PT Urban Issues No. 013

No. 013 / 12th May 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

OFFICE The office stock in Poland is getting ever greener, according to a recent report page 2 A new boutique office scheme has been delivered in Warsaw page 3

RETAIL A new shopping centre is scheduled to open for business in Kutno later this month page 3

RESIDENTIAL Dom Development has launched sales of apartments in a new project in Warsaw page 4 Matexi has unveiled the design of a new large-scale scheme in the Polish capital page 4 Ronson is going to start building a host of new projects across Poland this year page 4

LOGISTICS The supply of new warehouse space in Poland is on the rise page 5

INTERVIEW Poland Today talks to Konrad Płochocki, the general director of the Polish Association of Developers page 5

LATEST LEASE DEALS IN BRIEF Recent lease transactions in the office, retail and warehouse sectors page 7

COMING & GOING Brian Burgess, Savills page 7

Facts &Figures Largest completions, largest lease deals and rents in the commercial property market in 2013 page 8

The scheme will neighbor the recently developed Atrium 1 project Photo: Skanska Property Poland

Skanska launches Atrium 2 in WarsawSkanska launches Atrium 2 in WarsawSkanska launches Atrium 2 in WarsawSkanska launches Atrium 2 in Warsaw Developer Skanska Property Poland has launched construction on its Atrium 2 office project in downtown Warsaw which will deliver more than 20,000 sqm of GLA in the first half of 2016 page 2

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weekly newsletter # 013 / 12th May 2014 / page 2

OFFICE

Skanska launching new Skanska launching new Skanska launching new Skanska launching new office project in office project in office project in office project in downtown Warsawdowntown Warsawdowntown Warsawdowntown Warsaw

Skanska Property Poland has launched construction on its Atrium 2 office project in downtown Warsaw. The scheme is located near the ONZ Roundabout, on a site adjacent to the Atrium 1 development which the developer delivered earlier this year. The 15-floor Atrium 2 investment, which has been de-signed by the PRC Architekci architectural studio, will comprise more than 20,000 sqm of leasable space and is scheduled to be completed at the turn of the first and the second quarter of 2016. The launch of construction on the Atrium 2 project follows the success of the Atrium 1 scheme which was, in November last year, sold before completion to Deka Immobilien for €94 million. Skanska Prop-erty Poland, which has been consistently develop-ing plots of land located north of ONZ Roundabout and along Al. Jana Pawła II since the 1990s, could build one more office development in the area in the upcoming years. “We believe in the huge potential of the Polish capi-tal and have ambitious plans with regard to this city. We are not giving up on our plans to develop a high-rise building next to Atrium 2,” said Katarzyna Zawodna, president of the management board at Skanska Property Poland. “There is still room for a tall building there and the building is currently at the conceptual design stage. However, at this mo-ment we are mostly focusing on other projects,” Zawodna added.

Meanwhile, the company has recently revealed the architectural design of its planned Generation Park office investment which it is going to develop in the Wola district of the Polish capital. Designed by the renowned JEMS Architekci studio, the project will comprise a total of approximately 80,000 sqm of leasable space and will be the largest office scheme to have ever been developed by Skanska Property Poland.

Atrium 2 will deliver over 20,000 sqm of GLA

Image: Skanska Property Poland

The Generation Park development will comprise three buildings, including one 140-metre sky-scraper, and will be built on a site located adjacent

to the Warsaw Spire investment that developer Ghelamco is currently building close to the Daszyńskiego Roundabout. Conveniently located near a new second subway line stop, due to be com-pleted later this year, the Generation Park site was acquired by Skanska Property Poland from Ruch in 2012. The developer is planning to launch construc-tion on the first building in the park in a few months.

OFFICE

Polish office stock Polish office stock Polish office stock Polish office stock getting ever greener: getting ever greener: getting ever greener: getting ever greener: reportreportreportreport

Poland is the leader in Central and Eastern Europe in terms of the sustainability of its modern office stock. The country accounts for 730,000 sqm (40%) of the total of 1.75 million of certified office space currently existing in the region, according to a re-cent report by JLL. At least 2.5 million sqm of office areas in existing projects and pipeline schemes in CEE is now officially registered as being in the process green certification, with Poland accounting for approximately 700,000 sqm, the study said. Green building certification has been rapidly ex-panding in Central and Eastern Europe in recent years due to new regulations and green commit-ments from an increasing number of developers, in-vestors, owners and tenants. On the one hand, by the year 2020, all new buildings in the European Union will have to be almost zero-energy buildings. On the other hand, certified buildings feature higher occupancy rates as more and more compa-nies have CSR policies.


