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News Release

Warsaw

Record-breaking take-up on Poland' office market


​ International advisory firm JLL presents the preliminary summary of 2015 on Poland's office market in Poland.

Anna Młyniec, Head of Office Agency and Tenant Representation at JLL, comments: "2015 was a very good year on the office market in Poland. JLL preliminary data shows that in 2015 a total of over 700,000 sq m will have been delivered to the market. Importantly, high developer activity has been accompanied by strong take-up. The volume of lease agreements in 2015 totalled 1.3 million sq m across Poland, which is the best ever result for the country's office market. The major cities outside Warsaw, where tenants from the business services sector have continued to dominate, accounted for over 550,000 sq m of overall take-up".

Selected biggest lease agreements in 2015

TenantCityBuildingArea (sq m)
mBankŁódźPrzystanek mBankCa 24 000
ShellKrakówDot Office+22 000
Confidential tenantWarsawWarsaw SpireOver 21 000
PZUWarsawKonstruktorska Business Center17 500
State StreetGdańskAlchemia II15 000

Supply

Selected biggest office schemes delivered to the market in 2015

ProjectCityArea (sq m)
Business GardenPoznań40 600
DominikańskiWrocław35 600
Postępu 14Warsaw34 300
Royal Wilanów Warsaw29 800
Domaniewska Office HubWarsaw27 000

"Developer activity remain high. Approximately 1.3 million sq m of modern office space remains under construction in Poland with Warsaw, Kraków, Wrocław and Tri-City accounting for the biggest supply volumes of space currently under development," claims Mateusz Polkowski, Associate Director, Research and Consultancy at JLL.

Selected biggest office schemes under construction

ProjectCityArea (sq m)
Warsaw Spire building AWarsaw59 100
Business Garden (buildings III – VII)Warsaw54 800
Q22Warsaw48 000
Gdański Business Center C (completion planned for 2015 r.) & DWarsaw46 600
Business GardenWrocław37 700

 

Vacancy rate and rents

Warsaw's Q3 saw a slight drop in the vacancy rate, which stood at 12.9% (16.4% in the CBD, 12.4% in the City Centre Fringe and 12.5% in Non-Central locations). Outside Warsaw, the lowest vacancy rate was recorded in Kraków (4.1%) and Łódź (7.0%), with the highest being in Poznań (19.3%). Prime headline rents in Warsaw remained stable over the course of Q3, with rents in Warsaw City Centre ranging between €21 and €23.5 / sq m / month and non-central locations commanding rents of €11-18 / sq m / month. Outside Warsaw, prime headline rents range between €11 to €12 / sq m / month in Lublin and €14 to €14.5 / sq m / month in Poznań and Wrocław (13.8 – 14.5 euro in Kraków).

"Throughout the year, we have recorded a temporary stabilization in vacancy rates. Nevertheless, due to the large supply forecast, we may expect an increase in vacancy in 2016. The downward pressure on rents noticeable in increasingly attractive packages of incentives offered by developers rather than in reductions in headlines", adds Tomasz Czuba, Head of Office Agency at JLL.