Significant growth in office space in Q2 2021

office buildings

Ten post dostępny jest także w języku: polski

According to a recent study by PINK, eight major regional markets in Poland delivered 80.1k m2 of office space in Q2 of 2021. The demand reached 166,000m2, during the reported time.

Specifically, in the period April-June 2021, six investments with a total office space of 80.1k m2 were put into use. The largest developments completed during this period were:

  • Nowy Rynek D – 35,800m2 (Skanska) in Poznan;
  • Tertium Business Park III (B) – 13,400m2 (Buma) in Cracow.

Including five projects completed in Q1, more than 126,500m2 of office space has been delivered to the market since the beginning of 2021, according to data from the Polish Chamber of Commercial Real Estate (PINK).

In Q2 2021, demand for modern office space in eight markets reached 166,000m2. In H1 2021, the total demand for offices outside of Warsaw amounted to more than 264.2k m2. The market enjoying the greatest popularity among tenants was Cracow with demand registered in Q2 2021 at the level of 47.4k m2.

The vacancy rate at the end of the period was at the level of 13.4%, which gives a total of 792,500m2 of office space available for immediate lease, a level higher both q-o-q – by 0.8 pp. and y-o-y – by 3.2 pp. The highest vacancy rate was recorded in Lodz (18.3%), while the lowest – in Szczecin – 7.8%.

At the end of Q2 2021, the total existing stock of modern office space in the eight major regional markets amounted to 5,936,000m2. The largest office markets in Poland (after Warsaw), invariably remained:

  • Cracow – 1,599,200m2;
  • Wroclaw – 1,242,600m2;
  • Tricity – 924,000m2.

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