Atrium 1 in Warsaw is one of the most recently delivered certified office buildings in Poland

Image: Skanska Property Poland

Governments in the CEE are slowly passing new legislation providing for sustainable practices and still offer little in the way of tax breaks and other incentives for green investors and developers. “In fact, it is largely property and asset managers, de-velopers and occupiers who are driving this process forward on their own initiative and because of the growing number of corporate social responsibility programmes,” the JLL report said.

OFFICE

New boutiquNew boutiquNew boutiquNew boutique office e office e office e office project delivered in project delivered in project delivered in project delivered in WarsawWarsawWarsawWarsaw

Investor BL Investment Trust has finished work on its Piękna 19 office project in downtown Warsaw. The company has renovated and adapted the his-

toric Mała Pasta building, delivering 2,300 sqm of modern office space. The scheme is currently com-mercialized in approximately 40%, with negotia-tions with potential future tenants now being un-derway. Kancelaria Brochocki is the exclusive leas-ing agent for the development. The Mała Pasta building, located on ul. Piękna near the Konstytucji Square of the Polish capital, was built in the years 1936-1938 and was part of a com-plex occupied by the Polish Telephone Joint-stock Company. During the renovation and adaptation process, the historic building was equipped with fa-cilities including air conditioning, technical floors and a lift. The top floor of the building was ex-panded.

The interior of the Piękna 19 office building

Image: Kostrzewa PR

Boutique office developments located in historic neighbourhoods have become popular of late, with a number of such investments having been deliv-ered in downtown Warsaw in recent years. With the supply of new office space in the Polish capital remaining at a high level, investors are now looking for unique projects including renovated historic

tenement houses adapted to office and retail func-tions, said Maciej Zajdel, CEO at IVG Poland. Zajdel added that such properties tend to generate higher-than-average returns as they usually attract a lot of tenant interest and thus allow the owners to keep the vacancy rate at a very low level. IVG Po-land itself has acquired several renovated historic properties in Warsaw in recent years. These include the Pałac Młodziejowskiego and Le Palais buildings in the downtown of the city.

RETAIL

Marcredo Center mall Marcredo Center mall Marcredo Center mall Marcredo Center mall to open in Kutno later to open in Kutno later to open in Kutno later to open in Kutno later this monththis monththis monththis month

A new shopping centre project called marcredo Center Kutno is scheduled to open for business in Kutno in central Poland later this month. The scheme will deliver 16,000 sqm of leasable space and will house almost 40 stores. Located one and a half kilometres from the downtown of Kutno, the marcredo Center Kutno development will be the first modern regional mall in the city. Major tenants at the investment will include H&M, Reserved, CCC, Rossmann, Jysk, Mediaexpert and MarcPol. The developer and investor of the marcredo Center Kutno project is the German real estate fund elbfonds Development which is focused on the shopping centre and retail park markets in Poland. Since 2007, the entity has already delivered eight retail schemes in the country. Later this year, elbfonds Development will complete an investment


in Piekary Śląskie, as well as launch construction on developments in Kołobrzeg and Myślibórz.

RESIDENTIAL

Dom Development Dom Development Dom Development Dom Development starts new largestarts new largestarts new largestarts new large----scale scale scale scale project in Warsawproject in Warsawproject in Warsawproject in Warsaw

Palladium will deliver a total of around 870 homes

Image: Dom Development

Warsaw Stock Exchange-listed developer Dom De-velopment has launched sales of apartments in its new Palladium multi-family residential project in the Białołęka district of the Polish capital. The scheme is located in the Tarchomin neighbourhood, where the company has to date delivered approxi-mately 2,800 apartments and 70 single-family houses, and will comprise a total of around 870 housing units.

