Research Report OFFICE ZNAJDŹ2019 SWOJE NOWE BIURO GUIDE OFFICE ZONES WARSAW OFFICE ZONES The publication below presents a panorama of changes on the Warsaw office market. Zone Page In the past 2.5 years from the previous release CBD – CENTRAL of “Office zones guide” the market grew 3 by half million m2 whereas the vacancy rate BUSINESS DISTRICT fell from 14% to 8.5%. The office market CITY CENTRE 4 is growing dynamically breaking records 1 – City Centre North in categories of new supply and demand. 5 2 – City Centre East 6 3 – City Centre South The modern office supply in the capital city reaches 7 2 4 – City Centre West Map of zone illustrates concentratioon of office project existing in the market, under construction and planned ones. 5.5 million m and the record low availability rates indicate high tenants’ activity. Despite the large 8 amount of space under construction estimated EAST for 15% of modern supply the supply gap on NORTH the market is noticeable. In the last 30 months JEROZOLIMSKIE the level of new completions in the Warsaw 1 CORRIDOR 9 central zone accounted for only 180,000 m2, CITY CENTRE 5 – Upper whereas the take-up volume in this period has 6 – Lower CBD exceeded this number by more than five times. 4 WEST 2 EAST 5 MOKOTÓW Among the trends worth noting are consolidation 6 3 10 7 – Służewiec in the financial sector as well as the growing activity of coworking operators. Banks and JEROZOLIMSKIE MOKOTÓW NORTH 11 insurance companies centralize their operations CORRIDOR by choosing prestigious projects in the center of 7 ŻWIRKI the capital for their new headquarters - mBank in PUŁAWSKA 12 the Mennica Legacy Tower, Getin Noble Bank at I WIGURY CORRIDOR The Warsaw Hub C or Warta in the Warsaw Unit. CORRIDOR URSYNÓW, URSYNÓW, WILANÓW 13 Serviced offices and coworking sector in Warsaw WILANÓW was developing extremely active in the analyzed PUŁAWSKA 14 period. Transactions concluded by flex operators have CORRIDOR WEST exceeded the level of 100,000 m2. Most of them have located their modern designed offices in Śródmieście. ŻWIRKI I WIGURY 15 Decreasing vacancy rates in the center of Warsaw CORRIDOR and flexible rental model result in growing interest in this type of rental, also by corporate tenants.

Source: Colliers International, H1 2019. 2 Research Report Report | GUIDE| GUIDE - WARSAW - WARSAW OFFICE OFFICE ZONES ZONES | 2019 | |H1 Colliers 2019 International| Colliers International *Data excluding confidential agreements. Domination of tower projects - Prestigious location for tenants „the City” of Warsaw. Four high from the legal and advisory CBD – CENTRAL rise projects under construction services, as well as financial including the highest office sector. tower in the UE - Varso. BUSINESS DISTRICT Coworking and serviced offices Well-developed public transport concentration area - over network: underground, 50,000 m2 leased by the largest numerous and bus lines, international operators i.e. railway. Cambridge Innovation Center, New Work, Regus, Rent24, The highest level of rents and Spaces, WeWork. service charges in Warsaw. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 881 400 5.2 19-24

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 207,100 155,200

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) Varso Chmielna 69-73 HB Reavis 127,400 Skysawa Świętokrzyska 36 PHN 40,000 Widok Towers Jerozolimskie 144 S+B Gruppe 22,000

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type renegotiation Q22 Deloitte 22,100 and expansion Atrium Garden J.P. Morgan Services 15,600 new deal Varso II Cambridge Innovation Center 13,500 pre-let

DEMAND – MAIN SECTORS 2017 - H1 2019* FINANCE IT PRODUCTS PUBLIC MORE INFO SERVICES & INSURANCE & SERVICES SECTOR ABOUT >> BUILDINGS 36% 21% 11% 7%

Source: Colliers International, H1 2019. 3 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. Intensive residential One of the largest office parks developments and historical in Warsaw – Gdański Business CITY CENTRE ZONE premises of Old Town and New Centre (96,000 m2). 1 2 3 4 Town. NORTH EAST SOUTH WEST Planned office investments in Convenient public transport the proximity of PKP Warszawa network - railway, underground, Gdańska station and Rondo buses and ; dense network Radosława. of bicycle paths. Growing popularity of the zone The proximity of one of among tenants - significant fall the largest shopping centers in of vacancy rate and increase in Poland – Arkadia (103,000 m2). asking rents level. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 155,200 3.1 18.5-21

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 22,300 26,300

BUILDINGS UNDER CONSTRUCTION AND PLANNED Buidling Address Developer GLA (m2) Forest Burakowska 14 HB Reavis 76,300 Libero Burakowska 4 Green Property Group 28,000

