Warsaw office market grows by almost 250,000 sqm in Q1-3

The total supply of office space on the Warsaw market was 4,364,800 sqm as of Q3 2014, according to data published on Monday by the Warsaw Research Forum. The market grew by 249,800 sqm in January-September this year. More than 68 percent of new office space in Q1-3 was delivered outside Warsaw’s city center, the researchers said. New buildings totaling to 59,500 sqm were delivered in Q3. The largest ones were the first phase of Warsaw Spire (20,000 sqm) and Nimbus (19,000 sqm). As of September 30, 2014, the vacancy rate for the whole city stood at 13.8 percent (compared to 10.9 percent a year earlier). In the two central zones it was 14.9 percent, while in non-central areas it was 13.3 percent.