PT Urban Issues No. 011-12

No. 011-012 / 28th April 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

INVESTMENT MAR-KET The commercial real estate investment market put up a very good performance in the first quarter of this year page 2 Real estate investor Griffin Group has acquired the Centrum Biurowe Lubicz office complex in downtown Kraków page 3

BUILDING LAND The demand for building land in Poland is now on the rise, with agents expecting the transactions volume to increase significantly this year page 3

RETAIL Rank Progress and Immofinanz Group are jointly developing a shopping centre project in Piła page 4

LOGISTICS Panattoni is developing a new speculatice project near Wrocław page 4

INTERVIEW Poland Today talks to the renowned French American architect and urban planner, Guy Perry page 5

LATEST LEASE DEALS IN BRIEF Recent lease transactions in the office, retail and warehouse sectors page 7

COMING & GOING Grzegorz Strutyński, HB Reavis Poland page 7

Facts &Figures Largest completions, largest lease deals and rents in the commercial property market in 2013 page 8

Penta has recently completed the Florentinum offices in Prague Photo: Penta Investments

Penta buys land for Warsaw officesPenta buys land for Warsaw officesPenta buys land for Warsaw officesPenta buys land for Warsaw offices The Penta Investments group has acquired land in Warsaw which will house its first office project in Poland. The company is now looking for more office space development opportunities in the Polish capital page 2

weekly newsletter # 011-012 / 28th April 2014 / page 2

OFFICE

Penta Investments Penta Investments Penta Investments Penta Investments acquires land for first acquires land for first acquires land for first acquires land for first office project in Polandoffice project in Polandoffice project in Polandoffice project in Poland

The Penta Investments group has acquired a plot of land in the Mokotów district of Warsaw on which it is planning to develop its first office project in Po-land. The plot has been bought from Uzdrowisko Konstancin-Zdrój, with the transaction having been brokered by Savills. The scheme will be located at the intersection of ul. Domaniewska and ul. Postępu in the popular Służewiec Przemysłowy business hub of the Polish capital and will comprise 24,500 sqm of leasable office and retail space.

Damian Grzywacz, business development manag-er at the Warsaw office of Penta Investments

Image: Penta Investments

Penta Investments has recently delivered the Florentinum office project in Prague

Image: Penta Investments

Penta Investments is planning to invest a total of approximately €45 million in the development. Construction on the investment is scheduled to launch in the autumn of next year and finish after 18 months. “The transaction marks the first and very important step in the building of the position of Penta in the commercial property market in Po-land,” stated Jozef Oravkin, managing partner at Penta Investments. “We are actively looking for new investment targets in Poland. At the moment, we are focusing on the office market in Warsaw,” said Damian Grzywacz, business development manager at the Warsaw of-fice of Penta Investments. He added that in the Czech Republic and in Slovakia, the group has a to-tal of 18 real estate projects in the pipeline. The property sector accounts for 20% of the investment portfolio of Penta Investments. Last year, Penta Investments completed a combined 158,600 sqm of GLA/NSA, with office projects hav-

ing accounted for 92% of the figure. The schemes included the Florentinum office development in Prague. The total value of the Penta Investments as-sets reached €6.5 billion in 2013. The net value of the assets amounted to over €1.5 billion and the group recorded a net profit of €100 million in the period.

INVESTMENT MARKET

Large transactions Large transactions Large transactions Large transactions driving investment driving investment driving investment driving investment market in Q1market in Q1market in Q1market in Q1

The commercial real estate investment market in Poland put up a very good performance in the first quarter of this year, with transactions valued at a total of approximately €900 million having been signed in the period, according to the major agen-cies. That marked a 50% increase upon the com-bined value of the deals concluded in the same pe-riod of last year and suggests that the total volume of transactions will this year amount to more than €3 billion. Several big transactions largely contributed to the very high Q1 investment volume which, according to DTZ experts, was the best quarter for the in-vestment market in Poland in the last nine years. These included, first of all, the sale of the Rondo 1 office tower in Warsaw for around €300 million and the sale of the Poznań City Center mall in Poznań for an undisclosed amount of money. According to Łukasz Maciak, director, capital mar-kets department, at DTZ, the value of the latter deal, in which TriGranit, Europa Capital and PKP


were the selling party and a consortium of Resolu-tion Fund and ECE Fund was the buyer, exceeded €200 million. According to Maciak, the year 2014 should, if one takes into account all the negotiation processes which are currently underway, be at least as good as, or even a bit better than last year.

