Getting into the ESG groove

Office developers have become more cautious when it comes to starting new projects – last year’s volumes were not record-breaking and now the stock under construction is relatively limited. Does this mean that we’ve lost confidence in the office market? Agnieszka Giermakowska, the ESG lead and research and advisory director, Newmark Polska: Last year’s total take-up for Poland’s nine largest office markets came in at close to 1.5 mln sqm – the fourth best result since records began. Leasing activity in Warsaw returned to pre-pandemic levels, while for regional cities it was close to 2019’s record figure of 693,000 sqm (last year’s office take-up was just 70,000 sqm lower). This suggests that offices are doing well and are still an essential tool in business growth. Development activity has been dampened by the deteriorating macroeconomic situation, as well as the increases in labour, office construction and fit-out costs. Indeed, new con