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September 2007
Rzeczpospolita, 09/03/2007
Polish subsidiary of large development company BSR announced its plans to build a large shopping mall in the new Wilanów City. It is supposed to contain supermarket, shops, banks and restaurants. The size of the new shopping center is estimated to 35,000 square meters and the cost of development should amount to about PLN 200 million. The development will be set in the place previously designed for Auchan, where the French company, had planned to build a new hypermarket. The investment is planned to be completed by the end of year 2009.
Dziennik, 09/04/2007
Several new office building developments are planned in the industrial part of Służewiec district in Warsaw. They will be an extension of the office park located in this part of the city, within the streets Domaniewska, Postępu, and Cybernetyki. Bouygues Immoilier Polska and Acconia are two companies investing in developments on the opposite sides of the Konstruktorska street. They plan to build two separate office centers, but especially Acconia faces some problems with acquiring land development permission because of local organization protests. At this moment the site is being prepared for new construction and old buildings are being demolished. Also other developers are interested in neighboring land and plan to build other developments.
Dziennik, 09/11/2007
The volume of transactions in the office market this year is expected to be much lower than a year before. The biggest transactions this year were Trinity Park II and Focus Filtrowa buildings in Warsaw. Capital city is still the main market for office building transactions with the share of 75 %. However, smaller cities are gaining importance and investor’s interest because of the higher rates of return are expected. Investors look for opportunities even in such cities as Szczecin, Lublin and Bialystok.
Puls Biznesu, 09/11/2007
According to some analysts there is no risk of a mortgage crisis in Poland. Although the prices of flats are no longer rising dynamically and interest rates have increased, the situation in Poland in the mortgage market is better than it was in the United States. Bad debts account for only 1,5 % of credits and this figure is not supposed to rise significantly thanks to careful lending policy, and relatively demanding conditions used by banks to estimate the creditability of their customers. The other factor improving the situation is a continued excess of demand over supply for apartments.
Gazeta Wyborcza, 09/18/2007
Major Belgian developer Ghelamco is planning to develop two new skyscrapers in Wola district in Warsaw. The project called Art Park will be placed on plot a of 2,2 ha, which was bought last year. Old buildings are already demolished and the plot is ready for further development. However the construction will not start soon because Ghelamco is still waiting for the development conditions which were supposed to be prepared by local authorities
Dziennik, 09/18/2007
Western part of Wola district in Warsaw is becoming a new popular location among developers of residential buildings and their clients. Now there are 2 thousand flats under construction in this area and several new projects are being planned. The biggest developers active in this part of Warsaw are J.W. Construction which builds 900 apartments and Dom Development with more than 500 apartments under construction. The main advantage of newly constructed buildings are relatively low prices which vary from PLN 6,5 thousand and PLN 10 thousand. The main disadvantage of this location is that it is a post-industrial neighborhood and lacks good access to the city center. This however can change in several years if planned road developments come of completion.
Gazeta Wyborcza , 09/19/2007
According to the research conducted by Cushman & Wakefield, the rate of unoccupied space within office buildings in the Central Business District area in Warsaw fell this year below 3 %. It means they are now at a lower level than the end of the previous year when the rate accounted for 5,37 %. The vacancy rate is expected to stay at this low level in coming years within the Central Business District because not many new developments are now under construction. The main office buildings in Warsaw are being developed outside the city center, and there the vacancy rate is expected to rise – till the year 2010 it can even reach the level of 10%. Present situation in the city center causes rents to rise quite fast and they are expected to reach even EUR 30/m2, however the pace of price increases outside the city center is much lower.
Dziennik, 09/25/2007
The market retail space in Poland is expected to reach its high score this year. So far the volume of transactions is estimated to EUR 1 billion, but the main transactions are expected to be made in the late autumn. So far one of the main transactions in the market was made by Polonia Property Found which bought The Outlet Company shopping center in Piaseczno near Warsaw. The leader in terms of transaction volume is this year PBW II Real Estate, which took over control of Wola Park for ca. EUR 146 million. As we can see from these examples the main buyers are international investment founds, but such big transactions are nowadays rare. The analysis shows that the majority of transactions concerning retail market were made outside Warsaw, mainly in smaller regional towns. It is expected that next year the main transactions will occur between big investors such as investment founds and the volume of newly built and sold retail centers will fall.
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