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According to estimates from the advisory firm Cushman & Wakefield, in 2024, approximately 78,000 square meters of new office space are expected to be completed in Warsaw, along with about 229,000 square meters in regional cities.
Analysts note dynamic changes in the Warsaw office market. Currently, there are around 236,000 square meters of new office space under construction, which represents a significant decrease compared to the pre-pandemic period. Similar trends are observed in regional cities, where a decrease in the number of new office projects is also noted.
Looking at the fourth quarter of 2023, the total supply of modern office space in the Polish market was approximately 12.9 million square meters. However, the total area of projects completed in 2023 was 47% smaller than in 2022. Kraków and Wrocław saw the largest increase in office space, pushing Warsaw to the third place in terms of new projects.
It is emphasized that the downward trend in the construction of new offices continues, which may result from investors' cautious approach to new projects. The vacancy rate at the end of 2023 slightly increased, indicating a higher level of vacancies in the office market. Warsaw demonstrated a lower vacancy rate compared to regional cities, where an increase in this indicator was observed.
Despite some challenges related to vacant space, the average available office space in all analyzed markets increased by 6% compared to the end of 2022. Despite some challenges related to vacancies, this growth indicates a growing interest in the office market in Poland.
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Forecasts for the Office Market in Poland for 2024
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