Grzybowska 81 is the first office building in the developer's offer. What was the decision to enter the Warsaw office market dictated by?
Building by the Grzybowska street, from the beginning, was for us a very important project. It is the first office project implemented by Unidevelopment. From the developer's perspective, office real estate market is extremely attractive, especially considering the potential of the capital, which encourages further investment. The current demand for office space in Warsaw is very high. Increased demand means that an increasing proportion of contracts are so-called pre lease agreements, which is the result of stagnation that we have seen in previous years. At the moment, the supply of available office space in Warsaw has a low vacancy rate, about 6.2 percent. Initiated projects now have a chance to fill the existing gap in 2011-2012. The decision to start the office project by the Unidevelopment is also linked to extensive experience of group Unibep in the implementation of commercial projects.
Why did you choose this location?
There is a very high demand for office buildings located in the center of Warsaw, where inevitably the supply of land for new projects is limited. Location by the Grzybowska street meets the main requirements set for the prestigious investment area for office. The building is being created near the arterial roads and many public transport lines. In the future it will be adjacent to a subway line. The attractiveness of this location is also determined by the presence of other office buildings. In addition, the business character of the area adds prestige to the location, and allows to reach potential customers. There will be more buildings in the area of Grzybowska street, and now, across the Okopowa street, there are some office buildings of many well-known companies. The agglomeration of many companies in a given location stimulates the development of local infrastructure, which consists of cafés, restaurants, banks, affecting the comfort of the place.
Before the cornerstone was laid, the office building found its purchaser. How did this deal happen?
We began talking with the Bank Polskiej Spółdzielczości in order to lease the building at Grzybowska street. It turned out that our partner is interested in buying it, what finally happened.
What will stand out in the Grzybowska 81 office on the background of the others, which are so popular for investments on this street?
The building will be recognizable for its unique shape. Its facade is made of glass, stone and aluminum. The inspiration for a combination of these materials was the building of the Warsaw Uprising Museum, which was established in a former Tram power station (Elektrownia Tramwajowa). Elegance from the outside will also be reflected inside the office building. Our facility has been designed according to the standards of Warsaw Research Forum for Class A buildings. Therefore it will be equipped with a number of elements that will provide a comfortable and safe working conditions every day. The office building will have modern heating and air conditioning systems with humidity control and zoning. The building will also feature high-speed elevators, modern equipment monitoring and access control devices, Multiple power supply with automatic and high-end structured cabling. All systems in this groundbreaking Unidevelopment investments, including fire protection system, will be subject to central control system (BMS).
How do you evaluate your position in the Warsaw office market?
Of course, we are at the beginning of our expansion path of development activity in the office market. However, our indubitable success of the investment by the Grzybowska street demonstrates our professionalism and is a signal to potential partners that working with us is worthy. Unidevelopment is a company with support from the Unibep SA group. In addition, our credibility is confirmed with prestigious Developer's Certificate granted by the PZPB (Polish Association of Construction Employers) to Unidevelopment as the only company this year. So we are a company that began operations in the office market with the ambitious project and has set plans for the future.
Is the company planning on further office projects?
Of course. The decision to set up operations in this part of the market is well thought out and in lines with the development strategy of Unidevelopment. We see the commercial real estate sector as a promising and we intend to implement further office projects. At this stage we can not talk about the details. But I hope that soon we will be able to boast of running another projects in this area.