Office market in Warsaw July 2020
JLL is pleased to present the latest report analysing office market in Warsaw.
The first half of 2020 was an unprecedented time for office markets across the globe, and Warsaw was a part of that trend. As a result, the office market landscape is slightly different to what we have been accustomed in the past few years. Demand for office space in Q2 was significantly higher than in Q1, but the total H1 volume is 17% lower than the corresponding period in 2019. Nevertheless, office space viewings are taking place again, which bodes well for upcoming quarters. The vacancy rate across Warsaw only increased slightly, even though 100,000 m² of new supply entered the market in Q2 alone. Moreover, under-construction supply is already very well let (66% of pipeline scheduled for H2 2020, and 70% in central areas, is pre-leased with further deals to be signed shortly), while only couple of new developments commenced in Q2.