In 2023, despite subdued office transactional activity in Warsaw compared with the previous year, global real estate services firm Cushman & Wakefield reported an increase in lease transactions, reclaiming its top three status among commercial property advisers. In comparison with other European markets, office space density in Poland remains low, which bodes well for the growth of the Polish office sector in 2024.
2023 was the best year in terms of leasing volumes in the history of our Warsaw leasing team, with letting activity up by 28% on our peak year of 2021,”
says Anna Górska-Kwiatkowska, Partner, Head of Leasing, Cushman & Wakefield.
In 2023, the Tenant Representation team recorded the second-highest revenue in the company’s history. As a result, we entered 2024 with positive energy and hope to keep up this strong momentum,”
says Joanna Blumert, Associate Director, Head of Tenant Representation, Cushman & Wakefield.
Given the current market situation, such office leasing dynamics should come as no surprise. Due to weaker development activity and a long-term prospect of low office availability and rental growth which is already being seen in prime Warsaw locations, tenants want to secure office space for the coming years. Office downsizing caused by transition to hybrid work models and muted demand in 2023 have failed to offset a significantly stronger decline in new office supply, pushing vacancy rates steadily down,”
adds Paulina Misiak, Partner and Head of Warsaw Office Agency, Cushman & Wakefield
Office space density remains low
This is good news for us as the hybrid working trend continues. Significantly lower supply levels and high inflation are resulting in upward rental pressure and longer leases, presenting a better prospect for property owners waiting for capital to return to the market in the next few years,”
concludes Paulina Misiak.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.