The sale of the Rondo 1 office tower in Warsaw was the largest transaction signed in Poland in Q1

Image: CBRE

Altogether, the office sector accounted for 58% of the total investment volume in Q1 2014, according to Colliers International data. The retail and logis-tics sectors respectively accounted for 32% and 10% of the volume. Piotr Mirowski, director, CEE in-vestment services, at Colliers International, noted that the demand for logistics assets is currently on

the rise. A number of new deals in the sector are now in due diligence, he said. The transactions signed in the first quarter of 2014 were almost evenly distributed between Warsaw and the regional cities. The Polish capital accounted for 51% of the total investment volume recorded in the period. According to Mirowski, investor interest in the regional cities is now rising due to factors in-cluding the shortage of product in Warsaw. Many of the investment funds that have bought new assets in the city in recent years are long-term holders, he said.

INVESTMENT MARKET

Griffin Group acquires Griffin Group acquires Griffin Group acquires Griffin Group acquires office complex in office complex in office complex in office complex in KrakówKrakówKrakówKraków

Real estate investor Griffin Group has recently fi-nalized the acquisition of the Centrum Biurowe Lu-bicz complex in downtown Kraków. The value of the transaction has not been revealed. The complex comprises two buildings offering a total of more than 21,000 sqm of leasable space that is currently almost fully leased out to tenants including Interna-tional Paper, Capita, Deutsche Bank, BNP Paribas, PWC, Lumesse, Infusion and BZ WBK. “The purchase of Centrum Biurowe Lubicz is a natural step in the process of building our office property portfolio. The low vacancy rate in the Kraków market convinced us to make this invest-ment,” Przemysław Krych, CEO at Griffin Group, said in a statement. The portfolio of Griffin Group already comprises a number of office buildings in

Poland. Earlier this year the company announced the acquisition of Nordic Park, Bliski Office Center and Company House II in Warsaw.

Griffin Group CEO Przemysław Krych

Image: Griffin Group

BUILDING LAND

Rising investor Rising investor Rising investor Rising investor demand for building demand for building demand for building demand for building land in Polandland in Polandland in Polandland in Poland

Prime office sites in Warsaw are still in demand

Image: Colliers International


The combined value of transactions in the building land market in Poland is expected to hit the level of approximately 1.75 billion zloty this year, according to a recent report by Colliers International. This will mark an increase on the last two years when the annual volumes stood at approximately 1.5 bil-lion zloty, said Emil Domeracki, senior associate, land agency, at the company.

Emil Domeracki, senior associate, land agency, at Colliers International

Image: Colliers International

According to Colliers International data, the resi-dential market accounted for as much as 55% of the combined value of the building land transactions closed in Q1. The office and retail markets ac-counted for 40% and the warehouse market for 5% of the total investment volume. Warsaw accounted for approximately 80% of the total value but inves-tor interest in the regional cities is now also on the rise. Developers are currently looking for residen-

tial sites in markets including Wrocław, Tri-city, Kraków and Poznań. Domeracki noted that the large demand for residen-tial sites results from the good apartment sales re-sults which developers have been showing in recent months. Investors are looking for plots which will generate relatively quick returns, he said. Prime of-fice sites are also in demand, whereas retail devel-opers are now mostly focusing on the revitalization of the existing facilities, rather than on the pur-chase of land for new shopping centre projects, Domeracki added.

RETAIL

Rank Progress, Rank Progress, Rank Progress, Rank Progress, Immofinanz team up Immofinanz team up Immofinanz team up Immofinanz team up on on on on Piła retail projectPiła retail projectPiła retail projectPiła retail project

Warsaw Stock Exchange-listed real estate compa-nies Rank Progress and Immofinanz Group have signed a preliminary agreement regarding their joint development of the ongoing Galeria Piła shop-ping centre project in Piła in north-eastern Poland. Immofinanz Group will take over the scheme and provide financing for it. For its part, Rank Progress, which will continue to manage and lease the devel-opment, will get 56 million zloty that will be mostly used to lower the indebtedness of the company. Construction on the Galeria Piła investment launched in September 2013 and is expected to fin-ish by the end of this year. The project will deliver 23,800 sqm of leasable space which is now leased out in approximately 70%. Rank Progress and Im-mofinanz Group, both of which have other retail

projects in their portfolios, are analyzing other co-operation options that could involve the joint de-velopment of already ongoing schemes or the acqui-sition of projects with big development potential.