The first phase of the development, called Odeon, will comprise 245 apartments and is scheduled to be delivered toward the end of the third quarter of next year. It will be built by construction company Kalter. The units in the first phase of the Palladium investment will be priced at from 5,980 zloty to 7,210 zloty per sqm, with some of them qualifying for the Mieszkanie dla Młodych (Apartment for the Young) government-subsidized mortgage program for first-home buyers. Jarosław Szanajca, president of the management board at Dom Development, has recently an-nounced that the company will launch construction on a combined eight residential projects in Warsaw and Wrocław in the first half of this year. The de-veloper sold more than 1,600 apartments last year. Since the beginning of its operations in the 1990s, Dom Development has already delivered approxi-mately 20,000 apartments.

RESIDENTIAL

Matexi Polska unveils Matexi Polska unveils Matexi Polska unveils Matexi Polska unveils new residential project new residential project new residential project new residential project in Warsaw in Warsaw in Warsaw in Warsaw

Developer Matexi Polska has revealed the architec-tural concept of a new multi-family residential pro-ject which it is going to build on ul. Kolska in the Wola district of Warsaw in the upcoming years. Called Kolska od Nowa, the scheme will be located on a 2.6-hectare site on which Spanish developer Restaura originally planned to build its Restaura Kameralna development before it was hit by the global financial crisis.

Designed by the MKC architectural studio, the Kol-ska od Nowa investment will deliver a total of al-most 600 apartments in four phases. Construction on the first phase is scheduled to launch in Q3 this year and finish in the first quarter of 2016. The larg-est residential developer in Belgium, Matexi has been active in the Polish market since 2011. The company is currently working on projects compris-ing a total of more than 1,000 apartments in War-saw.

Construction on the first phase of the project is set to launch in the third quarter of this year

Image: Matexi Polska

RESIDENTIAL

Ronson to launch a Ronson to launch a Ronson to launch a Ronson to launch a host of new projects host of new projects host of new projects host of new projects this yearthis yearthis yearthis year

Warsaw Stock Exchange-listed residential devel-oper Ronson Development is planning to launch


construction on seven new projects, including four schemes in new locations and three phases of the already ongoing developments, by the end of this year. The multi-family investments in question, lo-cated in Warsaw and Poznań, will jointly comprise approximately 840 apartments, said Tomasz Łapiń-ski, financial director at the company.

The planned Moko project in Warsaw

Image: Ronson Development

Andrzej Gutowski, sales and marketing director at Ronson Development, said that the first new project to be launched will be the first phase (175 housing units) of the Moko scheme in Warsaw on which construction could start in June. In the summer, the developer will probably start building the first phase (149 apartments) of Copernicus in Poznań and the first phase (133 homes) of Skierniewicka in Warsaw, Gutowski said. Last but not least, in autumn this year construction is expected to launch on the first phase (101 housing units) of Jaśminowa in Warsaw. Ronson Develop-ment has not yet finalized the acquisition of land for that investment. Since the beginning of this year, the company has already launched three new de-velopments in Warsaw, Poznań and Szczecin. In the upcoming months, Ronson Development wants

to buy a new site in Warsaw on which around 400-500 apartments could be built, Gutowski said. In the first quarter of this year, which was the best quarter in the history of the company, Ronson De-velopment sold 206 apartments. The developer ex-pects to offload a total of around 650 housing units in the whole year 2014, Łapiński said. The number of apartments which the company will have turned over to buyers by the end of this year should amount to more than 500, with almost 200 housing units having already been turned over in Q1, Łapiń-ski added.

LOGISTICS

Supply of new Supply of new Supply of new Supply of new warehouse space in warehouse space in warehouse space in warehouse space in Poland on the risePoland on the risePoland on the risePoland on the rise

Approximately 270,000 sqm of new warehouse space was delivered in Poland in Q1 2014, which was over five times more than in the last quarter of last year (55,000 sqm), according to a recent report by Colliers International. Consequently, the total stock of warehouse space in the country exceeded the level of eight million sqm at the end of March, the study said. The most development activity was recorded in the Poznań market where around 70,000 sqm was delivered. According to Colliers International data, over 480,000 sqm of warehouse space was leased in Po-land in the first quarter of this year, which was much less than in the record Q4 2013 (more than 900,000 sqm). Warehouse rents have remained rather stable in recent months, while the vacancy

rate decreased slightly in the first quarter of this year and stood at 10.2% at the end of March, the Colliers International report said.

