The Warsaw Research Forum has published its figures for the Warsaw office market for Q4 2012. Its market data prepared by a team of analysts concerns modern office stock, new completions, take-up volumes and vacancy rates.
- Eleven buildings totaling 120,000 m² were added to the Warsaw office market in Q4 2012, which took the modern office stock to 3,859,000 m². The largest buildings delivered to the market were the Green Corner (24,500 m²) and the Business Garden with its two buildings totaling 22,000 m² of office space.
- The vacancy rates rose by nearly 0.7 percentage points to 8.8% on Q3 2012. The vacancy rate in central locations stood at 8.8% compared to 8.1% at the end of Q3 2012, in non-central locations also at 8.8% (7.8% in Q3 2012).
- Take-up in Q4 2012 reached 153,200 m², which boosted the total figure for 2012 to the record level of 608,500 m² (up by around 6% on 2011's level). The largest office space volumes were leased on the fringe of the City Centre (28%) and in the Upper Southern zone (27%).
- New leases (104,800 m²) accounted for 68% of all deals, with pre-lets making up over half of them (54,000 m²). Renegotiations and extensions accounted for 23% of all transactions, which was a similar figure to that in Q3 2012.
- The largest deal in Q4 2012 was the pre-let signed by Frontex for 14,600 m² in the Warsaw Spire office building being developed by Ghelamco, while Bank Ochrony Úrodowiska S.A. Group took up the entire office space at the Feniks building (8,950 m²) developed by Europlan and delivered at the end of 2012.
- In brief, 2012 was a very good year for the Warsaw office market with more than a twofold increase in new supply of 268,000 m². The vacancy rates rose marginally and increased leasing volumes show that the Warsaw market is still active and has room for new projects.
Source: Warsaw Research Forum (WRF)
