PL

Poland Interest and optimisation

Office & mixed-use development
In 2022, the demand for offices in Warsaw exceeded 860,000 sqm. The highest tenant activity could be seen in Q1 and Q4 of the previous year. Traditionally, most Warsaw offices were contracted by companies from the financial sector, business services and the IT industry.

In 2022, the demand for offices on the Warsaw market remained at a very high level. Tenants leased a similar amount of space as in the years of the market boom before the pandemic. Lease volume was about a third higher than in 2021. On the other hand, the very low new supply means that the availability of offices in Warsaw is getting increasingly smaller. In the central area of the city, it is not possible to rent a large, several thousand sqm office space in one location. The reinforcement of the hybrid working model means that companies present on the Warsaw market often reduce the space they occupy. However, the high demand for offices from new companies coming to the city means that the absorptive capacity of the market is record high. Thus, the level of office vacancy in Warsaw is constantly decreasing, and the availability of space from quarter to quarter is getting smaller.
Mateusz Strzelecki, Partner, Head of Tenant Representation at Walter Herz

Walter Herz analysts also note that the demand for flexible offices is growing. Co-working attracts not only companies in the initial phase of operation, but also large enterprises and corporations. The demand for flexible offices is compounded by market uncertainty. Tenants appreciate that flex spaces do not require investment outlays and allow for flexible lease terms. The sector is constantly increasing its resources. Warsaw currently has more than half of this type of space available in the country, with approximately 180,000 sqm of flexible spaces. Still, it constitutes for only a small percentage of the capital's office stock.

However, if we look at the implementation of new investments, the Warsaw market has slowed down significantly. According to Walter Herz analysts, in 2022 only about 230,000 sqm of new offices was completed in Warsaw. The stock of modern office space in the capital has increased to nearly 6.3 mln sqm. Only 180,000 sqm of space remains under construction.

Developers have announced the implementation of several new projects. Properties such as: Upper One, T22, The Form, Fort 7, and the new office building of Adgar Poland are being prepared for construction. The Vibe and Drucianka Campus projects are still under construction. However, if the current demand in the capital is maintained, it is merely a drop in the ocean of needs. Marynarska Business Park complex and Marynarska Point I located in Służewiec remain under reconstruction. Antares building is also to undergo modernization in the Służewiec office district.

Walter Herz analysts estimate that only tens of thousands of sqm of new offices will be delivered in Warsaw this year. Every month, the Warsaw market is approaching a situation where we will be dealing with a shortage of free space to let.

The office market is also facing new challenges this year. Like other sectors, it must consider the growing costs of maintaining real estate, which will entail increases in service charges and indexation of rates. Hence, both building owners and tenants have been taking several actions aimed at reducing energy consumption for quite some time.

Latest news

Office & mixed-use development

Poland High tech in Skyliner

schedule 24 May 2024
Opr./edited by ANZ

Warsaw's Skyliner has gained a new tenant. Xperi, an American technology company, will occupy nearly 3,000 sqm of space in the office building.

Material partner

Poland Excellent Fern at Off Piotrkowska

schedule 04 April 2024
Eurobuild CEE

Intensive commercialization of the multifunctional Fern building under construction at Off Piotrkowska Center has begun. A modern building, the construction of which will start at the turn of 2024/2025, offers 4,700 sqm of service space and 2,700 sqm of office space.

Retail & leisure

Poland The one and only Answear Concept Store

schedule 24 May 2024
Opr./edited by ANZ

In Warsaw's Norblin Factory, the only stationary Answear.com concept store in Europe started its activity. On the area of 2,000 sqm, the customers will find an offer of premium fashion brands, which so far were available only online.

Events

Poland The sector keeps moving!

schedule 23 May 2024
Opr./edited by ANZ

Tomorrow, as every year, we will meet at the golf course in Rajszew and at the Warszawianka courts to build relationships, have fun and, at the same time, take care of the condition of... the industry. All this in the spirit of healthy sporting competition.

Office & mixed-use development

Czech Republic Hila takes off in Prague

schedule 23 May 2024
Opr./edited by JC

Passerinvest Group symbolically launched the construction of the multifunctional Hila building in Brumlovka, Prague 4. Upon its completion in 2027, the building will provide a combination of approximately 20,500 sqm of offices for rent, 71 rental flats and retail spaces of 2000 sqm.

Office & mixed-use development

Hungary Vitrum to be handed over in autumn 

schedule 23 May 2024
Opr./edited by ANZ

Liget Center Vitrum, part of Wing Liget Center multi-building project developed by Wing in the centre of Budapest, is structurally complete. The new boutique office be completed in the autumn.

