The Warsaw Research Forum has published its figures for the Warsaw office market for 2014. Its market data, prepared by a team of analysts, concerns modern office stock, new completions, take-up volumes and vacancy rates.
- At the end of 2014 the total area of modern office stock in Warsaw reached 4,392,000 m².
- During 2014 over 276,900 m2 of office space was delivered to the market, of which approximately 70% was in buildings located outside the city centre. The most substantial development activity was recorded in the South West (88,200 m2) and Fringe (60,100 m2) zones.
- Major office schemes completed in 2014 were: the first phase of the Gdański Business Center complex (44,500 m2), the first stage of Eurocentrum Office Complex (38,700 m2) and Warsaw Spire B (20,000 m2).
- At the end of 2014, the vacancy rate for the whole city amounted to 13.3%, which represents an increase in comparison to the value recorded at the end of 2013 (11.7%). The availability ratio for the two central zones (Core and Fringe) increased to 15.2% (from 10.6% at the end of 2013), whereas for non-central locations it remained relatively stable at 12.4%.
- The gross take up in 2014 reached 612,00 m2 which is 6% lower compared to the volume registered in 2013.The strongest leasing activity occurred in two major zones outside the centre: Upper South (174,100 m2) and South West (137,900 m2).
- Renegotiations and renewals remained commonplace, and their share in the total take-up in 2014 reached 31%. Pre-lets accounted for 15% of lease activity, whereas new deals and expansions constituted 54%.
The largest transactions concluded during 2014 include: the pre-let of 19,500 m² by Raiffeisen Bank in the Prime Corporate Center, a renewal of 17,500 m² by Agencja Restrukturyzacji i Modernizacji Rolnictwa in Poleczki Business Park as well as a pre-let of 15,000 m² by PKP Group companies in the city’s Western railway Station.
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