The Warsaw office market was relatively stable over Q2 2023. Leasing activity was at a similar level to Q1 2023 with the vacancy rate recording no significant change q/q. Due to limited new supply planned for FY2023 – approx. 72,000 m², as well as elevated fit out costs, the market witnessed an increasing share of lease renewals in total demand. In Q2 2023 alone, lease renewals accounted for 45% of total take-up.
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