Warsaw's office stock passed 4.1 million sq m at the end of 2013 and may reach 5.0 million sq m by the end of 2016.
18 office buildings were completed in 2013 adding 298,400 sq m.
This year new supply is expected to reach 350,000 sq m from 33 office projects.
City Centre development will account for over 120,000 sq m.
Almost 643,000 sq m of new office space is under construction. Letting activity in 2013 was at record high level of 632,500 sq m (ca.5% growth year-on-year) representing 15% of the total stock.
Net absorption, however, was only 155,000 sq m with a negative figure of -9,000 sq m in the City Centre.
City wide vacancy is 11.7%, reflecting a growth of 300 bps compared to the year before.
Prime headline rents in the City Centre are € 22.00 – 23.00 per sq m/month and EUR 14.00 – 14.75 per sq m/month in Mokotów.
Source : Savills