LOGISTICS

Panattoni developing Panattoni developing Panattoni developing Panattoni developing speculative pspeculative pspeculative pspeculative project roject roject roject near Wrocławnear Wrocławnear Wrocławnear Wrocław

Industrial space developer Panattoni Europe has recently launched construction on the first building in its planned Panattoni Park Wrocław III logistics park in Bielany Wrocławskie near Wrocław in Lower Silesia. The building is being developed on a speculative basis and will comprise approximately 20,000 sqm of space. When fully developed, the Panattoni Park Wrocław III park is expected to comprise two buildings with a combined 83,000 sqm of space.

The Panattoni Park Wrocław III site

Image: Panattoni Europe


Panattoni Europe has to date developed two logis-tics parks in the Wrocław area – Panattoni Park Wrocław I in Bielany Wrocławskie and Panattoni Park Wrocław II in Nowa Wieś Wrocławska which together offer a total of almost 125,000 sqm of mod-ern warehouse space. The developer is currently building more than 230,000 sqm of new warehouse space in Poland, including two facilities for Amazon – in Poznań and near Wrocław. Earlier this year, it delivered BTS projects for Castorama Polska (50,000 sqm) and Polaris (33,600 sqm). The new speculative project by Panattoni Europe was announced just several weeks after Prologis, another major warehouse space developer active in Poland, announced the launch of construction on two speculative schemes in the Wrocław area. Warehouse property market experts are saying that news about the launching of new speculative pro-jects is bound to appear more and more often, espe-cially with regard to the Wrocław and Poznań areas where the vacancy rates are low and the demand is on the rise.

INTERVIEW

Rebuilding the classic Rebuilding the classic Rebuilding the classic Rebuilding the classic European city in European city in European city in European city in WarsawWarsawWarsawWarsaw

Poland Today sits down with French-American ar-chitect and urban planner Guy Perry, executive di-rector, buildings places, at the global provider of ar-chitecture, design, engineering and construction services, AECOM APAC, to talk about designing new large-scale neighbourhoods in Poland. As founder and president of the IN-VI international

architectural studio, Perry created the concept and development strategy of the Miasteczko Wilanów neighbourhood in Warsaw that was officially launched in 2000 and is still under construction to-day. Poland Today: WPoland Today: WPoland Today: WPoland Today: We are now seeing more and more e are now seeing more and more e are now seeing more and more e are now seeing more and more largelargelargelarge----scale residential projects in Poland which scale residential projects in Poland which scale residential projects in Poland which scale residential projects in Poland which comprise tens of buildings and are basically cicomprise tens of buildings and are basically cicomprise tens of buildings and are basically cicomprise tens of buildings and are basically cit-t-t-t-ies within cities. Why ies within cities. Why ies within cities. Why ies within cities. Why are they becoming so are they becoming so are they becoming so are they becoming so popular?popular?popular?popular? Guy Perry: Guy Perry: Guy Perry: Guy Perry: Well, this, I think, has a lot to do with the economy of scale, for developers, to be honest. They are able to acquire large pieces of land at a relatively low per-sqm cost, and roll out a large number of apartments. But I think there is a big dif-ference between these projects, medium-sized pro-jects, we can call them, and Miasteczko Wilanów. Miasteczko Wilanów had always the objective of becoming part of the city, not a new district which would be separate from the city. The first of this new kind of medium-sized commu-nities, Marina Mokotów, was a gated community and even within it there were gates between the particular buildings. It was a big project but it was not part of the city. Miasteczko Wilanów was al-ways meant to a be district and part of the city, with all the complexities and contradictions that cities have. We encouraged the use of many architects in Miasteczko Wilanów, within certain guidelines, within certain rules. Meanwhile, those other projects usually have one, two, three architects and the buildings look basi-cally the same, which to me does not represent the complexities that cities have. Cities are about the culture, about the different lifestyles that we have and if we simplify things and design thousands of similar apartments for different people, we basically