LARGEST TRANSACTIONS 2017- H1 2019 Building Tenant Area (m2) Deal type North Gate Sanofi Zentiva 5,700 renegotiation and expansion M10 Office for Democratic Institutions 4,800 renegotiation and Human Rights Gdański Business Philip Morris 4,700 renegotiation Center II D and expansion

DEMAND – MAIN SECTORS 2017 - H1 2019* PUBLIC LIFE IT PRODUCT MORE INFO SECTOR SCIENCES SERVICES & SERVICES WIĘCEJABOUT INFO >>>> OBUILDINGS BUDYNKACH 22% 15% 13% 12%

Source: Colliers International, H1 2019. 4 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. A large share of parks and Luxury residential area - green areas, access to boutique projects offering CITY CENTRE ZONE Boulevards. unique conditions for recreation 1 NORTH 2 EAST 3 SOUTH 4 WEST and leisure. Convenient transport network - four bridges, the second Successful revitalization underground line, trams, buses, of Elektrownia Powiśle for railway. residential, office and service functions. Two main corridors through the city - WZ route and Wisłostrada. An attractive location for public sector companies. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 137,700 6.8 15-22

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 3,600 19,600

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) White Star Real EC Powiśle B1 Elektryczna 2a 3,600 Estate

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type The Tides Langas Group 2,200 expansion Sheraton Regus 1,820 renegotiation The Polish Bank renegotiation Nordic Park 1,740 Association (ZBP) and expansion

DEMAND – MAIN SECTORS 2017 - H1 2019* LIFE SERVICES SCIENCES RETAIL MEDIA MORE INFO ABOUT >> BUILDINGS 22% 15% 12% 11%

Source: Colliers International, H1 2019. 5 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. The prestigious character of Expanded public transport the zone – location of public network – underground, buses CITY CENTRE ZONE institutions, embassies and and trams. 1 2 3 4 ministries. NORTH EAST SOUTH WEST A successful revitalization 2/3 of existing office space and expansion of historic Hala older than 10 years - Puławska Koszyki for office, retail and Financial Center, Focus, services purposes. International Business Center, Europlex. Concentration of banks and financial companies. An extensive commercial offer in Plac Unii City Shopping. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 301,200 8.4 16-23

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 - 42,400

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Piękna 2.0 KNF 14,800 new deal renegotiation Renaissance Building Viacom 5,300 and expansion Zebra Tower mBank 4,700 new deal

DEMAND – MAIN SECTORS 2017 - H1 2019* FINANCE IT PRODUCT SERVICES & INSURANCE MEDIA & SERVICES

MORE INFO 30% 28% 12% 8% ABOUT >> BUILDINGS

Source: Colliers International, H1 2019. 6 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. Recently emerged Warsaw Popular direction for office hub - the largest consolidation of finance sector CITY CENTRE ZONE amount of office space under tenants - mBank, Getin Noble 1 NORTH 2 EAST 3 SOUTH 4 WEST construction, growing investors Bank, BGŻ BNP Paribas. interest. Planned service and retail offer: The existing and planned supply Towarowa 22, ArtN. concentrated in the proximity of Rondo Daszyńskiego. Convenient public transport accessibility – trams, buses, Almost half of existing buildings trains. the second underground larger than 15,000 m2 GLA. line. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 680,700 5.3 16-24

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 416,100 141,900

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) The Warsaw Hub Rondo Daszyńskiego Ghelamco 75,000 Warsaw Unit Pańska 112 Ghelamco 55,000 Mennica Legacy Golub GetHouse & Pereca 21 62,000 Tower Mennica Polska

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type The Warsaw Hub C Getin Noble Bank 18,500 pre-let The Warsaw Unit Warta 17,600 pre-let Mennica Legacy Tower WeWork 14,200 pre-let (West Building)

DEMAND – MAIN SECTORS 2017 - H1 2019* FINANCE IT PRODUCT MORE INFO & INSURANCE SERVICES & SERVICES MANUFACTURING ABOUT >> BUILDINGS 33% 32% 13% 6%

Source: Colliers International, H1 2019. 7 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. New entrepreneurship Well-developed transport development centres – Google network in the central part EAST ZONE Campus, Business Link in PGE of the zone - the second Narodowy, CK Targowa. underground line, the railway, allowing to reach the city Revitalization and activation of centre in a few minutes. post-industrial areas - Koneser, Soho Factory and Bohema Existing office projects, mainly attracting tenants. B-class, concentrated in the areas of Warszawa Wileńska An alternative business location and Warszawa Wschodnia – large potential for development stations, as well as along of office buildings. Ostrobramska street. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 240,100 7.0 11-15

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 27,800 32,800

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) Koneser M & N Ząbkowska 27/31 BBI Development NFI 18,100 Bohema Szwedzka 20 Okam Capital 7,000 Soho Grochowska 316/320 White Star Real Estate 7,700

