15:40 17 February 2024
Strong End of the Year in the Warsaw Office Market
In 2023, the demand for offices in Warsaw turned out to be slightly lower than the record-breaking demand of 2022. Approximately 750,000 sqm of office space was contracted. Tenant activity has increased significantly compared to 2020 and 2021. Last year, the demand for offices in Warsaw increased quarter by quarter. The last months of 2023 brought the best result, the fourth quarter of the year saw the conclusion of lease agreements for over 250,000 sqm of offices.
“In the last quarter of 2023, the upward trend in the Warsaw office market was visible not only in terms of demand but also new supply. In the fourth quarter, over 40,000 sqm of new office space was delivered to the Warsaw market, with 60,000 sqm of offices commissioned last year. The largest completed projects included Lakeside (22,000 sqm), Studio B (16,000 sqm), and building B9 in The Park complex (12,000 sqm),” Mateusz Strzelecki, Partner and Head of Tenant Representation at Walter Herz stated.
(WBJ)
