Today, the Warsaw market offers 6.16 million sq m. of modern office space. As a result of its pre-pandemic, rapid growth, modern office buildings are now being completed. This year, over a dozen investments, have been commissioned, including Warsaw Unit by Ghelamco (59,000 sqm), Skyliner by Karimpol (48,900 sqm), Generation Park Y by Skanska (47,600 sqm), Galwan and Plater office buildings in Fabryka Norblina belonging to Capital Park Group (40,000 sqm) as well as Widok Towers by Commerz Real and S+B Gruppe (28,600 sqm).
“There is over 370,000 sqm of office space under construction in Warsaw. They are to be commissioned in the period between 2021 and 2024. This is less than half of the offices built in recent years, before 2020. The Warsaw market slowed down significantly. Moreover, the level of new office construction is at a record low, while more than twice as much office space is being built on the regional markets. It should not be expected that this will change in the next 2-3 years. Developers have not been announcing the implementation of new projects,” Mateusz Strzelecki, Partner / Head of Regional Markets w Walter Herz, said.
“According to our estimates, in 2021 in total, almost 340,000 sqm of offices will be completed. In 2022, if the deadlines are met, the office resources in Warsaw have a chance to increase by just over 220,000 sqm of space,” he added.