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Koneser (building O) Kantar 4,900 pre-let Koneser (building M) Spaces 4,600 pre-let Koneser (building H) RK Legal 3,100 new deal

DEMAND – MAIN SECTORS 2017 - H1 2019* IT PRODUCT TRANSPORT SERVICES & SERVICES MANUFACTURING & LOGISTICS MORE INFO ABOUT >> BUILDINGS 60% 12% 12% 9%

Source: Colliers International, H1 2019. 8 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. Over 2/3 of office space located The proximity of Dworzec along main transport artery – Zachodni railway station and JEROZOLIMSKIE CORRIDOR Al. Jerozolimskie. access to departure routes from Warsaw and city bypass. 5 UPPER 6 LOWER 65% of existing supply operating within office parks Large concentration of retail i.e. Eurocentrum, Kopernik, and service offer– Miasteczko Orange, The Park, Blue City, Atrium Reduta, Makro, West Station. Decathlon, E.Leclerc.

High parking ratio in the office buildings. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 711,900 5.5 12.5-16.5

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 27,600 101,600

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) The Park Warsaw B7 Krakowiaków 50 White Star Real Estate 10,800 Libra Business Center II Daimlera Gottlieba 2 Mermaid Properties 9,800 Flanders Business Flisa 6 Liebrecht & Wood 7,000 Park C

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Łopuszańska renegotiation Alior Bank 13,400 Business Park B and expansion West Station II Diebold Nixdorf 9,800 new deal Blue Office Media Saturn Holding 8,000 renegotiation

DEMAND – MAIN SECTORS 2017 - H1 2019* IT PRODUCT FINANCE MORE INFO & SERVICES & INSURANCE MANUFACTURING RETAIL ABOUT >> BUILDINGS 22% 19% 14% 12%

Source: Colliers International, H1 2019. 9 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. The largest office zone - 77% The proximity of airport and of supply concentrated within fast city railway (SKM). MOKOTÓW ZONE the Służewiec subzone offering over 1.1 million 2m . Dynamic development in 7 SŁUŻEWIEC Czerniaków Południe area - One of the lowest effective new office projects i.e. rent rates – attractive incentive Moje Miejsce, Witosa Point packages for tenants. and potential for new investments along ul. Chełmska Modernization of ul. Marynarska and Al. Becka. and new public-private partnership initiatives improving High parking ratio in office traffic and accessibility in buildings. Służewiec. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 1,450,400 15.1 10.5-15

SPACE UNDER 3-YEAR AVERAGE CONSTRUCTION (M2) DEMAND (M2) 65,100 211,400

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) FineTech Construction DSV HQ Taśmowa/Marynarska 33,000 & Fundamental Group. P 180 Domaniewska/Puławska Skanska Property Poland 30,300 Moje Miejsce II Beethovena/Witosa Echo Investment 17,400

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Harmony Office Centre A Millennium Bank 18,300 renegotiation Marynarska 12 Citi Service Center Poland 13,300 renegotiation renegotiation Postępu 14 Astra Zeneca 13,200 and expansion

DEMAND – MAIN SECTORS 2017 - H1 2019* FINANCE IT PRODUCT MORE INFO & INSURANCE MANUFACTURING SERVICES & SERVICES ABOUT >> BUILDINGS 18% 17% 17% 16%

Source: Colliers International, H1 2019. 10 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. The smallest office zone in the Residential villa housing with capital city. office functions offering small NORTH ZONE space modules of 200–500 m2. Six underground stations within zone boundaries, the proximity The average office space in of departure routes from existing projects below Warsaw. 5,000 m2.

Existing office projects with an Growing interest from tenants established market position– representing public sector and Athina Park, Akacjowy Park, media. Żoliborz One. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 125,400 6.0 12-15.5

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 23,400 15,200

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) Prymasa Prymasa Tysiąclecia 83 PHN 13,500 Tysiąclecia 83 Vizja Park Okopowa 59 Vizja Park 8,000 Żoliborz Business Krasickiego/ Żoliborz Business 4,200 Concept Powązkowska/Elbląska Concept

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Galeria Młociny Inter Cars 6,000 new deal Klif Tower Infor PL 4,300 renegotiation Athina Park DDB 3,500 renegotiation

DEMAND – MAIN SECTORS 2017 - H1 2019* PUBLIC MORE INFO SERVICES SECTOR MANUFACTURING MEDIA ABOUT >> BUILDINGS 23% 22% 19% 19%

Source: Colliers International, H1 2019. 11 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. Quick access to the Chopin The dominance of small office Airport, convenient traffic projects integrated into low-rise PUŁAWSKA CORRIDOR connections to the A2 - South multi-family housing. Bypass of Warsaw. Popular location for 60% of office projects located manufacturing and logisitics along Puławska street, low companies. capacity of zone’s main artery. 40% of existing supply High availability of parking concentrated within Poleczki spaces for tenants. Business Park office complex. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 204,800 8.0 11-13