INTERVIEW

The need for a united The need for a united The need for a united The need for a united developer industry in developer industry in developer industry in developer industry in PolandPolandPolandPoland

Poland Today talks to Konrad Płochocki, the gen-eral director of the Polish Association of Developers (PZFD), about the main goals of the organization and the major problems which residential develop-ers in Poland are facing these days. Poland Today: Poland Today: Poland Today: Poland Today: What are the main goals that thWhat are the main goals that thWhat are the main goals that thWhat are the main goals that the e e e PZFD would like to achieve in the upcoming PZFD would like to achieve in the upcoming PZFD would like to achieve in the upcoming PZFD would like to achieve in the upcoming years?years?years?years? Konrad PłochockiKonrad PłochockiKonrad PłochockiKonrad Płochocki: In the long-time perspective, we are not talking about goals, but rather about the mission of supporting the state when it comes to the creation of an entrepreneur-friendly environment. We will be offering our knowledge and experience to make the existing regulations transparent and precise. We want highest-quality projects to be de-veloped in Poland because this will bring benefits to both the citizens and the Polish economy. We will be taking efforts aimed at curbing the bu-reaucracy in the area of technical regulations and adapting the MdM program [of state-subsidized mortgages for first-home buyers] to the market situation so that as many families as possible can take advantage of it. We will be focusing on building


good relations with the municipal authorities which create public space because we see ourselves as co-responsible for its shape. Warsaw is developing very dynamically and we want the other Polish cit-ies to follow suit. These are just some of the main objectives. The market is evolving all the time so we have to be flexible. Which major challenges and problems are resWhich major challenges and problems are resWhich major challenges and problems are resWhich major challenges and problems are resi-i-i-i-dential developers in Poland facing nowdential developers in Poland facing nowdential developers in Poland facing nowdential developers in Poland facing nowaaaadays?days?days?days? There are numerous problems and we want to ad-dress all of them this year. First of all, one has to mention the so-called Developer Act which pro-vides for the obligation to draw up a prospectus. We agree with the idea as such and see it as a valuable tool in the protection of consumer rights, however, it has to be pointed out that the lack of precise defi-nitions and unclear regulations are causing many problems for developers. We will take efforts to make sure that the law is transparent and clear, both to investors and consumers. Another major challenge is the cooperation with the Office of Competition and Consumer Protection (UOKiK) which, acting out of goodwill, often puts the skids under developers. When it comes to this issue, we will focus on working out a satisfactory compromise. We are getting positive signals from the UOKiK which allow us to believe that the Office is open to social dialogue. Besides, developers are faced with too many technical regulations which, while bringing few benefits, generate additional costs. Yet another challenge is the badly planned budget of the MdM program. We have prepared a special report in which we argue that too low price limits will reduce the number of families able to apply for the subsidies this year by a half. There are simply not enough apartments in the market which qualify

for the program. We are alarming the media about this and talking to the law makers, arguing that the situation is detrimental to both individual citizens and the economy as a whole. Generally speaking, the conditions of doing busi-ness in Poland still leave much to be desired and in-vestors are all the time faced with new challenges. We, the PZFD, want to support them in tackling those challenges. Individual companies do not have much influence, hence there is the need for uniting the industry.

Poland Today talks to: Konrad Płochocki, the general di-rector of the Polish Association of Developers How successful were the actions of the PZFD in How successful were the actions of the PZFD in How successful were the actions of the PZFD in How successful were the actions of the PZFD in recent years. Can you name any achievements recent years. Can you name any achievements recent years. Can you name any achievements recent years. Can you name any achievements which were important for the whole induwhich were important for the whole induwhich were important for the whole induwhich were important for the whole indusssstry?try?try?try? Our efforts have brought many tangible effects which have been beneficial for the whole industry.

