Polish market for offices grew at a record pace in 2017

Poland's market for office space grew by over 736,000 square metres in 2017, faster than ever, with the supply of modern office space totalling 9.7 million square metres, according to the consultancy firm JLL and Maciej Gorka, a real-estate expert.

"At the end of December 2017," JLL wrote, "the supply of modern office space in Poland reached 9.7 million square metres, with almost 4.4 million square metres available in the key markets outside Warsaw."

"Demand for office space increased on the back of fast-growing employment, generated, in part, by companies from the business services sector," the consultancy added.

Commenting on these figures, Maciej Gorka, director of development at the real-estate website, e-bazanieruchomosci.pl, said "the Polish market for office space has been expanding very dynamically for a number of years."

"At present, the market can be regarded as mature," he added, "because one can see a growing disparity between modern supply and old-generation office space."

Gorka noted this is due to the "investment sector, which is developing very well."

Last year represented an all-time high in terms of growing demand, but also in terms of how fast the supply increased, the expert said.

"Over the past two years, the supply of office space rose by more than 25 percent compared to 2015," he added, "which was a record year at the time."

Crucially, these new spaces are being carefully designed to help employees reach the desired productivity, which translates directly into the financial performance of employers.

"Poland is attracting enormous interest from investors in Central and Eastern Europe," Gorka said, "and so investment activity in the country grew by more than five percent."

According to the expert, "we can expect developers to remain very active in the coming years."