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 7,000 16,300

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) Poleczki Business Park - Stockholm Poleczki 35 UBM 7,000

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Poleczki Business Park ILF Consulting 4,200 renegotiation Berlin & Warsaw Engineers Poleczki Business Park Tetra Pak 2,200 renegotiation Berlin & Warsaw Platan Park I Mettler Toledo 1,600 expansion

DEMAND – MAIN SECTORS 2017 - H1 2019* TRANSPORT IT PRODUCTS SERVICES MANUFACTURING & LOGISTICS & SERVICES

MORE INFO 29% 27% 18% 13% ABOUT >> BUILDINGS

Source: Colliers International, H1 2019. 12 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. The recognized residential Planned extension of the location, a large share of Warsaw South Bypass and URSYNÓW, WILANÓW ZONE young inhabitants. tram line to Wilanów.

Quick access by underground The largest office projects – from Ursynów to Śródmieście Royal Wilanów, Wilanów Office - five stations of the first line Park, Natpoll. within zone. Activation of space around 2/3 of existing office supply new office buildings in younger than 10 years. Wilanow allows to open the projects for local community. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 128,600 12.6 12-14

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 – 9,500

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Karczunkowska Office Park Totalbud HQ 3,100 owner occupier BE FREE Network 3,100 new deal BE THE ONE New Work 3,100 new deal

DEMAND – MAIN SECTORS 2017 - H1 2019* TRANSPORT SERVICES CONSTRUCTION & LOGISTICS RETAIL

MORE INFO 20% 20% 16% 11% ABOUT >> BUILDINGS

Source: Colliers International, H1 2019. 13 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. A large land bank for future Planned modernization of PKP office functions development, railway line from Warszawa WEST ZONE some built for residential Gdańska to Warszawa purposes– Odolany, Chrzanów. Zachodnia.

The successive stations of Buildings leased entirely for the second underground line corporate headquarters - 50% under construction, convenient of the existing supply connection to the highway and in the zone. the S8 route. Increasing interest of tenants 81% of office space older from the public and transport than 10 years. & logistics sectors. Map of zone illustrates concentratioon of office project existing in the market and under construction ones. RENT (EUR/M2/ SUPPLY (M2) VACANCY RATE (%) MONTH) 227,900 4.1 12-14

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 24,500 19,000

BUILDINGS UNDER CONSTRUCTION AND PLANNED Building Address Developer GLA (m2) Wola Retro Skierniewicka 16/20 LC Corp 24,500

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type Airtech Business Park III Przewozy Regionalne 3,800 new deal Renaissance Tower Exorigo 3,100 new deal Wola Retro New Work 2,200 pre-let

DEMAND – MAIN SECTORS 2017 - H1 2019* PUBLIC IT PRODUCT TRANSPORT SERVICES SECTOR & SERVICES & LOGISTICS

MORE INFO 29% 28% 12% 11% ABOUT >> BUILDINGS

Source: Colliers International, H1 2019. 14 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. The proximity of Chopin Airport, A significant part of the the availability of rail transport: existing office supply requires ŻWIRKI I WIGURY CORRIDOR two fast city railway lines modernization - renovation (SKM), Mazowieckie Railways. works in older projects i.e. Wiśniowy Office Park. The largest buildings: Business Garden, Lipowy Office Park, High concentration of office Aeropark, Centrum Okęcie. parks – 65% of existing supply.

Recognized location for The concentration of green companies from manufacturing areas in the office projects. sector and those providing services for airport business. Map of zone illustrates concentratioon of office project existing in the market and under construction ones.

SUPPLY (M2) VACANCY RATE (%) RENT (EUR/M2/MONTH) 298,400 11.8 12-14.5

SPACE UNDER AVERAGE ANNUAL CONSTRUCTION (M2) DEMAND 2017 - H1 2019 – 43,000

LARGEST TRANSACTIONS 2017 - H1 2019 Building Tenant Area (m2) Deal type PLL LOT HQ LOT 11,800 renegotiation Wiśniowy Business Johnson&Johnson 7,200 renegotiation Park F Janssen-Cilag Business Garden 6 Wirtualna Polska 7,000 new deal

DEMAND – MAIN SECTORS 2017 - H1 2019* TRANSPORT LIFE FINANCE MANUFACTURING & LOGISTICS SCIENCES & INSURANCE 26% 16% 13% 10%

MORE INFO ABOUT >> BUILDINGS

Source: Colliers International, H1 2019. 15 Research Report | GUIDE - WARSAW OFFICE ZONES | H1 2019 | Colliers International *Data excluding confidential agreements. FIND YOUR NEW OFFICE

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