For example, I can mention our support for the Rodzina na swoim program [Family on its own, a subsidized mortgages program which preceded the MdM program]. In January 2013, due to an unfa-vourable law interpretation which had been im-posed on banks, banks practically stopped granting mortgage loans. This posed a threat to 25,000 peo-ple who had already applied for the subsidized mortgages. Together with the Association of Finan-cial Advisors (ZFDF) and the Polish Bank Associa-tion (ZBP) we took numerous efforts aimed at changing the unfavourable interpretation. A com-mon stance was agreed upon. The issue was picked up and publicized by the media. As a result, the ministry gave up on its original interpretation. From the very beginning, we were also involved in the work on the MdM program, believing that the program can give many people the chance to buy an apartment. We managed to make the law makers include single-family houses in the program and in-crease the price limits in the program. Last but not least, one has to mention the Dni Dewelopera (De-veloper’s Days) conference – a platform which en-abled discussion on problems pertaining to urban development, residential construction and the de-veloper industry with experts, as well as with na-tional and local level politicians. In general, how do law makers and other decIn general, how do law makers and other decIn general, how do law makers and other decIn general, how do law makers and other deci-i-i-i-sion makers who have inflsion makers who have inflsion makers who have inflsion makers who have influuuuence on the shape of ence on the shape of ence on the shape of ence on the shape of the market react to the suthe market react to the suthe market react to the suthe market react to the sugggggestions voiced by the gestions voiced by the gestions voiced by the gestions voiced by the PZFD?PZFD?PZFD?PZFD? Due to our experience and expertise, various insti-tutions often ask us for advice and expert opinions. We take part in the legislative process. Last year, we reviewed 26 legal acts and prepared a number of reports on the situation in the residential market. The growing role of social dialogue is noticeable and it is a very positive thing. It will yet take us


many years to reach a situation when, like it is in the better developed countries, investors are seen as partners and a chance for the economic develop-ment of the particular regions, but the Polish ad-ministration has already made much progress in this regard. The PZFD regularly publishes rankings of the The PZFD regularly publishes rankings of the The PZFD regularly publishes rankings of the The PZFD regularly publishes rankings of the banks which finance residential prbanks which finance residential prbanks which finance residential prbanks which finance residential proooojects. Do you jects. Do you jects. Do you jects. Do you see any improvement when it comes what those see any improvement when it comes what those see any improvement when it comes what those see any improvement when it comes what those banks have on offer?banks have on offer?banks have on offer?banks have on offer? Yes, we are glad that our initiatives including the Cities’ Ranking and the Banks’ Ranking have a posi-tive impact on competitiveness. For some time now, we have been witnessing a clear thaw in the bank market. When it comes to financing residential pro-jects, one has to differentiate between escrow ac-counts and investment loans. Escrow accounts are based on a cooperation which, due to the growing experience of both sides, is going better and better. There is also some improvement when it comes to the granting of investment loans, of which we are informed by the companies which are members of the PZFD. How can developers benefit from their membeHow can developers benefit from their membeHow can developers benefit from their membeHow can developers benefit from their member-r-r-r-ship in the PZFD? Is the number of the member ship in the PZFD? Is the number of the member ship in the PZFD? Is the number of the member ship in the PZFD? Is the number of the member companies growing?companies growing?companies growing?companies growing? We are taking all possible efforts to make sure that developers benefit from their membership in the Association. These include the organization of the meetings of workgroups (focused on legal, technical and marketing issues) to share experience and broaden the knowledge of the employees of the member companies. We provide education, training and support. Besides, we organize numerous con-ferences and events whose aim is to enable the member companies to establish direct business re-lations which will be useful in their daily opera-

tions. Every year, new developers join the PZFD and we will continue to work on making as many companies as possible join the Association because only then can we be strong.

KONRAD PŁOCHOCKI A graduate of the Law and Administration Department of Warsaw University, Konrad Płochocki is a solicitor and a licensed real estate broker. He previously worked at companies including the CMS Cameron McKenna in-ternational law firm.

LATEST LEASE DEALS IN BRIEF Danish pharmaceutical company LundbeckLundbeckLundbeckLundbeck has leased 1,700 sqm of office space at the Quattro Business Park in Kraków. The company will open a Business Service Centre at the property in July. The lease transaction was brokered by JLL. The Quattro Business Park complex will comprise five buildings with a total of approximately 57,000 sqm of office space when it is fully developed. Cadence Design Systems Cadence Design Systems Cadence Design Systems Cadence Design Systems has recently leased a to-tal of approximately 1,600 sqm of office space at the GPP Business Park in Katowice (1,100 sqm) and the Warsaw Corporate Center in the Polish capital (500 sqm). DTZ represented the tenant in the lease nego-tiations process. Empik Empik Empik Empik will open an almost 300-sqm store at the Galeria Olimpia shopping centre in Bełchatów in central Poland which was developed by Warsaw Stock Exchange-listed Echo Investment in 2012. Along with the neighbouring Echo shopping centre, the Galeria Olimpia scheme is part of a retail com-plex which offers a combined 32,900 sqm of leas-able space and includes Tesco and Carrefour gro-

cery hypermarkets, as well as a NOMI DIY super-market.

