- Country Overview
- Poland Office Market
- Retail Market
- Industrial Market
- Investment Market
- Land Market
Dear Clients and Friends,
Although the first half of 2008 saw continued turbulence on financial markets and the credit crunch that troubled the real estate market in Western Europe, Poland has not noticed the negative influences on its commercial leasing market.
We have, however, noticed increased caution among companies making significant financial decisions, which has had the effect of prolonging the decision making process in terms of leasing, mainly in the office market. But, nevertheless we expect this year to end with high numbers of deals closed.
The Warsaw office market was witness to another record transaction – of almost 40,000 sqm leased by PKO SA at Lipowy Office Park. An Increasing number of transactions are now made outside Warsaw and the 160,000 sqm of new supply which appeared in regional markets in the past half a year is just a prelude to an expected investment boom in the coming two years. By the end of 2010 the total stock on regional markets should almost triple.
Also for the industrial market the first half of 2008 turned out to be successful. The level of activity was even better than the market predicted and exceeded the results reached in the same period of 2007. We expect high levels of demand, as well as increase of stock, in spite of the forecasted slow down of the economy.
We also expect fast stock growth in the retail market. In the coming years developers will deliver a significant amount of new retail developments in smaller cities with popullations under 400 000, and high growth in consumer spending and rising incomes are encouraging retailers to expand.
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At Colliers International Poland we have answered all these trends dynamically, adjusting our operational activities to market demands. At the end of the first half of 2008 – according to the previous plans made – we opened our regional office in Krakow, and the grand opening of our other regional office in Wroclaw is scheduled for the autumn.
Furthermore, as a result of active listening to our clients’ needs we created our new Land Department, which has successfully adviced clients on investment transactions regarding plots for industrial, office, retail, hotel and residential developments.
The first 6 months of this year were also very fruitful and full of spectacular successes for our Property and Asset Management Department which gained the most important and prestigious buildings in the biggest cities of Poland.
We are proud that so many clients chose Colliers International Poland as their business partner and that at the same time we had the chance to work again with companies that had chosen us in the past, because it is the number of returning clients that builds the strength of the service provider and its brand.
I am sure that both our clients and partners, as well as ourselves, will find the second half of 2008 as full of prospects as the two quarters already passed.
Real Estate Review (.pdf)
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