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Europe Savills sees optimism in Warsaw offices

Office & mixed-use development
According to Savills latest research, London City and West End, Paris and Warsaw’s office markets are the most attractively priced in Europe this year due to the opportunity for yield compression and/or attractive yield spreads to risk-free rates.  

Office vacancy rates have increased by an average of 170 bps to 7.1 pct across European markets in the year to Q1 2021, due to the level of grey space returning to the market says the international real estate advisor. However, occupier sentiment has improved since January, and there are more examples of occupiers removing grey space from the market, a trend that could gather momentum throughout the rest of H1 2021 as businesses begin to contemplate life beyond the pandemic. According to Savills, investors remain in search of long income within non-core markets and are more price-sensitive to the tenant covenant strength. Since Q3 2020, Warsaw prime yields have moved out 10 bps to 4.6 pct, although Prague (4.10 pct) and Bucharest (7 pct) have held stable.

Unlike many business centres in Western Europe, office rents in Warsaw have not changed significantly for nearly ten years, while inflation itself has run at over 20 pct over that time. In terms of investment, the yield compression that has taken place over previous years has resulted in relatively low growth in the capital values for office properties in Warsaw, while rents haven’t changed significantly, compared to offices in other Western European cities. As a result, capital values for office properties in Warsaw look attractive, while the risk of price adjustments could be lower than in other European locations.
Michał Stępień, Investment associate at Savills

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Office & mixed-use development

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Office & mixed-use development

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Office & mixed-use development

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Office & mixed-use development

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schedule 21 July 2021
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schedule 23 July 2021

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schedule 23 July 2021

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schedule 22 July 2021

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schedule 21 July 2021

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schedule 21 July 2021

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schedule 21 July 2021

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schedule 19 July 2021

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schedule 16 July 2021

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schedule 16 July 2021

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schedule 15 July 2021

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schedule 13 July 2021

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