Figures

CEE Office Market Figures Q4 2023

CEE Office Market Figures Q4 2023

March 1, 2024 5 Minute Read

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Lower activity in the office segment was already visible in the 2023 delivery figures as annual completion volume fell to 506,000 sq m in CEE-5 capitals and 986,000 sq m in total CEE region (including Baltics-3 and SEE-4). Office development pipeline continues to be moderate, with many office developments stuck in planning stage. Take-up volume remained stable in CEE-5 capitals but individual markets differ a lot. As the wave of construction recedes, vacancy stabilizes or even decreases in some cities: the vacancy rate in Prague and Warsaw decreased by the end of 2023 (y/y), while in other capitals the rate moved out. Asking rents (for currently available office spaces) in the region stands between 14.0 and 16.4 EUR/sq m pm in the region, Warsaw is the leader with 16.4 EUR/sq m pm, followed by Prague with 16.0 EUR/sq m pm.