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Office developments in Warsaw: analysis and trends in late 2024
In the fourth quarter of 2024, Warsaw’s office market continued to experience stable occupier demand amid constrained new supply, with tenants seeking to secure spaces in the city centre and expecting sustainable solutions, reveals “At a Glance: Warsaw Office Market, Q4 2024”, a report from BNP Paribas Real Estate Poland.
Warehouse completions hit an all-time high, pushing vacancy rates up
At the end of the first quarter of 2023, there was more than 2.1 million sqm of modern warehouse, logistics and industrial space under construction, down by around 1.25 million sqm compared to the fourth quarter of 2022.
High inflation pushes rents and service charges up on regional city office markets
Record-high inflation is sending office rents ever higher on regional markets, weighing heavy on tenants. The overall vacancy rate edged up by 0.6 pp in Q1 2023, with a supply gap becoming imminent.
Spring is in the air for retail real estate
In the first quarter of 2023, the Warsaw retail market welcomed a refurbished Fort Wola shopping centre after a six-year break. Mayland, the new owner, carried out a major renovation, turning the complex into a facility tailor-made for today’s needs.
Investment market as a reflection of the economic situation
As expected, financing constraints and economic uncertainty saw the Polish commercial real estate market underperform in early 2023.
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