Hotels

Hungary Skybar opens in Budapest

schedule 22 May 2024
Opr./edited by ANZ

Cloud IX, Budapest’s latest panoramic skybar, has been opened in the ibis & Tribe Budapest Stadium Hotel in the WING Liberty building. Opened last December in Budapest’s District IX, the hotel complex boasts a total of 332 rooms and a wide range of services.

Investment & finance

Poland Green financing for three CPIPG office assets

schedule 22 May 2024
Opr./edited by ANZ

CPI Property Group Poland has concluded a green refinancing transaction with Aareal Bank amounting to more than EUR 277 mln. The funds received will be used for the refinancing of three Warsaw office properties: Warsaw Financial Center, Equator IV and Eurocentrum.

Office & mixed-use development

Poland Mercer isn't moving out

schedule 22 May 2024
Opr./edited by JC

Global firm Mercer, part of the Marsh McLennan Group, has renegotiated its lease at the myhive Nimbus building and remains at 7,300 sqm.

Residential

Poland First residential units in Towarowa 22 project

schedule 22 May 2024
Opr./edited by ANZ

The residential part of the Towarowa 22 project in Warsaw is taking off. Archicom is starting to sell flats in the first building under the Archicom Collection brand, which will stand in the immediate vicinity of the planned park.

Residential

Romania Phase III of The Level Apartments takes off

schedule 22 May 2024
Opr./edited by ANZ

Romanian residential developer Redport Capital has announced the start of construction of Phase III of The Level Apartments. The project has received a building permit for 105 apartments to be developed with an investment of EUR 13 mln.

Warehouse & industrial

Poland CTP will build for dogs

schedule 22 May 2024
Opr./edited by JC

CTP has been appointed by dog food manufacturers PsiBufet and Butternut Box to build a specialist facility to produce fresh dog food for distribution across continental Europe. The new facility is being developed in a build-to-suit model at CTPark Zabrze.

Warehouse & industrial

Panattoni Park Kraków East IV is ready

schedule 22 May 2024
Opr./edited by ANZ

Panattoni has completed the construction of Panattoni Park Kraków East IV. The completion will be financed with a EUR 10.5 mln loan from Bank Gospodarstwa Krajowego. The facility has been fully leased by Omega Pilzno.

Office & mixed-use development

Poland Batory I is fully let

schedule 21 May 2024
Opr./edited by JC

ZST (Zintegrowane Systemy Techniczne) has increased the size of its head office in the Batory I office building. As a result of the expansion, the Warsaw office building owned and managed by Globalworth Poland is now fully leased. 

Office & mixed-use development

Poland Some Oxygen for IT company

schedule 21 May 2024
Opr./edited by JC

LSI Software, a provider of IT systems that enhance operations and business management, has become a new tenant of the Oxygen Park office complex in Warsaw.

Warehouse & industrial

Poland New park from Panattoni

schedule 20 May 2024
Opr./edited by JC

Panattoni is launching the construction of a new speculative centre in the Łódź region. The project is to have an eventual size of close to 30,000 sqm

Office & mixed-use development

Poland Baskerville gets independent

schedule 20 May 2024
Opr./edited by JC

Baskervill, an international architectural, engineering, and design firm, opened up its office in Gdańsk. A 200-sqm space is located in Officyna building.

Office & mixed-use development

Poland House of Skills is staying at Bolero

schedule 20 May 2024
Opr./edited by JC

Consulting and Training Consortium, owner of House of Skills and e-learning.pl brands, has extended its lease at Bolero Office Point 1 in Warsaw. The new lease agreement provides the entire organization with 900 sqm of office space that has been signed through 2030.

Warehouse & industrial

Romania Cargus opens its new hub in Sibiu

schedule 17 May 2024
Opr./edited by ANZ

CTP expands its partnership with Cargus, a courier company in Romania, with the inauguration of a new location in Sibiu.

Office & mixed-use development

Poland UBC II will be modern again

schedule 17 May 2024
Opr./edited by ANZ

Atenor, the Belgian developer responsible for the Lakeside development in Warsaw's Mokotów district, intends to renovate the neighbouring UBC II building. The project received planning permission in March this year.

