After a year of records, 2016 will be a year of challenge for the office makret

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1 Warsaw Offices, Q4 After a year of records, 216 will be a year of challenge for the office makret 4,68 mln sq m 12.3% 833,2 sq m 289,75 sq m Figure 1. Chosen office buildings completed in Q4 *Arrows indicate change from the corresponding quarter in the previous year.. Nowy Swiat 2. MARS FIZ Plac Zamkowy Business with Heritage Senatorska Investment Poleczki Business Park III UBM Table 1. Office market statistics 216 will be the year of new office projects in Warsaw, particularly in the City Centre more than 4, sq m of office area is scheduled for completion. High take-up level was maintained throughout the year, and in each of the three last quarters achieved over 22, sq m. The vacancy level remains stable and saw a decrease in Q4 in almost all of the office zones. A record high absorption resulted from a substantial number of new leases on the wave of growing demand, together with a moderate supply at the level of 227,6 sq m. Prime headline rents saw a decrease, this tendency may be continued throughout the first half of 216. Summary Stock 4,678,6 sq m completions 277,6 sq m 216 forecasted completions 44, sq m Space under construction 67, sq m Vacancy rate 12.3% take-up 833,2 sq m Source: CBRE / PORF, Q4 Q4 CBRE Research 216 CBRE sp. z o.o. 1

2 Chart 1. Warsaw office completions (in sq m) City Centre Non Central City Centre pipeline Non Central pipeline F 217F 218F Source: CBRE / PORF, Q4, F forecast Chart 2. Warsaw take-up by sectors (, in % sq m) Computers/ Hi-Tech 1% 8% 5% 2% 23% Financial services Manufacturing Industrial & Energy Professional services 15% 16% 21% Business services Consumer services & leisure Public sector Source: CBRE/ PORF, Q4 Other Chart 3. Vacancy level in Warsaw (%) 14,5% 14,% 13,5% 13,% 12,5% 12,% 11,5% 11,% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Source: CBRE/ PORF, Q4 Q4 CBRE Research 216 CBRE sp. z o.o. 2

3 F 217F MARKETVIEW CITY CENTRE NON CENTRAL PRIME HEADLINE AVERAGE HEADLINE TREND (EUR/SQ M/MONTH) Chart 4. Absorption versus completions in Warsaw (sq m) Completions Absorption p Source: CBRE / PORF, Q4, F forecast Chart 5. Warsaw gross take-up Central Non Central Forecast Source: CBRE / PORF, Q4, F forecast Q4 CBRE Research 216 CBRE sp. z o.o. 3

4 Figure 2. Warsaw office zones selected data NORTH (N) 26,8 52,8 9.3% 18. EUR FRINGE OF CC 867,1 215,1 11.9% 19. EUR PRAGA (E) 184,1 4,8 7.1% 15. EUR WILANOW (SE) 241,7 11.7% 14.5 EUR CBD 52,7 93,5 15.8% 23.5 EUR WOLA (W) 338,3 52,1 11.3% 16. EUR OCHOTA (SW) 86,5 17, 1.8% 16. EUR MOKOTOW (US) 1,38,1 44, 13.9% 14.5 EUR PULAWSKA (LS) 186,6 3, 1.5% 13.5 EUR ZONE OFFICE STOCK (SQ M) UNDER CONSTRUCTION (SQ M) VACANCY RATE PRIME HEADLINE RENT (EUR/SQ M/MONTH) Q4 CBRE Research 216 CBRE sp. z o.o. 4

5 Figure 3. Map of selected completed and under construction office schemes in Central Warsaw Source: maps.cbre.com No. BUILDING DEVELOPER AREA (SQ M) COMPLETED 1 Karolkowa BP Ablon Group 14,7 2 Nowy Swiat 2. MARS FIZ 4,2 3 Warsaw Spire C Ghelamco 2, 4 Carpathia Office House GD&K 4,7 5 Plac Zamkowy - Business with Heritage Senatorska Investment 3,9 UNDER CONSTRUCTION 6 Warsaw Spire A Ghelamco 57, 7 Q22 Echo Investment 46,4 8 Proximo Hines 28,7 9 Generation Park X Skanska Property Poland 21, 1 Prime Corporate Centre Golub Gethouse 2,1 11 Atrium II Skanska Property Poland 2, 12 Astoria Strabag Real Estate 17,6 13 Wronia 31 Ghelamco 16, 14 CBF Nowy Swiat MARS FIZ 16, 15 CEDET Immobel 14, 16 Nowe Koszyki Griffin Group 14, 17 Ethos Kulczyk Silverstein Properties 13, 18 The Tides Warszawskie Tow. Wioślarskie/Agmet 11, 19 Grzybowska 43 Wisher Enterprise 11, 2 KroLEWska S+B Gruppe 5,4 21 Hotel Europejski HESA 5,4 22 Smolna 4 Budizol 4,2 23 Poznanska 37 Icon Real Estate 4,1 Source: CBRE, Q4 CBRE Research 216 CBRE sp. z o.o. 5

6 Table 2. Selected office lease transactions in Warsaw Q4 BUILDING COMPANY SIZE (SQ M) TRANSACTION TYPE CBRE REPRESENTATION Microsoft Company House Microsoft 7, renewal Renaissance Plaza NetWorkS! 4,2 renewal v Domaniewska Office Park Alpha PORR Infrastructure 4,1 renewal Q22 William Demant 3,4 new v Bitwy Warszawskiej BC PZPN 2,6 expansion+renewal v Equator II WSiP 2,5 renewal Warsaw Financial Centre Enterprise Investors 1,7 renewal v Swede Center Vistra Corporate Services 1,7 renewal v Light House SCA 1,6 renewal v Millenium Plaza Groupon 1,6 Renewal v Gdanski Business Center D Zdrofit 1,5 new v Plac Unii AECOM 1,4 new v Proximo I Manpower 1,4 pre-let The Park B1 DAF Trucks Polska 1,4 new Batory Office Building II Bartrade 1,3 renewal Bitwy Warszawskiej BC Shell 1,3 renewal Plac Unii Compass Offices 1,2 new v Source: CBRE / PORF, Q4 CONTACTS CBRE OFFICE Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.