Warsaw real estate market seen by Karimpol

Skyliner - the biggest and the most prestigious office project of Karimpol in Central and Eastern Europe
We are talking about warsaw real estate market, the biggest and the most prestigious office project of Karimpol in Central and Eastern Europe: Skyliner, as well as the business activity of the company in Poland with Harald Jeschek, Managing Partner of Karimpol Group.

Let us go back to the year when Karimpol started their business activity in Poland. How did the office market in Warsaw look like from the perspective of the company? Which factors decided about starting expansion in our country?
Harald Jeschek: When Karimpol started operation in Warsaw in 1997, Poland was an emerging market at an early stage. Many of the things we take for granted today, like legal certainty, infrastructure etc., did not exist yet. Therefore the investment into Poland was very much driven by opportunistic investors assuming a much higher risk level. The high growth potential however was a decisive factor for us to start in Poland.

The years go by and the office market in the capital is dynamically developing. New institutions are established, including skyscrapers or massive office complexes. Do you think that there is a particularly decisive moment which contributed to such a fast development of this market in Warsaw?
There is not one single event which triggered the dynamic development in Warsaw. It is rather the groundwork laid over many years by creating a safe economic environment, by a certain liberalism towards economic issues and many other things. We also have to consider the years after the financial crisis in which relatively little was being built due to financing constraints. Now the development goes the opposite dirction.

What direction, in your opinion, will the office market in Warsaw pursue?
There is still a lot of projects in the pipeline, on the other hand there is no visible reason for demand to decrease. In the medium I see a certain stabilization in the market which has seen a lot of volatility in the past. A trend towards longer lease term, for example can contribute towards a stabilization.

Is Karimpol still going to concentrate their business activity in the capital? Or maybe the company is currently considering expansion on the Polish regional markets?
We can see the investment which is lately attracted to regional cities. In our case however diversification among various countries has priority over diversification within Poland. This means that for the time being Warsaw is our only investment location in Poland, however the topic is not yet off the table.

Skyliner – as you agree – the biggest and the most prestigious office project of the company in Central and Eastern Europe. What factors decided about starting realization of this investment?
In our view, Rondo Daszyńskiego is the best location, which will grow in importance on Warsaw's office space map. Together with other developers, who have chosen the location at Rondo Daszyńskiego or its vicinity, we are creating a prestigious office district. Thanks to the second underground line this place is becoming attractive for investors, potential tenants and office workers. Previous year has assured us that the Warsaw market still has a big potential and it has turned out to be a record year as far as demand for office space is concerned.

Skyliner has been certified in the BREEAM system at the Excellent level. What will be the most innovative green solution applied in the office?
It is not just one solution, it is a mixture of solutions. The key environment-friendly assets of the building include façades made from materials reducing overheating or heat loss, using rain water for watering plants in the building, ventilation with a heat recovery system, cooling technology neutral for the ozone layer, energy-saving lighting, segregation of recyclable materials, a waste reduction policy, and the control of air pollution sources. The project uses also other state-of-the-art energy-saving solutions, increasing the efficiency and functionality of the area, e.g. column-free corner windows ensuring optimal lighting, and a rectangular floor plan which allows for maximum flexibility in office space arrangement. Moreover, the building will be powered by renewable energy sources, and solar panels will be mounted on the roof.

One more important thing concerning our green building is an innovative management system that will educate its users and monitor building parameters to enhance its operations. We wanted to have a unique approach to the needs of Skyliner users so that they can feel healthy, safe and comfortable. That is why we made a lot of analysis of potential users needs and many computer simulations that helped us predict among others: necessary temperature levels, intensity of daylight, air flow or energy demand in various places of the building.

You have presented Skyliner at the beginning of this year. First underground works has already started. What are the first reactions and opinions about this investment? Are there any inquiries from companies about renting the area within this project?
The reactions after the launch of project in January was overwhelming. We can see a lot of interest from the whole business spectrum to be involved in the project. We are in the selection process of a number of large space requirements who are able to become anchor tenants of the building.

Thank you very much for the conversation.

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