Cushman & Wakefield Polska Sp. z o.o.

The further development of the pandemic and the pace of vaccination will have a key impact on defining the direction of the office market development in the coming months, admit experts from the international consulting company Cushman & Wakefield in the summary of the first quarter of 2021 on the Warsaw office market.

Tenant activity has maintained a downward trend since the beginning of the pandemic. In the first quarter of 2021, they concluded contracts with a total area of ​​109,300 sq m. This result is the result of, inter alia, the third lockdown and the economic instability triggered by the Covid-19 pandemic.

The company's experts also emphasize that the situation in the office space market depends largely on the rate of vaccination and the development of the pandemic: It is worth noting that we are now at a point where individual countries are gradually starting to return to normal thanks to mass vaccination programs. Countries such as the United States, Great Britain and Israel have already achieved a high level of vaccination of the population, which has allowed them to defrost other branches of the economy, thanks to which many companies have decided to implement the processes of gradual restoration of work in their offices. In our opinion, this may constitute an important stimulus to resume the office space lease processes suspended by the pandemic, the effects of which we will be able to observe at the turn of 2021 and 2022 - says Jan Szulborski, Senior Consultant, Consulting & Research, Cushman & Wakefield.

The total tenant activity in the Warsaw market was 21% lower than in the corresponding period in 2020. Net demand, i.e. new contracts and expansions, in the first quarter of 2021 accounted for approx. 70% of all concluded contracts and was similar to the level recorded in the corresponding period last year.

Full report is available for download at: https://info.cushmanwakefield.com/l/263412/2021-05-11/3s8m1v

Cushman & Wakefield (NYSE: CWK) is a leading global real estate advisory firm providing services to tenants and owners of commercial real estate. Cushman & Wakefield is one of the largest real estate advisory firms, employing approximately 50,000 people in 400 offices and 60 countries around the world. In 2020, its revenues amounted to $ 7.8 billion. The most important services provided by the company include property, facility and project management, brokerage in space leasing, handling transactions on capital markets, appraisals and more. For more information, visit www.cushmanwakefield.com or follow us on Twitter: @CushWake