Slight office vacancy increases in Warsaw during Q1 2012
The Warsaw Research Forum has published data regarding the Warsaw office market in Q1 2012. The market data prepared by the team focuses on: the size of modern office stock, completions of new buildings, take-up and vacancy rates. Two main markets of Warsaw were defined as the City Centre (CC) and Non-Central locations (NC).
In Q1 2012 the Warsaw office market was supplied with additional 47,800 sqm. Six new office buildings were delivered onto the market, one in City Centre and the five others in Non-Central locations. Consequently, office stock in Warsaw at the end of first quarter of 2012 reached the level of 3,644,800 sqm.
The level of vacant space in Warsaw at the end of Q1 2012 reached 7.3 percent, which represented an increase during the 3-month period of 60 basis points. Within the Central locations 7.4 percent of space was available for lease, whilst in Non-Central areas the level was slightly lower at 7.2 percent.
In Q1 2012 the office leasing market in Warsaw reached the level of almost 125,000 sqm and in comparison to the Q4 2011 decreased by 6 percent. Over 73 percent of all registered deals in Q1 2012 were signed in the most sought after three subzones: Upper South, Fringe and South West.
Pre-let agreements took 22 percent (27,900 sqm) of the market, whilst 38 percent constituted new deals (almost 47,000 sqm) and 32 percent of deals were accounted for by tenants renegotiating contracts (40,100 sqm). Companies looking to extend existing office premises took 4,450 sqm of space (4 percent).
The largest pre-let lease, included this quarter, was signed within Upper South subzone by ING Group in Plac Unii (12,100 sqm). Other major deals in Non-Central locations include: Jeronimo Martins (owner occupier, 5,000 sqm in Jeronimo Martins HQ), Wolters Kluwer (pre-let, 3,400 sqm in Wola Center) and Amber Gold (new deal, 2,800 sqm in Okęcie Business Center - Corius). In City Centre largest deals were concluded in the following buildings: Saski Point (Societe Generale – 4,100 sqm, renewal), Ludna 2 (Gfk Polonia – 3,600 sqm, new), JM Tower (Zarząd Transportu Miejskiego – 2,450 sqm, new) and LIM Center (Centrum Rozwoju Zasobów Ludzkich – 2,300 sqm, new).
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