ARTICLES LABELLED WITH TAG Poland

As of the end of 2023, Warsaw remains the leader in Poland’s office market, but the 61,000 sqm (-74% y/y) completed in the last 12 months was one of the lowest results in its history, says Axi Immo. The developer’s lower activity period seems to be over, as by 2026, some 150,000 sqm of new supply should be delivered each year. After a very good 2022, 2023 was not much worse. Between January and December 2023, tenants signed contracts for about 750,000 sqm, meaning the total volume of transactions was slightly 13% lower than the year before. Continued low supply in 2023 and stabilizing demand reduced the vacancy to 647,000 sqm (-11% y/y).

The LIXA E office building, built as part of the office complex near Warsaw’s Daszyński Roundabout, has been granted a use permit. The building developed by Yareal Polska has provided the Warsaw market with almost 18,000 sqm of office space.

Palmira has acquired a property in Kragola, between Poznań and Łódź, for the European Core Logistics Fund (ECLF). Built in 2014 and tenanted by Eurocash S.A., the asset provides around 38,100 sqm of hall space and 1,600 sqm of offices. The vendor was Mirae. The parties have agreed not to disclose the purchase price.

Governments in Hungary and Poland have introduced new and renewed schemes to push the local housing market. The mortgage market has already shown some positive signs in both countries. However, the residential markets still face several problems which can not be solved quickly, says Guy Dymschiz, co-CEO of Duna House Group, active in Hungary and Poland.

Revetas Group announced a new partnership with Antonio Pomes, who joined the Revetas team as Director-Country Head Poland in the Portfolio Management department. In his new role, Mr. Pomes will be responsible for overseeing the Polish portfolio of assets, including Trinity One in Warsaw, Bonarka for Business “B4B” and Buma Square in Kraków. 

Only 60,900 sqm of office space was completed in the Polish capital in 2023, the lowest total in the history of the Warsaw office market. Savills also notes that development activity in Warsaw picked up in the second half of last year in response to a prolonged period of undersupply. In the most optimistic scenario, approximately 445,000 sqm of new office space will be delivered onto the Warsaw market in 2024–2026. 

V Tower is the new name for Warsaw's well-known office building, formerly known as Warta Tower. The renaming of this complex at 85/87 Chmielna Street is just one stage of the revitalization project led by Cornerstone Investment Management. As part of the modernization process, the property is to be equipped with modern systems and solutions, meeting the standards of ecological and technological certifications, 

LCube enters 2024 with projects planned on purchased plots with a potential of 100,000 sqm and has secured additional land of about 65 hectares, which will enable the construction of another 300,000 sqm of warehouse space. Negotiations are also underway regarding another 20 hectares, which the company intends to reserve by mid-year. This provides a cumulative potential for the realization of over half a million square meters.

LivUp, a company operating in the Polish Private Rented Sector, has closed 2023 with a portfolio of over 750 residential units in Warsaw and Kraków. In the past year, the company entered a new market - and opened its first project in Kraków, moved its headquarters, and finalized a rebranding process. LivUp is not slowing down at all. In 2024, the company plans to introduce an additional project with 160 flats on the Warsaw market. The goal for the next three years is to increase the portfolio to 2,000 residential units.

LemonTree will build Booster Zabrze in cooperation with Commercecon. It will be business complex with offices and service and logistics space, with a total area of 111,000 sqm, as well as green and public spaces. The investment is to be built directly at the Drogowa Trasa Średnicowa (Silesian Central Motorway) and the intersection of the A1 and A4 motorways.