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The Warsaw Voice » Real Estate » April 8, 2009
Modern office space market
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Tenants, Developers Waiting for Better Days
April 8, 2009   
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As the economy slows, many tenants are taking their time signing lease contracts with developers. Meanwhile, real estate experts are advising them to sign pre-lease contracts for office space. This is because many developers have put their projects on hold until better times and companies may have problems renting large offices-with an area of 5,000 or so square meters-in a single building from the third quarter of the year.

The supply of modern office space in the center of Warsaw is at a low ebb. No more than 20,000 square meters of new space will be delivered to the market this year, analysts say. All around the city, developers plan to complete over 300,000 square meters of office space.

Rents in the city center are about 24-28 euros per square meter per month. Outside the center the average is 16 euros per square meter per month, according to international real estate services company Colliers international. Experts expect a gentle fall in rents in the city center and stable rents in other parts of the capital.

Ecological Atrium
A 14-floor office building known as Atrium City will open in the center of Warsaw in May as the next phase of the Atrium complex being constructed by developer Skanska Property Poland. The building, located on Jana Pawła II Avenue, offers 20,000 square meters of office space, 90 percent of which has already been let.

Atrium City is the only building in Poland that has been certified by the European Union as a GreenBuilding, meaning that it consumes at least 25 percent less energy than other office buildings in the country on average.

Toward Mokotów
Mokotów is one of Warsaw's fastest developing districts in terms of modern office space. Work to construct the six-floor A-class Racławicka Point office building is scheduled to begin this summer. Developer Capital Park Racławicka, part of the Capital Park Group, will deliver almost 2,000 square meters of office space and a 200-square-meter terrace.

Construction will take 12 months to complete. Depending on the tenants' needs, Racławicka Point will hold both open-plan offices and standard office rooms. The ground floor is dedicated to service outlets with a total area of 312 square meters. AGK Architekci studio designed the building.

In the third quarter of this year, the Park Postępu complex will open its doors to tenants. It is located at the intersection of Postępu and Domaniewska streets. This is a modern A-class office complex being built by Echo Investment. It consists of four buildings connected at ground floor level. Each of them has seven floors above the ground and two underground levels. The Park Postępu project was designed by Warsaw studio APA Wojciechowski. The total usable space of the building is 33,000 square meters. The complex will offer more than 800 parking spaces. About 50 percent of the complex has already been rented out.

Over the next eight years a complex of 12 office buildings with a total area of 200,000 square meters will be built on Poleczki Street in the Warsaw district of Ursynów. Called Poleczki Business Park, it will hold offices, retail outlets, bars, warehouses, garages and a hotel.
Poleczki Business Park is a joint project by UBM Realitätenentwicklung AG and CA Immo International. The complex will cost up to zl.1 billion to build. In the first stage of the project, office and retail space will be built by 2010. The whole project will be completed by 2015.

Wola welcomes investors
Many new office buildings will be constructed in the Wola district, which is slowly becoming the new business center of Warsaw. Among other projects in the area, Belgian developer Ghelamco Poland plans to build the Warsaw Spire, a 220-meter skyscraper at the intersection of Towarowa and Łucka streets. The building will be located next to the Hilton Warsaw Hotel and near the Museum of the Warsaw Uprising and other office buildings. The complex will deliver a total of 100,000 square meters of modern office space in a tower and two lower buildings. ghelamco Poland plans to start the construction right after obtaining a building permit.

The Warsaw Spire, designed by Jaspers Eyers & Partners, will be one of the city's tallest office buildings. The complex will be suited for office, service and retail functions. Beneath the skyscraper there will be a parking garage for over 1,000 cars. Inside, the complex will feature a vast green area with fountains and food-service outlets accessible to the general public.

Bright outlook for regional markets
Wrocław and Cracow are the most mature office space markets among Poland's regional cities, according to international real estate services company DTZ.

The total supply of modern space in Wrocław increased by more than 100,000 sq m in 2008, which marked the highest increase among Poland's regional cities, DTZ says. The runner-up was the coastal Tricity of Gdańsk, Sopot and Gdynia, with 49,600 sq m, and the third largest increase was reported in the central city of ŁódĽ, at 40,500 sq m.

Cracow's Quatro Business Park, with a total leasable space of 48,800 square meters, is the largest office complex under development in southern Poland. The complex, being built by developer Grupa Buma, will comprise four 14-story buildings in the northern part of the city on Gen. Tadeusza Bora-Komorowskiego Street. The project is divided into four stages and is scheduled for completion in 2012.

The Virako company is building a zl.100 million A-class office building at the intersection of Piłsudskiego Avenue and Kopcińskiego Street in ŁódĽ. The building, called Forum 76 Business Center, was started in April last year and will be finished this May. It will have seven stories with a total area of 12,000 square meters. Tenants will include Deloitte, Bank Zachodni WBK, and Bank Millennium. There will be conference rooms, parking for 125 cars, and a restaurant for tenants.

The Wzorcownia mall in the southwestern city of Wrocław is being expanded to include more than 3,200 square meters of office and service space. Offices and service outlets will be available on three floors in buildings B and C. Both buildings have underground parking garages and are wheelchair-accessible.

Magdalena Fabijańczuk
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