GROWING DEMAND FOR OFFICE SPACE - A BUSY SUMMER FOR AGENTS
CBRE’s Office Agency has 25% market share in Warsaw
Warsaw, 8 August 2013 – CBRE, the world’s largest commercial real estate services company, has announced office market research results for H1 2013.
Demand on the Warsaw market grew by 12% compared to the same period last year – the figure stands at 334,000 sqm. CBRE’s office agency has gained a 25% share of the Warsaw market (based on participation in all office lease transactions), its biggest ever and for the first time is now the market leader.
The largest transactions conducted by CBRE in Warsaw include the lease of 13,000 sqm for Urząd Rejestracji Lekow (Drug Registration Agency) in Ochota Office Park, 4,300 sqm for Grupa Zywiec in Konstruktorska Business Center and 2,200 sqm for Ipsos in the Ambassador office building.
Lukasz Kaledkiewicz, Director, Office Agency at CBRE in Poland:
„The situation on the Warsaw market continues to favour tenants. Demand appears to have stabilized at a high level. However, supply of new office space allows us to expect that vacancies will continue to rise in Warsaw. This is forcing landlords to be more flexible as far as rental rates and financial incentives are concerned.”
Joanna Kalinowska, Director, Office Agency at CBRE in Poland:
„There is also a trend for companies with offices in the centre of Warsaw to extend their leases for short periods and to relocate to the outskirts. Looking for savings continues to be a priority for many companies, given the uncertain economic climate.”
CBRE also remarks upon the positive trend of state companies seeking and leasing modern office space. In the first half of 2013 public sector companies rented over 21,000 sqm, which constitutes 7% of total office space leased in that period. According to Joanna Kalinowska, the last few years have seen a system of concessions on the part of both landlords and this group of tenants, which has enabled contracts favourable for both sides to be signed.
Demand for office space is also growing in regional cities – in H1 2013 190,000 sqm of new office space was leased in eight of the largest office markets (Krakow, Wroclaw, Tricity, Poznan, Katowice, Lodz, Szczecin and Lublin). This is a 2% year-on-year.
CBRE’s Tenant Representation has also been very active outside of the capital. Its representatives finalized some of the biggest office leasing transactions, including leases by Dialog in Wroclaw, Acxiom in Tricity and Genpact in Szczecin.
Daniel Bienias, Head of Tenant Representaion and BPO Services, CBRE in Poland:
„An increasing number of tenants are relying on our team’s extensive know-how and experience of the commercial property market in Poland. Our comprehensive services are aimed at both small companies and large multinationals. Together with our dominating share of the leasing market, this allows us to shape the terms of lease agreements for our clients and obtain the best available solutions for them. CBRE also offers dedicated tools to support customers’ decision-making processes.”