11:52 26 July 2024
Warsaw Office Market in H1 2024: Stable Demand and Green Leasing Trends
The Warsaw office market remained stable in the first half of 2024, with tenant activity exceeding 316,000 square meters and a slight decrease in the vacancy rate to 10.9 percent, according to Savills' latest report. Key trends include the growing popularity of flexible office spaces, green leases, and longer lease periods.
As of June, the total office supply in Warsaw reached 6.25 million sqm, with 45 percent in central areas, including 1.01 million sqm in the CBD and 1.81 million sqm in the Center zone. The largest non-central office area is Służewiec, accounting for 17 percent of the total supply.
As much as 63,700 sqm of new office space were added to the market, compared to 60,900 sqm in all of 2023. Major completions include the third phase of the Lixa complex by Yareal (26,300 sqm), the Saski Crescent renovation (15,500 sqm), and the Vibe A building by Ghelamco (15,000 sqm).
Savills reported that 281,000 sqm of office space were under construction by the end of June, with 83 percent in central areas. Since January, construction began on over 92,400 sqm of office space in six buildings, including V Tower (renovation; 30,700 sqm), Skyliner II (23,000 sqm), and VENA (15,400 sqm).
(WBJ)
