Raport: Take-up in the Warsaw Office market in H1 2023
In the first half of 2023, demand in Warsaw's central office zones amounted to almost 190,000 sq m, which accounts for 58% of total demand.
In the first half of 2023 take-up in the central office zones of Warsaw reached nearly 190,000 sqm, while total space leased in the zones outside of the centre amounted to just 140,000 sqm. As a result, the share of central and non-central zones in demand stood at 58% and 42%, respectively.
Popular office locations in Warsaw
The locations that enjoyed the highest occupier demand in H1 2023 were the City Centre-West zone around the Daszyński Roundabout (21% of total take-up) and the Central Business District (20%). The Jerozolimskie corridor also attracted high demand, especially the Lower Jerozolimskie sub-zone (10% of take-up). Among the non-central zones Służewiec accounted for a relatively high share of leasing activity (14%). The share of other office zones was limited (below 10%).
The share of new deals (including pre-lets) in total take-up in H1 2023 stood at 60.2%, while expansions accounted for 4.4% and renewals – for 35.4%. Net take-up (excluding renewals) accounted for 68% of take-up in the central zones. Mokotów stood out among the rest of the Warsaw submarkets – only new office leasing deals were signed in this zone in H1 2023.
The business services sector is the most active group of tenants
The most active group of occupiers in H1 2023 was the business services sector (20% of total take-up), followed by IT companies (12%) and banking and insurance firms (10%). Firms offering business services had a strong preference for central locations, which accounted for more than half of the space they leased in H1. Financial services firms also opted for the centre of the city, while the IT sector tended to lease office space in the Służewiec and Jerozolimskie corridor zones. It is worth noting that most of the take-up by IT firms concerned renewals of existing leases in the aforementioned locations, rather than new leasing agreements. For example, the third largest deal of H1 was a renewal of the 7,100 sqm lease signed by Lionbridge Poland at the Taifun building in the Jerozolimskie corridor zone.
Small leasing transactions dominated the market in H1 2023, with the highest number of leases considering office space of below 500 sqm.
You will learn more about the office market in Warsaw in the Report: Warsaw Office Market – H1 2023
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