Seven mln sqm of offices built since communism – CBRE

In Warsaw the first high-rise office tower was LIM Center (including the Marriott hotel), built in that year. In the 1990s, 153 buildings with a total area of 1.44 mln sqm were constructed in Warsaw, with the record year for delivery still being 2000, when over 400,000 sqm of new office supply was built in the city. This was followed by almost 2 mln sqm and 208 office buildings in 2000–2010. The most difficult years for office developers and owners were 1999–2001 and 2009–2011. In the early 90s, the vacancy rate remained below 2 pct and the highest recorded monthly rents came to USD 50 per sqm. “Within the past 25 years, 430 modern office buildings with a total area of 4.2 mln sqm were constructed in Warsaw. Previously existing office buildings, such as Universal – which was built between 1964 and 1965 – or Intraco, which was delivered ten years later, offered a relatively low standard. Buildings developed throughout all these years in Warsaw brought various standards and functions,” said Joanna Mroczek, CBRE’s director of research and consultancy. CBRE predicts that in 2014–2016 over 350,000 sqm of office space will be delivered in central Warsaw and over 600,000 sqm in the whole city.

(figures rounded up to the nearest 10,000. * projection)

New Warsaw office supply 1989-2018 |