The office market in Warsaw saw a minor recovery over Q3 2023, when compared to H1 2023. Leasing activity recorded a small increase q/q, with the vacancy rate seeing a dip of 0.8% q/q. Limited new supply planned for FY2023 of approx. 72,000 m², as well as elevated fit out costs, had an impact on the share of lease renewals in total demand. The renewals represented approx. 43% in Q3 2023’s take-up.
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