqm are currently being built in Warsaw alone, in Katowice over 150,000 sqm, and in Krakow over 147,000 sqm.

The vacancy rate is also rising. Only in Warsaw, in A-class buildings (modern space), almost 650,000 sqm is available for rent immediately, and another 280,000 sqm in buildings already commercialized, but still under construction.

On the other hand, over 2.5 million sqm were available for lease in all the office buildings from the REDD base in Poland, of which almost 700,000 sqm in buildings already commercialized but under construction.

"Behind us is a year that will go down in history, and we will observe its effects for years to come. The pandemic changed not only the work model but also the labor market, which had an impact on the office market. companies have learned how to work remotely. The most frequently chosen model is working in the office for 3-4 days. This approach may have a significant impact on the demand for office space in the long term," Piotr Smagała, managing director of REDD, said.

In the expert's opinion, however, offices will still play a significant role in companies. They are essential for business and the last few months have shown this. The home office discovered how important personal contact is for the team, how much personal meetings and brainstorming are needed.

(WBJ)