Take-up in Warsaw reaches 91,400 m[sup]2[/sup] in Q3

Leasing activity in the Warsaw office market amounted to 91,400 m² in the third quarter of this year, a historically high level but down on the volumes seen in the first and second quarters, according to figures issued on Wednesday by the Warsaw Research Forum. New leases accounted for about 80% of activity, while renegotiations of existing contracts accounted for 13% of total take-up. Contracts for office expansion provided 5.7 % of total activity.

A relatively small amount of new office space was completed in the city during the third quarter of 2007. Four buildings were delivered to the market, offering a total of 42,930 m2, much of which came to the city-centre core district. Here Skylight, the second office phase of Zlote Tarasy, was completed, adding some 19,530 m² to the office market. The vacancy rate in the city rose to 3.6% during the quarter, up 0.5% on the previous three months. In the Central Business District the vacancy rate increased considerably to 7.7% as a result of the completion of Skylight, which was wholly unleased.