Latest in Office & mixed-use development

schedule 24 May 2024

High tech in Skyliner

Warsaw's Skyliner has gained a new tenant. Xperi, an American technology company, will occupy nearly 3,000 sqm of space in the office building.

schedule 23 May 2024

Hila takes off in Prague

Passerinvest Group symbolically launched the construction of the multifunctional Hila building in Brumlovka, Prague 4. Upon its completion in 2027, the building will provide a combination of approximately 20,500 sqm of offices for rent, 71 rental flats and retail spaces of 2000 sqm.

schedule 23 May 2024

Vitrum to be handed over in autumn 

Liget Center Vitrum, part of Wing Liget Center multi-building project developed by Wing in the centre of Budapest, is structurally complete. The new boutique office be completed in the autumn.

schedule 22 May 2024

Mercer isn't moving out

Global firm Mercer, part of the Marsh McLennan Group, has renegotiated its lease at the myhive Nimbus building and remains at 7,300 sqm.

schedule 21 May 2024

Batory I is fully let

ZST (Zintegrowane Systemy Techniczne) has increased the size of its head office in the Batory I office building. As a result of the expansion, the Warsaw office building owned and managed by Globalworth Poland is now fully leased. 

schedule 21 May 2024

Some Oxygen for IT company

LSI Software, a provider of IT systems that enhance operations and business management, has become a new tenant of the Oxygen Park office complex in Warsaw.

schedule 20 May 2024

Baskerville gets independent

Baskervill, an international architectural, engineering, and design firm, opened up its office in Gdańsk. A 200-sqm space is located in Officyna building.

schedule 20 May 2024

House of Skills is staying at Bolero

Consulting and Training Consortium, owner of House of Skills and e-learning.pl brands, has extended its lease at Bolero Office Point 1 in Warsaw. The new lease agreement provides the entire organization with 900 sqm of office space that has been signed through 2030.

schedule 17 May 2024

UBC II will be modern again

Atenor, the Belgian developer responsible for the Lakeside development in Warsaw's Mokotów district, intends to renovate the neighbouring UBC II building. The project received planning permission in March this year.

schedule 16 May 2024

Axi Immo stays in the tower

Axi Immo has decided to extend its existing lease and add new space for its growing business lines in Warsaw's Spektrum Tower office building.

schedule 14 May 2024

Engineers will move into Brain Park

Volvo Tech Hub will occupy 10,000 sqm of space in the Brain Park C building owned by Echo Investment. The new part of Volvo Car Poland will move into the Kraków office building in stages, starting in September 2024. 

schedule 13 May 2024

Office House won't get any higher

The Office House building in the Towarowa 22 project has reached its target height of nine floors. Installation of energy-efficient glass has begun on the façade.

schedule 10 May 2024

Eurocash stays at Diuna for longer

Eurocash Group is staying at the Warsaw office complex, part of the portfolio of Pine Bridge Benson Elliot and Syrena Real Estate, for the next few years. Eurocash has signed a lease for four floors in Building A at Diuna, totalling nearly 4,600 sqm.

schedule 09 May 2024

Saint-Gobain has views

Saint-Gobain Group has signed a 10-year lease for office space at Varso Tower. The company will occupy nearly 1,400 sqm on the 28th floor of the building.

schedule 08 May 2024

Spyrosoft stays in the Nowy Targ office building

The technology company Spyrosoft has extended its lease in the Nowy Targ office building in Wrocław. Employees have at their disposal roughly 2,800 sqm of office space.

schedule 08 May 2024

Nuclear tenant in Equator

Bechtel has chosen Equator IV in Warsaw, an office building in CPI Property Group’s portfolio, to be the location of the head office of its Polish branch. The American company is to build the first nuclear power plant in Poland in Choczewo, Pomerania.

schedule 23 April 2024

More retail at offices

Already 64 pct of Warsaw’s office buildings offer at least one retail or service unit, reveals Retail @ Office, the latest report from Cushman & Wakefield. With new retail supply remaining low across the capital, retailers and service providers are increasingly looking for alternative locations.

schedule 22 April 2024

Welcome to The Shire

The Shire - Beyond Coworking in the Warsaw Spire C building was opened according to schedule. 40 pct of the 1500 sqm of office space has been leased even before the launch.

schedule 22 April 2024

More companies choose Diuna

Two more companies have become tenants of Diuna, part of the Warsaw portfolio of Syrena Real Estate and PineBridge Benson Elliot. Intrum has leased nearly 370 sqm and Carrier Chłodnictwo took up about 500 sqm in the complex.

schedule 16 April 2024

The Bridge has gained its height

The structure of The Bridge skyscraper in Warsaw's Wola district has reached its final height, i.e. 174 m. The builders have just completed the last technical floor. Installation and finishing works inside the facility and the assembly of the facade are in progress.

Edition 5 (288) May 2024

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