| Volume # 152 |
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Corporate Real Estate Advisors l Atlanta
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Warsaw, Poland
 Warsaw and its Commercial Real Estate Market are unique in many respects. Did You Know… · Warsaw, the capital of Poland, is the financial, cultural, and educational center of the country. Warsaw is located on the center of Poland, just 300 miles East of Berlin, Germany. It is the largest city in Poland and the seventh largest in Europe. · Since 1990, Poland has steadfastly pursued a policy of economic liberalization with its entry into NATO in 1999 and the European Union in 2004. In addition, Poland’s development of democracy and emergence of a free-market has enabled Warsaw to become one of the fastest growing cities in Europe. Today it stands out as a success story among transition economies. · Warsaw is the center of many industrial facilities including food production, steel processing, electrical engineering, and automotive manufacturing. With a national labor force exceeding well over 16 million and its regional unemployment rate dropping at a rapid pace (3% in 2007), it produces more than 13% of Poland's national income. · Warsaw is seen as the heart of Poland by foreign investors whose financial participation in the past 5 years has surpassed $ 5 billion. Such investments, including contributions from corporate investment and EU funds as well, raised Poland’s GDP in 2007 to an estimated 6.5% . · Warsaw has one international airport, Warsaw Frederic Chopin Airport, located just 10 kilometers (6.2 mi) away from the city centre. With over 70 international and domestic flights a day and with over 8,270,000 passengers served in 2006, it is by far the largest airport in Poland. · It has been said that Warsaw, together with Frankfurt, London, and Paris, is one of the tallest cities in Europe. 11 of the tallest skyscrapers in Poland, 9 of which are office buildings, are located in Warsaw. · Lately, Warsaw has seen a strong demand for office space. Following the trends from 2007, where an exceptional 20% boost in office space leases from 2006 was seen, the first quarter of 2008 has experienced high absorption of nearly 1,0824,456 square feet, 77% of which was registered in Non-Central locations. Over 70% of these leasing transactions were registered for office spaces smaller than 3,200 square feet. · In the first quarter of 2008, the Warsaw realty market saw an increase of nearly 749,358 square feet of modern office space to meet these high demands. This cumulates a total office stock of 30.2 million square feet. The office stock is expected to reach 32.8 million square feet by the end of 2008 and 36.1 million by the end of 2009. The majority of the new space will be added outside the city center. · In the coming two years, most of the 742,709 square feet of anticipated development will be constructed in the suburbs as limited availability of land for large-scale developments in the CBD drive an outward expansion. Even so, rental rates are expected to climb in office, retail, and industry space. |
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