In accordance with the latest CBRE report - Market View Warsaw Offices Q4 2016 summarising the fourth quarter of 2016, the high activity of developers is accompanied by stable demand. Tenants' activity was slightly lower than the record year 2015, although it still remained at a level of more than 750 000 sqm. - that situation was not observed in previous years. The availability of high-quality office space continues to attract new players to Warsaw, but the real challenge is to keep tenants in older office buildings. There is a noticeable trend of development of organisations that freely adapt spaces, rearrange existing one or rent larger offices.
There are areas which impact on the real estate market, we are not currently able to clearly estimate. We mean the uncertainty perceived in European countries and the new policy of the United States, unknown yet full. 2017 will be a year of challenges and test of the flexibility of the market. We are convinced that the construction companies remain active and the Warsaw office market will grow by a further 360 000sqm. The question is what will happen with tenants’ activity, but preliminary estimates indicate that it should be continued on the similar level.
Łukasz Kałędkiewicz, Senior Director, Advisory & Transaction Services, CBRE
Associate Director, Marketing & Communication CBRE