Office market in Warsaw April 2020
JLL is pleased to present the latest report analysing office market in Warsaw.
Q1 2020 was dominated by change. Companies have temporarily moved their operations online and a massive number of employees are working remotely. This is a huge challenge for firms, as they are adjusting to the new reality, but it is also a powerful boost for technological transformation and an opportunity to improve the ways in which we work. It’s crucial to learn from this experience and important to remember that office market in Warsaw is based on very strong fundaments. It’s not business as usual, but the business is still there.
As a result, the office market is by no means in limbo. The vacancy rate across Warsaw decreased by 0.3 pp q-o-q while the demand is almost at the same level as in Q1 2019, only marginally lower. Some processes may have been postponed slightly, but the market is not pushing the stop button. On the contrary, leases are coming to an end and have to be either renewed or signed elsewhere, new companies still are looking at Warsaw and this bodes well for the market in the long-term.