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The Warsaw Voice » Real Estate » November 30, 2010
Office Market
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Market Density Uneven
November 30, 2010   
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Michael Okoń, Sales and Marketing Director, Marvipol S.A.

Market density is very uneven in Poland and in Warsaw especially. Taking the Warsaw office market, for example, we see some regions have developed better than others over the past 10 to 15 years. The Warsaw Business District (WBD) has over that time differentiated itself from the Mokotów Business Area. But is there anything to compare in other districts of Warsaw? On the whole, no. Those two areas have been silently chosen by companies or investment funds to be hot spots for business locations.

It’s been a rule for decades that new office space attracts tenants more than the old offices. Many times this has been a reason for owners to tear down old buildings and erect new ones on the same plots but with a different design and functionality.

In Poland we are experiencing more and more business entities entering the market. Those entities are both new market players and overseas companies starting their operations either in Poland or the EU in general.

This group of tenants accounts for the preliminary market space demand—the need for inexpensive space or lots of small space. There is also market demand generated by companies maturing and expanding their operations along with their number of staff and the space they require. All these groups of tenants influence the overall market demand.

What we see on the market today is that demand is constantly growing—despite the so-called crisis—and the level of supply of office space leading to the decrease of unleased space on the market.

There is very little office space in the north of Warsaw. So the area of Białołęka, Tarchomin, Bielany and Żoliborz seem to be the next hit points for office development companies, especially as there will be a new road connection—a northern bridge—linking two banks of the Vistula river.
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