Cushman & Wakefield has summarized the third quarter of 2023 on the Polish office market. Office development activity continues to slow down both in Warsaw and in Poland’s regional city markets. Nominal leasing activity remains high in the largest regional cities, with Warsaw reporting a record number of leases.
From January to the end of September 2023, the total demand for modern office space in Warsaw amounted to nearly 0.5 million sqm. Tenants often choose two contract options, i.e., they relocate to a new space or decide to renegotiate existing terms. The vacancy rate is decreasing, standing at 10.6% at the end of September 2023. On the supply side, developers delivered just over 20,000 sqm to the capital's office market in January-September 2023, indicating a supply gap period in Warsaw. Nevertheless, more than 240,000 sqm is under construction, most of which will be completed by the end of 2025, says Axi Immo.
Octava sold Obrzeżna Center office building in Warsaw to the Polish investor. The price has not been disclosed. Avison Young and Savills jointly represented the seller.
Swobodna SPOT is a new project by Echo Investment at 60 Swobodna Street in Wrocław. There will be a total of 41,600 sqm of leasable space in the project located in the city's business centre. Two office buildings and a green urban walkway connecting them were designed by architects from Kuryłowicz & Associates.
Another international company has joined the tenant portfolio of Warsaw’s Skyliner office building. The global healthcare company, Falck, has chosen the building owned by the Karimpol Group as its new office for its IT department in Poland. It will occupy nearly 1,500 sqm of space in the Skyliner.
PHINIA, a leader in the automotive industry, original equipment manufacturer of world-leading fuel systems and the owner of brands offering aftermarket solutions, has joined the tenant roster of Oxygen Park. The company has leased 500 sqm of modern space in the Warsaw office complex owned by Golden Star Group.
ING Hubs Poland, one of the global hubs providing technology, data, and risk services to ING units around the world, has become the first tenant at Lincoln Property Company’s flagship office building, The FORM in Warsaw, after agreeing to lease more than 7,000 sqm of space.
JLL Office Agency enabled Wipro IT Services Poland, a technology services and consulting company, to secure office space in the Wave building in Gdansk. The company will lease more than 3,500 sqm. JLL represented the tenant in the process of negotiating the agreement.
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