The Warsaw Voice » Real Estate » Monthly - November 8, 2002
REAL ESTATE
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Standing Out
A.R. By A.R.    
Construction is drawing to a close on the Saski Crescent, one of the most modern and technologically advanced office buildings in Warsaw.

Erected by AIG/Lincoln Polska, the facility will be the only office building in the Central Business District (CBD) to be completed next year.

The Saski Crescent building is located right along one of Warsaw’s main streets, Marszałkowska, in the direct vicinity of the Saski Garden and the finest historic part of the city. This A-class building will be 10 stories high, and its total office space will exceed 15,000 sq m.

“The Saski Crescent offers not only a prestigious location in the very center of the city with excellent transport connections, but also attractive architectural solutions and the possibility of effectively planning office space; for the future users, this will mean a major reduction in rental costs,” said Brian Patterson, managing partner at AIG/Lincoln Polska.

The suspended floor and ceiling technology used in the entire building will make it possible to arrange office space more flexibly. The “shared space” indicator for the Saski Crescent will not exceed 8 percent, which for tenants primarily means reduced costs and optimal space management. The characteristic architectural feature of the building, designed by APA Wojciechowski, are three glass fa˜ades, guaranteeing tenants plenty of sunlight.

The Saski Crescent building is expected to admit its first tenants in February 2003. According to Jones Long LaSalle (JLL) consulting company, the vacant space indicator in downtown Warsaw dropped from 18.5 percent in 2000 to 14.5 percent, and a further drop is expected until the end of 2002. This trend is the result of renegotiating the existing rental contacts and the absence of new office space. JLL expects a reduction in the vacancy rate in the center of the city to 13 percent. In the case of the CBD, the rate may fall below 5 percent by the end of the year.