Poland facing office space glut

Warsaw

POLAND'S commercial property market faces "growing imbalances" as developers add new projects even as supply outstrips demand, the central bank said.

Commercial real estate prices in Poland continued to decline "slowly" in the third quarter, while the vacancy rate in rented office space has increased to almost 14 per cent in Warsaw, the Polish central bank said in a report. "The office market has experienced a boom in space growth, which has led to a significant vacancy rate," the bank said. Even so, "developers continue to build new offices".