Undoubtedly, 2020 was a difficult and challenging year for the office sector in Poland. Although the first negative effects of the COVID-19 pandemic on the market were recorded in Q3 2020, the final quarter of the year saw the impact continue. Although most construction work is being carried out as previously planned, limited tenant activity, exceptionally high new supply, and the wide range of sublet office space on offer in Warsaw mean a further increase in the vacancy rate. Furthermore, due to the changing market conditions, many planned commencements remain temporarily on hold.
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