Quattro Business Park in Kraków

Image: JLL

COMING & GOING

Brian BurgessBrian BurgessBrian BurgessBrian Burgess

Brian Burgess has been appointed as the head of Central Europe at Savills. He previously worked as the head of Savills Poland and will continue to be based at the Warsaw office of the company.

weekly newsletter # 013/ 12th May 2014 / page 8

FACTS & FIGURES

LaLaLaLargest industrialrgest industrialrgest industrialrgest industrial projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013

Location Project Developer Area

(sqm)

Wrocław Panattoni BTS Lear Panattoni 32,300

Silesia SEGRO Business Park Gli-

wice Building B SEGRO 31,700

Warsaw Tulipan Park Warszawa

Bulding B SEGRO 24,000

Silesia SEGRO Industrial Park

Tychy B SEGRO 18,300

Wrocław Prologs Park Wrocław V Prologis 18,282

Source: Colliers International

Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013


(sqm)

Warsaw Konstruktorska

Business Center HB Reavis 48,300

Warsaw Miasteczko Orange Bouygues Immobilier 43,700

Warsaw Plac Unii BBI Development

/Liebrecht & wooD 41,300

Warsaw Marynarska 12 Ghelamco 40,000

Wrocław Sky Tower LC Corp 28,100


LaLaLaLargest retailrgest retailrgest retailrgest retail projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013


(sqm)

Gliwice Europa Centralna Helical Poland 67,000

Kraków Galeria Bronowice Immochan 60,000

Poznań Poznań City Center TriGranit 58,000

Gdynia

Centrum Riviera

(Wzgórze

– extension)

Mayland Real Estate 70,500

Katowice Galeria Katowice

Meyer Bergman

European Retail

Partners/ Neinver

42,000


Selected Selected Selected Selected large investment transactions large investment transactions large investment transactions large investment transactions in 2013in 2013in 2013in 2013

Sector

Project

Value

(EUR mil-

lion)

Seller

Buyer

Retail Silesia City

Center

412 Immofinanz Allianz, ECE

Retail Galeria

Kazimierz 180

Globe Trade

Center,

Aventus

Invesco RE

Retail Galeria Domini-

kańska 151.7 ECE

Atrium

European Real

Estate

Office New City

127 ECI

Hines Global

REIT

Office Mokotów Nova

121 Ghelamco

Tristan Capital

Partners

Office Senator

120 Ghelamco

Union

Investment

In-

dustrial

H&M ware-

house

64 Invesco RE W.P. Carey

Indus-

trial Żerań Park II 43.2

Area Property

Parners,

Apollo Rida

Poland

SEGRO


LLLLargest office lease dealsargest office lease dealsargest office lease dealsargest office lease deals in 2013in 2013in 2013in 2013

Location Tenant Area(sqm) Project

Warsaw Polkomtel 22,680 Konstruktorska 4

Warsaw Getin Holding 18,850 Wola Center

Warsaw Urząd Rejestracji Leków 13,000 Adgar Park West

Warsaw Bank Zachodni

WBK 11,800 Atrium 1

Wrocław Getin Holding 11,700 Sky Tower


Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013

20

30

40

50

60

70

80

90

ŁódźWrocław

Tri-citySzczecin

PoznańKraków

Warsaw (out of town)Silesia

Warsaw (city centre)

Source: Cushman & Wakefield

Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013

Source: Cushman & Wakefield

10 15 20

25

Gdańsk

Szczecin

Katowice

Poznań

Kraków

Wrocław

Warsaw (non-central)

Warsaw (CBD)

Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013

Location Tenant Area(sqm) Project

Wrocław Amazon 123,500 Goodman Wrocław South

Logistic Center

Poznań Amazon 100,653 Panattoni Poznań

Wrocław Amazon 100,653 Panattoni Wrocław

Poznań supermarket

chain 82,385 -

Central Po-

land Castorama 49,961 Panattoni Park Stryków


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