Bringing on the subs

Sub-letting: a fashionable subject dreamed up by agents, or a notable – although somewhat embarrassing – trend on the property market? Tenants are now tightening their belts following the end of the boom yearsEwa Andrzejewska Gleeful optimism was the rule of the day on the Warsaw office market in 2007 and 2008. Office building owners and their tenants seemed convinced that the boom would go on forever and rents would grow almost from day to day, reaching unnatural heights, particularly when compared with other capital cities in our part of Europe. Today, property owners can only look back in envy at those days when rents were as much as EUR 40 for each occupied square metre. Tenants are currently looking for cost cutting measures and are reducing staff instead of employing new workers. The result is that they need less office space. One way to generate savings in an empty office is through sub-letti