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Poland – a popular direction among office developers

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King William Street, The City
Postępu 14
Among developer companies realizing projects in our country, there are some for which Poland became only a stop on their way to realize other investments in Western Europe.

The office market in Poland has had a very good year. Moreover, it is also assumed that the following years will be equally successful. It is all because of international outsourcing companies which have recently paid attention to the region of Central Europe, especially to Poland. They are attracted by lower labor costs in comparison to Western Europe and mainly by accessibility to talented and experienced employees. Companies from the BPO/SSC sector are one of the biggest groups of tenants of modern office space not only in Warsaw, but also in regional cities such as Cracow, Wrocław or Tricity. Public institutions and companies from the SMEs sector move into newly realized offices more and more frequently. Thanks to it, they save exploitation costs in their offices. Among developers who realize investments in the segment of modern office areas in Poland there are domestic companies which have local projects in their portfolio, for instance, within one city or voivodship as well as these which operate on the area of the whole country. Foreign companies invest eagerly at the Vistula river. They have experience on other European markets and they noticed potential in the Polish sector of commercial properties. These are enterprises for whom Poland is only a stop on their way from Western Europe to more developed countries of Western Europe. The example of such enterprise is HB Reavis which was founded in Bratislava and realizes big office projects in Hungary, Czech Republic or Poland. Two projects of HB Reavis in London are also in the process of realization. We have been looking for some possibilities of development in our region and in Western Europe. We chose London. Factors that decided about our choice were strong economic position of the city, big concentration of companies with a big capital, increasing rent rates and clear legal system, including tax regulations. The supply of office area is still increasing and diversity of needs among potential tenants is a challenge which will be pleasantly taken up by our company. The prestige of London as a city with huge social and cultural values is not without a meaning. If we mention public transport and infrastructure at the highest global level as well as friendly system of developing space, London becomes one of the best locations for commercial investments – says Stanislav Frnka, Chairman of the Board, HB Reavis Poland.

 

Although investing on more mature markets in Western Europe has many advantages from the point of view of developers, it does not mean that countries of Central and Eastern Europe such as Poland are a worse alternative for developers specialize in realization of office projects. Quite the opposite – the big demand for modern office areas in both Warsaw and regional cities, which annually increase their importance, makes that modern office structures will certainly be realized in our country in the nearest future. Thanks to good economic situation of Poland, domestic and foreign companies eagerly invest at the Vistula river and they need larger office space. It translates into e.g. recently declining vacancy rate. This value may increase this year, for many new investments will be commissioned. However, it should not be a problem for developers offering modern office area class A. Central Europe is still a receptive market. Companies develop, invest, and new entities appear on the market. More and more international corporations decide to invest in our region – Warsaw, Prague, Bratislava and Budapest are among the fifty most eagerly chosen cities for international centers for business services. For us – as a developer – is a clear signal that investments in the country will be more profitable – explains Stanislav Frnka, Chairman of the Board, HB Reavis Poland.

 

The confirmation of unflagging popularity of Poland among foreign investors is the research conducted by PAIiIZ in cooperation with Grant Thornton and HSBC bank. Investors who participated in the survey were to judge the potential of Poland as a location for running a business. According to the analysis, 98 per cent of foreign entities which invested in the domestic market would decide to do it again. It is a very good result which places Poland on a very good position and at the same time it is also one of many evidence that our country is an important market for investors operating on the international arena. The interest of foreign companies which locate their headquarters here is one of the main factors which will determine the demand for modern office space in the future.

 


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