Wola set to be Warsaw’s largest office district

As Cushman & Wakefield latest ‘Marketbeat – the Office Market in Warsaw’ report for H1 2019 points out, if all the schemes in the pipeline are completed according to schedule, City Centre West (part of Wola district) will become Warsaw’s largest business hub by the end of 2021. The chances of this happening have now increased after Echo Investment announced plans to turn part of its Empark office complex in Służewiec into a residential development. Looking ahead, several other office developments dating back to the 1990s and accounting for around 12 pct of Służewiec’s office stock are also set to be repurposed.

“The area around Rondo Daszyńskiego, which is likely to become Warsaw’s largest business district in the space of the next two years, is gradually filling up with tenants. The coming months are likely to see incentive packages scaled down, thereby leading to prime effective rental growth. In the long run, we expect occupier interest to shift to projects underway close to Wilanowska metro station, Rondo Radosława and Gdański train station,” believes Krzysztof Misiak, a partner and head of the office agency at Cushman & Wakefield.

In the first half of 2019, ten office buildings were handed over in Warsaw, comprising a total of 80,550 sqm. Based on developers’ forecasts, another 150,000 sqm of office space is expected to be completed by the end of 2019. The largest office developments scheduled for delivery in the second half of the year include Mennica Legacy Tower with Mennica Legacy West (65,000 sqm), and Chmielna 89 (almost 25,000 sqm) – both in Wola.