go back to the Soviet-era mentality. That is the anti-thesis of Miasteczko Wilanów which was meant to represent democracy and choice. It is a scary thing that in many of those new projects the apartments are of almost the same size as in the Soviet times. We have come a full circle but is it really where we want to be? In Miasteczko Wilanów, we wanted the developers to target both affluent people and people with limited means. When I am in Warsaw, it is a big satisfaction for me to see a new Bentley parked next to an old Toyota in Miasteczko Wilanów because I know that we have succeeded in creating a democratic community. Do you regard the Miasteczko Wilanów Do you regard the Miasteczko Wilanów Do you regard the Miasteczko Wilanów Do you regard the Miasteczko Wilanów neighbouneighbouneighbouneighbourrrrhood in Warsaw as a onhood in Warsaw as a onhood in Warsaw as a onhood in Warsaw as a oneeee----hundredhundredhundredhundred----percent success or did something go wrong dupercent success or did something go wrong dupercent success or did something go wrong dupercent success or did something go wrong dur-r-r-r-ing the coing the coing the coing the connnnstruction process?struction process?struction process?struction process? Well, actually many things went wrong but you do not abandon a whole project when challenges ap-pear. Let’s take the district hall building – this was the first building that was started in the project and it is still under construction, thirteen years later... And everybody had to drive past that thing to get to the site. This is what we started with, it could not have started in a worse way. We still have some challenges, some of the major roads have not been built, but the community has survived. What are some of the main challenges when you What are some of the main challenges when you What are some of the main challenges when you What are some of the main challenges when you design a largedesign a largedesign a largedesign a large----scale project like this?scale project like this?scale project like this?scale project like this? There are many. A major challenge is the fact that there are so many different people involved. You engage with many different developers and you have to reach a compromise. I think that the com-promise we found has, by and large, been accept-able. When you look at the framework – five-level buildings, with many balconies, nice facades, retail


on the ground floors – this is a classic European so-lution that has worked for hundreds of years. It has been very profitable for many developers and it is going to be profitable for the residents. Is the long time needed to build such a commIs the long time needed to build such a commIs the long time needed to build such a commIs the long time needed to build such a commu-u-u-u-nity also a manity also a manity also a manity also a major challenge? After all, such prjor challenge? After all, such prjor challenge? After all, such prjor challenge? After all, such pro-o-o-o-jects take decades to develop and you can have jects take decades to develop and you can have jects take decades to develop and you can have jects take decades to develop and you can have several economic crises during the pseveral economic crises during the pseveral economic crises during the pseveral economic crises during the peeeeriod...riod...riod...riod... Absolutely, you have to absorb the different de-mand cycles at different times. If you put together the three main components – offices, retail and apartments – the matrix gets extremely complex. I like the challenge because that makes a real place. It is not just some product that will come out of fash-ion, but something that will stand the test of time. The general guidelines have not changed. Some de-velopers have cut corners, but the general concept has accommodated much of the corner-cutting that we have seen. What is the right formula for dWhat is the right formula for dWhat is the right formula for dWhat is the right formula for deeeesigning largesigning largesigning largesigning large----scale neighbourhoods such as Miasteczko scale neighbourhoods such as Miasteczko scale neighbourhoods such as Miasteczko scale neighbourhoods such as Miasteczko Wilanów?Wilanów?Wilanów?Wilanów? There is no single formula that you can apply eve-rywhere. You basically look at what are the inher-ent qualities of the particular place and at what is missing in the place that could make the place bet-ter. In the case of Warsaw, you actually lost during the war what was the European fabric of the city. From the beginning, we were going to rebuild the classic European city, which is timeless, but with modern architecture and with modern economic means. In the case of Warsaw, this makes perfect sense be-cause you only have a couple of neighbourhoods like this remaining, the rest was bombed and more or less badly rebuilt. Of course, we provided for the

different city functions in Miasteczko Wilanów. We envisioned offices, retail, places of worship, places of education. We waited for many years for the schools, but now we have a cluster of schools within the community that is really unique in Poland.

