![News Article BNP Paribas Real Estate leasing office Poland report Warsaw](https://cdn.property-forum.eu//image/articles/18820/1500/property_future_605_396_895_201-516.jpg)
New office projects with a combined leasable area of nearly 64,000 sqm were completed during H1 2024, with the volume soaring almost three-and-a-half times compared to the same period of 2023, according to a BNP Paribas Real Estate report.
Warsaw’s office supply is expected to grow by another 40,000 sqm by the end of 2024, further increasing the total office stock to 6.25 million sqm.
Gross take-up for H1 2024 amounted to 316,000 sqm, largely flat year-on-year and leasing focused on non-central locations that offer the best value for money.
At the same time, office vacancy was down 0.4 pp year-on-year to 10.9% at the end of H1 2024.
Asking rents were flat in the range of €18 to €27 per sqm, with prime office buildings in central locations commanding higher rents.
At the end of Q2 2024, the office development pipeline in Warsaw stood at more than 229,800 sqm, of which nearly 80,000 sqm was in buildings undergoing refurbishment and the remaining surface in new projects.
During Q2 2024, the biggest demand came from banking insurance & investment (26%), business services (14%), manufacturing (12%), IT products & services (8%).
The biggest office projects under construction in the city include Ghelamco’s The Bridge spanning 47,400 sqm and Strabag’s Upper One with a leasable area of 33,500 sqm.