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Is Praga in Warsaw a new business centre?

CBRE analyses the current situation of real estates in the Praga district in Warsaw. What is more, it presents the prospects of future development of this area.

Praga is a district of Warsaw which is the least developed with regard to the supply of modern office spaces. Since it is about 171 000 sq.m. (in left-bank Warsaw it is about 3,5 mln sq.m.). However, Praga is tempting in terms of smaller rents; modern office spaces can be rented at 13-15 EUR per 1 sq.m. for a month (in the capital centre the prices are almost twice as high). Nevertheless, in order to develop a real estate market in the district, the major change of its image as well as the improvement of its infrastructure are necessary.

Relying on the development of culture, the district copes better and better with its image. As far as the development of infrastructure is concerned, however, one must still wait for a while. As Joanna Mroczek, Head of Consultancy & Research at CBRE says, The new bridges over Wisła, built recently, as well as the modernization and organization of the railway stations Warszawa Stadion and Warszawa  Wschodnia have already contributed to the facilitating of transport across Wisła and the improvement of the comfort of travelling. However, the second underground line will be a breakthrough. It will improve communications with the city centre, but first of all, it will facilitate the commuting to work of those whose employers will decide to locate their offices in Praga.

As CBRE announces, the investment plans in Praga include e.g. The Praski Harbour (Port Praski) at Wybrzeże Szczecińskie Street. This complex comprising the area of 500 000 sq.m. is intended to contain flats, offices, retail outlets, recreational and cultural places. Apart from the Praski Harbour, the plans include the extension of Soho Factory at ul. Mińska, the reconstruction of the former PZO factory at ul. Grochowska and the former PAP printing house at ul. Mińska. The investment in Centrum Praskie Koneser, in the area of the former vodka factory at ul. Ząbkowska, is also planned.

 


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