5:30 15 August 2024
Warsaw office market trends shift
In the second quarter of 2024, the Warsaw office market saw stable demand, leading to an increase in contract renewals. According to BNP Paribas Real Estate, new office space delivery in Warsaw was modest, with only 15,000 sq m added, while 64,000 sq m has been delivered since January. Despite this, gross demand rose 8% year-over-year to 178,000 sq m. Notably, 63% of lease agreements were renewals. The trend towards renewals is expected to continue due to rising rents and limited incentives. Key transactions included renewals at Varso Place 2 and T-Mobile Office Park. Current rents remain stable, ranging from €10 to €27 per sq m, with increasing costs prompting a focus on efficient, modernized spaces.
