Cushman & Wakefield has released its Q1 2023 Warsaw office market report, stating that the Polish capital came third among key European office locations for office take-up.

Warsaw is entering a phase of renewing leases made in the peak years of 2018-2019. Another positive development is the prospect of several new construction starts in the city’s central zones. According to Cushman & Wakefield, new projects will experience the strongest upward pressure on rents.

Total office take-up for the first three months of 2023 amounted to almost 159,000sqm, down by 40% from the same time in 2022. This result, however, put Warsaw in third place in Europe, behind Paris and London, but ahead of Berlin, Prague, Madrid, Munich, Hamburg, Frankfurt and Rome.

In the first quarter of 2023, the total office stock in Warsaw was 6.26m sqm. Cushman & Wakefield estimates that this year the Warsaw office market will expand by around 66,000sqm to be delivered across seven office projects. Of that total, as much as 80% will come on stream in non-central zones. The number of projects underway is, however, relatively low compared to the development activity recorded in the years 2012-2022.