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BNP PRE - quarterly reports - AAG Office WAW Q1 2023

Warsaw's office market remains active. Approximately 159,000 sqm of offices were leased in the first quarter of 2023. The business services, logistics and processing and energy sectors are responsible for half of the demand registered in that period. However no new construction was delivered to the market in the first 3 months of the 2023 year, total office supply in the capital now stands at 6.24 million sqm. Only 73,000 sqm of new space is scheduled to be delivered throughout 2023. Thus, a supply gap is widening in the market. The vacancy rate remains at the same level as at the end of last year, at 11.6%.

 

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