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Jones Lang LaSalle presents the new edition of the Warsaw City Report. |
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Transaction volumes in Poland set a new record at around €4.5 billion
for 2006. Retail developers are looking for development opportunities
and sites driven by the favourable economic situation and significant
occupier demand. Office vacancy reached an all time low of 5.4% whilst
lagged construction activity is now booming in Non-Central districts.
The new Warsaw City Report provides a summary of the commercial real
estate sectors together with an overview of the investment market in
Warsaw and also for the first time, an overview of the hotel and
residential markets, contributed to by Jones Lang LaSalle Hotels and
REAS respectively. Jones Lang LaSalle has always aimed at addressing
the enquiries from the market and therefore, for the first time,
reviews of the residential and hotel markets were incorporated.
With regards to the office market, Anna Kot, Head of the Agency Leasing
and Tenant Representation teams at Jones Lang LaSalle, adds: “Strong
demand for office space coupled with limited office completions in the
recent years resulted in record decrease of vacancy in all Warsaw
submarkets. At the moment we are observing increased rental levels
especially in the most popular office locations such as the City Centre
and Mokotów. Prime headline rents in the City Centre will remain high.
Non-Central locations this year will be followed by significantly
increased development activity and therefore occupiers planning to
relocate after 2007 can expect more favourable terms than those moving
earlier.”
The retail market in Warsaw is the most developed amongst major cities
in Poland. Commenting on that sector, Anna Wysocka, Associate Director
at Jones Lang LaSalle’s Retail Agency said: “Development
activity in Warsaw has slowed down for the past several months which
was caused by such factors as planning restrictions for large scale
retail or the high competition among developers caused by the high
retail space density in Warsaw. During the last six months only one
shopping centre was opened in Warsaw, which was Złote Tarasy. Currently
there are several projects in the pipeline including: Centrum Familijne
in Skorosze of IIC, Fashion House Piaseczno Phase III of TOC or Wilanów
City Center of Prokom/Immochan.
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The increasing brand awareness of Warsaw and Polish customers,
together with changes in spending patterns and increased consumption is
making the retail market more and more attractive for retailers.
Together with the opening of Zlote Tarasy we have observed entries of
several new brands on the Warsaw market. These were for example; MAC,
Body Shop or Next operated by Alshaya Group or Bershka, Pull &
Bear, Stradivarius and Oysho of Inditex Group. Also from the food
sector there are announcements of such entries to the market as Costa
Coffee, Starbucks, the comeback of Burger King or the opening of Hard
Rock Café.”
2006 was also a spectacular year for the industrial market, especially
in terms of the number and size of lease transactions in the industrial
sector. “Apart
from Warsaw, Silesia, Poznań, Central Poland and Wrocław remained the
most popular locations in Poland in respect of leasing activity and
those regions also have considerable development potential due to the
current and proposed location of highways.” – added Beata Hryniewska, Head of Industrial & Logistics at Jones Lang LaSalle.
And finally, commenting on the property investment market, Tomasz Trzósło, Head of Investment at Jones Lang LaSalle concluded: “2006
was a fantastic year in terms of the number and volume of transactions,
especially in the office sector. There were a lot of spectacular
transactions, including the sales of Rondo 1, the Metropolitan, Warsaw
Trade Tower, Europolis office portfolio and Wiśniowy Business Park. The
market has matured, with the yield gap between Central and Western
Europe now closed. In 2007 we should see retail transactions taking a
much bigger share of the market but also more development, joint
ventures and forward purchases. This is because of the lack of core
product available for sale, especially in the office sector.”
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