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New tenants in Warsaw’s Horizon

Karolina Samczyńska • 23/02/2024

Horizon, one of the most iconic office complexes in Warsaw’s Mokotów district owned by Union Investment Real Estate, has in recent months signed up four new tenants who will take offices with a combined area of nearly 2,500 sq m. The lease for over 1,000 sq m with Staleks, which was finalized at the end of 2023, was one of last year’s largest office transactions in this district. Global real estate services firm Cushman & Wakefield is the letting agent for Horizon.

Horizon building facade

2023’s office leasing activity in Warsaw – measured by the number of deals closed - was up by 18% compared with 2019. Although it was dominated by transactional activity in central locations, Horizon shows that its high technical standard, location by a slip road to the capital’s ring road and flexible lease offers are also well aligned with corporate real estate strategies.

The new leases were signed in recent months by Staleks - assisted in the transaction by AXI Immo, Pekao S.A., Baseus, and Pilkington (the company will move into the building in April this year). In addition, Bracco extended its presence in Horizon by taking some additional space.

“Having taken stock and adapted work models to changing market environments, companies are now more confident about deciding whether to stay on or relocate to a new office. They clearly know what the needs of their teams and their financial capabilities are, and are committed to providing employee amenities such as easy commutes, public transport and access to a vast array of infrastructure facilities near the workplace. Their other priorities are to save energy and reduce service charges,” says Katarzyna Evans, Leasing Manager, Office Agency, Cushman & Wakefield.

To address diverse approaches of tenants to leasing space, the landlord offers flexible lease terms.

“Companies have various strategies – some opt for long leases on account of high office fit-out costs while others prefer short-term commitments. That’s why the owner of Horizon currently agrees to negotiate even one-year leases,” adds Katarzyna Evans.

Companies prefer to delegate the comprehensive office fit-out process

According to Cushman & Wakefield’s Office Fit-Out Cost Guide - EMEA, office fit-out accounts for approximately 56% of all projects costs, with furniture and audiovisual/IT constituting 18% and 14% respectively. Faced with high and rapidly changing costs of materials and services, tenants value the opportunity to outsource the fit-out of leased offices to experienced experts who will keep an eye on a budget and have a team of proven subcontractors. Cushman & Wakefield’s Project & Development Services (PDS) team is responsible for delivering fit-out works in newly leased offices.

“The key challenges of commercial fit-out projects are invariably turnaround times and tight schedules. By delivering projects under a Design & Build procurement route which involves responsibility for both a detailed design and comprehensive construction works, we are better placed to meet these challenges. An additional advantage in the case of Horizon is that Cushman & Wakefield is also the property manager for the complex – through close cooperation and a good understanding of our respective duties we are able to act even more swiftly,” says Karol Nowak, Senior Project Manager, Project & Development Services Poland, Cushman & Wakefield.

Horizon, which is situated at ul. Domaniewska 39A in Warsaw, offers 35,000 sq m of high quality office space, including services on the ground floor. Horizon also provides ample end-of-trip cycling facilities. It is located close to the Galeria Mokotów shopping centre (officially “Westfield Mokotów”), which has a range of restaurants, shops, services and fitness amenities.

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