Warsaw’s total office stock approaches 64msf

About 314,000 square meters (3.4 million square feet) of new office space came to the Warsaw market in 2020, bringing the city’s total office stock to 5.9 million square meters (63.5 million square feet), according to Savills. This marks the second highest amount of space in the history of the Polish capital, following the previous peak in 2016. Despite increased caution being seen in the market due to the pandemic, many tenants have decided to upsize their offices. The proportion of expansions rose from 6.5 percent in 2019 to 8.7 percent in 2020.

As expected, in the aftermath of the pandemic, the share of renegotiations increased in second half 2020, but contrary to some fears, the leasing activity was not dominated by lease extensions. Office lease renewals were almost as frequent as relocations during the past 12 months, with occupiers from the transport, services and public sector being responsible for almost a third of all new leases.

“New leases, including pr