Research

Warsaw City Report - Q1 2021

We have a pleasure to present the latest JLL report analysing current situation on the investment, office, retail, industrial and residential market in Warsaw.

May 20, 2021

Q1 2021 summary

The first three months of 2021 have again proved challenging for both the economy and the real estate market, including the office sector. Office market dynamics have altered considerably, and this is reflected both in the activity of developers and in the lowest demand for office space on a quarterly basis since 2010.

However, the Polish investment market started off 2021 in good shape on the back of robust activity in the office sector. The total transaction volume reached almost €1.4 billion in Q1, which translates into the third-best opening of the year in history.

Warsaw Agglomeration with total existing stock of nearly 2.0 million m² of retail space in large-scale formats remains the largest retail market in Poland (13% of total supply). In line with growing market maturity, overall developer activity in retail sector is slowing down. Approximately 40,000 m² of retail GLA is under construction in the Warsaw Agglomeration.

In terms of the industrial sector, Warsaw with total existing stock of over 4.8 million m² remains the largest l market in Poland (23% of total supply). At the end of March 2021, Warsaw construction pipeline stood at 330,000 m², which translated into 14% of total industrial space being constructed in Poland.

Last but not least,  in Q1 2021 the residential sector recorded one of the highest results in terms of sales in the history of monitoring - nearly 7,000 units.

About Warsaw

Warsaw is the political, economic and cultural centre of Poland. The city is the seat of the Polish government, the parliament and most public administration institutions, as well as regional representatives of international organisations such as Frontex, the World Bank, the International Monetary Fund, and the European Bank for Reconstruction and Development, among others. It is coupled with a variety of businesses operating in the capital, both Polish and international.

Warsaw is the largest city in Poland and the eighth most populous capital city in the EU. The wider Warsaw metropolitan region is home to more than 2.5 million people and has a forecasted positive population growth. All this results in Warsaw being a vibrant office, residential and retail destination. Such vast scale of the capital also boosts the growth of the warehousing market in the city and its suburbs. There are a number of reasons why Warsaw is a fantastic place to invest – and why now is the time to invest here.

For several years, every quarter, we have been preparing an overview of each of the city's real estate sectors along with an investment commentary. We encourage you to download the report and familiarize yourself with the latest data. Our experts will be also happy to answer all questions about business opportunities offered by Warsaw – not only on the field of transactions, but also in the area of strategic consulting and business support.

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