Tea - and the wurst is yet come

The fact that so much space is being leased could lead you to believe that the Warsaw office market is growing just as impressively. On the contrary, the growth has been slowing down, according to data published in October. The fact that the market is growing can be seen with the naked eye – all you need to do is look through the window. Never before have so many skyscrapers been under construction in the Polish capital (the overwhelming majority of these are office buildings). According to the Polish Commercial Real Estate Chamber [PINK], the demand for office space amounted to more than 689,300 sqm in the first nine months of 2019, including record high tenant activity in Q3 – when upwards of 284,400 sqm of office space was leased. If it continues at this rate, breaking last year’s demand of 860,000 sqm will be a stroll in the park. If I add to that the decline in the vacancy rate to 8.2 pct and the delivery of more than 142,000 sqm of new space over the nine months