Vacant, but still pretty?

The current vacancy levels in the capital cities in our region lie between 13.4 pct and 18 pct. This might seem like a lot, particularly considering the figures of 3–5 pct in the recent past. “The maximum vacancy level sustainable for the market is about 10 pct and it is best if it stays at a level of around 5–7 pct,” insists Jos Tromp, the head of research and consultancy for the CEE region at CBRE. Cranes to stay in Warsaw yet These levels were exceeded in Warsaw, the largest office market of our region, some time ago. According to the calculations of the Warsaw Research Forum (WRF), at the end of Q2 the average vacancy rate amounted to 13.4 pct. This is some way above half a million square metres and more or less as much as what is currently under construction. The forecasts for the next two years are also hardly encouraging. “Despite the fact that tenant activity on the capital city’s market is strong, vacancy will grow due to the considerable