Office market in Warsaw October 2020
JLL is pleased to present the latest report analysing office market in Warsaw.
2020 is characterised by change and uncertainty. Markets across the globe have to constantly adapt to new challenges and circumstance. Offices and businesses can only learn from those experiences in the long-term, even though now it’s difficult. Office landlords are investing heavily in health & safety, occupiers are striving to reimagine their workplaces, while the whole industry is trying to weather the storm. And all that is mostly done remotely.
As a result, the office market landscape is slightly different to what we have been accustomed to in the past few years. Demand for office space in Q1–Q3 was 35% lower than in Q1-Q3 2019. The vacancy rate increased, although that had been expected for some time. 2020 was forecasted to experience a new supply peak and vacancy increases even before COVID-19, but the pandemic strengthened the vacancy growth.