Warsaw office market reacts to pandemic

Demand for office space in Warsaw in the first three quarters of 2020 was 35 percent lower than in the corresponding period of 2019, and a growing volume of office space has become available for sublease, according to JLL.

“The current dynamics on the Warsaw office market is different from the one we had been used to in previous years,” said Mateusz Polkowski, head of research and consulting, JLL. “Demand between the first and third quarter decreased by 35 percent compared to the corresponding period in 2019. At the same time, the pandemic additionally contributed to the expected increase in the vacancy rate, which is largely related to the significant volume of new supply. It is worth remembering, however, that the projects planned for the next few years will not have the scale of those that are now being delivered or are under construction, which should compensate for possible shortfalls in demand.”

Between the first and third quarter of this year, a total of