WARSAW Office market report

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Magda Górecka
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RESEARCH H1 29 Highlights Though the Polish economy has been one of the strongest performers in Europe this year, demand for office space in Warsaw has

Prime office rents in the Warsaw now stand at 3 per sq m per annum, a drop of around 2 since the middle of 28.

1 RESEARCH H1 29 Highlights Though the Polish economy has been one of the strongest performers in Europe this year, demand for office space in Warsaw has nonetheless waned significantly. The weakening of demand is reflected in rental decreases. Prime office rents in the Warsaw now stand at 3 per sq m per annum, a drop of around 2 since the middle of 28. New space has continued to be added to the Warsaw market, with more than 17, sq m coming online during H1. The vacancy rate has edged upwards, to stand at.7. There was very little investment activity during H1. Prime office yields have softened further, and are currently in the range.

H1 29 www.knightfrank.com www.knightfrank.com.pl Warsaw region Warszawa Zachodnia 2 3 AL.

2 H Warsaw region Warszawa Zachodnia 2 3 AL. UJAZDOWSKIE KASPRZAKA Palace of Culture and Science WARSZAWA CENTRALNA WOLSKA PROSTA PROSTA SWIETOKRZYSKA MARSZALKOWSKA AL. JEROZOLIMSKIE Mirów AL. PRYMASA TYSIACLECIA WOLSKA Orgód Saski Powisle AL.JANA PAWLA II AL. SOLIDAR Mariensztat GÓRCZEWSKA WOLA Wiktoryn GROJECKA AL.JEROZOLIMSKIE Szczesliwicki Park Szczesliwicki BITWY WARSZAWSKIEJ WOŁOSKA Warszawa Zachodnia WORONICZA KONSTRUKTORSKA DOMANIEWSKA SIuzewiec MARYNARSKA RODZINY HiSZPANSKiCH SUWAK AL. JEROZOLIMSKIE MOKOTOW (incl. Slużewiec Przemyslowy) Zajezdnia tramajowa,

3 Market commentary Poland s economy is proving to be relatively strong in the face of the global economic slowdown. In contrast to nearly every other European country, Poland recorded positive GDP growth in Q1 29, at.4 quarter-on-quarter, and most available indicators suggest that the economy continued to grow in Q2. The economy s relatively low dependence on exports and robust levels of private consumption have helped it to escape the worst of the European recession, though deteriorating labour market conditions may become a growing cause for concern over the coming months. Despite the strength of the economy, the Warsaw office market has not been immune to the effects of wider European conditions, and demand for office space has fallen. Only 4, sq m of new leasing transactions were recorded in the first half of the year. An increasing feature of the market has been the number of companies renegotiating leases or subletting space. Prime rents in the have fallen from a peak of 384 per sq m per annum in the middle of 28 to stand at 3 per sq m currently. However, rents have dropped less sharply in non-central locations, with prime rents in and only around 3-4 down on mid-28 levels. Significant amounts of new supply have continued to be added to the Warsaw market, with over 17, sq m of offices completed during H1. The majority of the new developments are located away from the, most notably in. While there are still substantial levels of forthcoming space in the pipeline, developers have shown increased caution and a number of potential projects have been delayed. As a result of the slowing demand and continued development activity, the overall vacancy rate has risen from 3.7 at the start of 29 to reach.7 at the mid-year point. Investment market activity continued to slow during H1, with only a handful of major deals being concluded. The two largest transactions by far were Deka s acquisitions of the 9, sq m Grzybowska Park building for 7 million and the 21, sq m Deloitte House for 117 million. Deka s continued activity in Warsaw is indicative of the importance of the German funds within the Polish market, and those funds which have reopened since closing last year may become more active over the rest of the year. Though there is little evidence provided by recent transactions, prime office yields appear to be currently in the range of Table 1 Selected leasing transactions signed in H1 29 Property Sub market Tenant Size (sq m) Transaction type Sector Blue Office II Mazowiecka Spółka Gazownictwa 4,3 New Services Park Postępu (incl. Słu ewiec Abbott Laboratories Poland 3,6 Pre-let Pharmacy/medicine Empark (incl. Słu ewiec AstraZeneca 3,2 Renegotiation Pharmacy/medicine Focus Bristol-Myers Squibb 2, Renegotiation Pharmacy/medicine Zaułek Piękna Mazars & Guerard 2,3 New Professional services Trinity Park III (incl. Słu ewiec Teva/Pliva Kraków 2,3 Pre-let Pharmacy/medicine WFC Unicredit 1,98 Renegotiation Finance/banking Brama Zachodnia Generalna Dyrekcja Dróg 1,88 New Krajowych i Autostrad Empark (incl. Słu ewiec Sitel Polska 1,8 New Professional services Adgar Plaza (incl. Słu ewiec Antalis 1,2 Pre-let Empark (incl. Słu ewiec P4 1, New IT/telecommunications Empark (incl. Słu ewiec Stora Enso 1, New Table 2 Key investment transactions in H1 29 Property Rentable office area (sq m) Vendor Purchaser Price ( million) Deloitte House/Atrium City 19,6 Skanska Deka Immobilien Investment 117 million Grzybowska Park 9,1 AIG/Lincoln Deka Immobilien Investment 7 million Office building ul. Okopowa 6 1,72 Pirelli Pekao Real Estate Arka BZ WBK FRN FIZ II 4. million 4

4 H1 29 Table 3 Market data Area Average prime rent ( per sq m pa) Stock (sq m)¹ Vacancy rate ()² Vacant space (sq m) 3 1,171, ,66 (incl. Słu ewiec ,11.2 3, , , , ,766-7, ,32 Warsaw total 24 3,84, ,89 ¹Including owner occupied stock ²Vacancy rates reflect vacant space in leasable office premises, excluding owner occupied stock Figure 1 Warsaw vacancy rates 2 Figure 2 Prime office rents per sq m per annum 4 Figure 3 Submarket vacancy rates H H H1 29 Figure 4 New supply by location sq m (s) Figure Offices under construction by location and completion date sq m (s) Figure 6 Prime office yields 1,4 1,2 1, 8 6 to end H Warsaw total H1 29

5 RESEARCH Americas USA Bermuda Brazil Caribbean Chile Australasia Australia New Zealand Europe UK Belgium Czech Republic France Germany Hungary Ireland Italy Monaco Poland Portugal Romania Russia Spain The Netherlands Ukraine Africa Botswana Kenya Malawi Nigeria South Africa Tanzania Uganda Zambia Zimbabwe Asia Cambodia China Hong Kong India Indonesia Macau Malaysia Singapore Thailand Vietnam The Gulf Bahrain Warsaw Joseph Borowski Managing Partner +48 (22) 96 Monika A. Debska Chairman of the Board +48 (22) 96 Magdalena Czempińska Research +48 (22) 96 London Chris Bell Managing Director, Europe +44 () Joe Simpson Partner, International Research +44 () Matthew Colbourne Senior Analyst +44 () Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs. Knight Frank Research Reports are also available at KnightFrank.com Knight Frank LLP 29 This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Research. Knight Frank LLP is a limited liability partnership registered in England with registered number OC3934. Our registered office is Baker Street, London, W1U 8AN, where you may look at a list of members names.

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