Luxurious offices in tenement houses

the renovated office block - the tenement house "Pod Gryfami"
the renovated office block - the tenement house "Pod Gryfami"
In Warsaw developers' interest in renovation of tenement houses, where they can create office spaces, is steadily growing. This is connected with the fact that it is difficult to find undeveloped grounds in the city centre.

The inner city of Warsaw is bound both with luxurious office spaces and high rental prices. The cost of a square meter of a high quality office space may range from 25 to 27 euro per month. The experts of the company CD Richard Ellis Group, Inc. (CBRE) underline the fact that in 2008 the pay rate even used to be 35 euro.

The office spaces in the buildings such as Rondo 1, Metropolitan and Warsaw's Financial Centre have the highest rental prices. High prices apply also to revitalised tenement houses, which at the moment serve as office blocks - the perfect example may be Dom Dochodowy, Royal Trakt Offices or Pasaż Lipińskiego.

Problems with space

At present, developers and investors struggle with the lack of undeveloped grounds in the inner city centre where the most expensive office spaces can be situated. Currently, modern office blocks, such as Atrium One in Plac ONZ, are still being built, but in the future supply will decrease in this area. According to Cushman&Wakefield, in the capital city around 72 000 sq. meters will have been built by 2016, i.a. in a new building on the premises of the former Hotel Mercury and in a new Sezam.

Developers are looking for the solution to the problem of the low supply of grounds in the renovation of historic and old tenement houses. As an example may serve the investment built in the place of the former power plant on Powiśle, which is going to refer to the industrial character of this part of the city.

"Historic" investments

The modern office and commercial spaces are to be built in the former Norblin Factory, in the Warsaw's district Wola. According to the project 39 000 sq. meters are to be made into offices and 22 000 sq. meters into commercial space. The office block is going to be fitted into 11 industrial buildings and 44 machine complexes, both of historic value. New open space, which surrounds a small, cobbled street, is to be provided with  new buildings. In addition, there will be place for shops, boutiques, cafés and renovated machines. 

Recently finished Kijowska project in Stara Praga, executed by PBM Południe Development, may be another example. The restored tenement house and the modern office block create the untypical office and warehouse complex. This is the six-storey building with two-storey garage.

In Warsaw another luxurious buildings were constructed which combine the historic atmosphere of the city with the modern office space, such as the tenement house "Pod Gryfami" in Plac Trzech Krzyży, Ufficio Primo at ul. Wspólna, a tenement house Jasna 26, Mołodziejowskiego's Palace or the building Renaissance at ul. Mokotowska. The interest in these spaces may be observed after last transactions: Industrial Commercial Bank of China and Waterland Private Equity Investments have moved into the tenement house "Pod Gryfami", while Sołtysiński Kawecki & Szlęzak chambers have become the main leaseholder of the tenement house Jasna 26.


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