During Q3, the modern office space stock located outside of Warsaw grew by less than 20,000m². Throughout this period, tenants have leased over 113,000m² of space, mainly through the signing of new contracts, or by contract renewals. Office employees have slowly been returning to the offices, tenants were waking-up to the new, hybrid reality and owners of office buildings and property managers began to deliberate more and more about rising utility costs. This is what the 3rd quarter snapshot mirrors in the regional office markets, as per the summary prepared by BNP Paribas Real Estate experts.
Office buildings must be more climatically and socially responsible. Investors, developers, managers and tenants are increasingly appreciating ESG and taking into account environmental factors, social responsibility and that corporate governance is not just a flash in the pan or worse still greenwashing, but a new normality that is here to stay. It is influenced not only by new regulations, but also by a fundamental change in our approach toward the environment. Of course, we are only at the very beginning of a transformation phase, but we can readily see, that projects carrying the ESG stamp will have better recognized and thus will have a greater value
Mikołaj Laskowski, Head of Office Agency, at BNP Paribas Real Estate
Despite the renewed interest from tenants, especially when compared to 2020, we are still witnessing a great deal of caution when making decisions. This affects and will have a significant impact on the time delay required to conclude agreements for projects. Consequently, the IT sector, and modern business services, remain the most active in the search for offices, even in a situation where the current working model is hybrid, particularly because these two sectors have been ‘acquaintanced’ with a hybrid work approach for a long time before pandemics
Klaudia Okoń, Consultant at the Business Intelligence Hub & Consultancy department