Poland Today talks to: Guy Perry, architect and urban planner, author of the master plan and development strategy of the Miasteczko Wilanów community in Warsaw How far from completion is the whole MiasteHow far from completion is the whole MiasteHow far from completion is the whole MiasteHow far from completion is the whole Miastec-c-c-c-zko Wilanów neighbourhood?zko Wilanów neighbourhood?zko Wilanów neighbourhood?zko Wilanów neighbourhood? It is really hard to tell. The ring road is a key ele-ment here. Its delivery will open development op-

portunities to the south of it because right now no one wants to go over there. Once it is ready, I think the business park is going to be a huge success, it will a home run for Polnord and other investors. In five years, we will be close to completion. Miastec-zko Wilanów was officially launched in 2000 so this will be an 18-year experience, not so much for a project of this size in Europe today. On the other hand, a real district in a city is never really fin-ished... You were aYou were aYou were aYou were also involved in preparing the master lso involved in preparing the master lso involved in preparing the master lso involved in preparing the master plan of the planned Young City Gdańsk project plan of the planned Young City Gdańsk project plan of the planned Young City Gdańsk project plan of the planned Young City Gdańsk project on the Baltic coast. How similar to the Miasteon the Baltic coast. How similar to the Miasteon the Baltic coast. How similar to the Miasteon the Baltic coast. How similar to the Miastec-c-c-c-zko Wilanów neighbourhood will that scheme zko Wilanów neighbourhood will that scheme zko Wilanów neighbourhood will that scheme zko Wilanów neighbourhood will that scheme be?be?be?be? In Gdańsk, the site is more in the heart of the city, which has different advantages and different chal-lenges. The advantage is that you can plug in to the existing infrastructure. The disadvantage is that you have to deal with a number of historic structures, which may be a problem in the eyes of some devel-opers and investors. Personally, I think they are not, that it is a win-win situation. The Gdańsk site is in a strategic location, has wonderful historic context and is big enough to create something with a really strong identity. In terms of how it is going to be developed, this will largely depend on the nature of the investors. It should be a mixed-use neighbourhood because sin-gle-use zones are unsustainable in the long run. The opportunity which Gdańsk has is to learn from what was done well and from what was done less well in Wilanów, and to do it in the heart of the city which has a great history. Miasteczko Wilanów has been a huge success in terms of showing a new way of expanding cities, showing that you can build 21-century cities that are coherent.


GUY PERRY Guy Perry has development and design experience on five continents. In his career, he has worked for compa-nies including TrizecHahn, HOK Intercontinental, Kajima Corporation and SOM. Over the past few years Perry has led research efforts for design and development strategies at Harvard University, MIT and the University of Toronto.

LATEST LEASE DEALS IN BRIEF

Oxygen Park in Warsaw

Image: Yareal

IT hardware distributor ABC Data ABC Data ABC Data ABC Data has renewed its lease agreement for a combined 11,500 sqm of warehouse and office space at the Distribution Park Sosnowiec complex in Sosnowiec in Silesia. The Distribution Park Sosnowiec facility consists of two buildings which comprise a total of more than 47,000 sqm of logistics space. Completed in 2005, the complex is owned by Hines Global REIT. Grupa Wirtualna Polska Grupa Wirtualna Polska Grupa Wirtualna Polska Grupa Wirtualna Polska has leased approximately 2,400 sqm of office space at building B of the Oxy-gen Park project that developer Yareal has recently delivered in the Włochy district of Warsaw. The scheme comprises two buildings which offer a total of 18,400 sqm of leasable space. The development is

currently leased out in more than 50% and Yareal is already preparing the sale of the property. Online bookstore Bonito.pl Bonito.pl Bonito.pl Bonito.pl has leased over 4,000 sqm of space at the Kraków Airport Logistics Cen-tre complex which developer Goodman is currently developing in southern Poland. Kraków Airport Lo-gistics Centre has a target lease area of more than 150,000 sqm and is expected to comprise nine buildings on completion. To date, four buildings with a total of over 55,000 sqm of space have been developed. Global producer of packaging solutions Atlas Box & Atlas Box & Atlas Box & Atlas Box & CratingCratingCratingCrating has leased 3,000 sqm of warehouse space and 600 sqm of office space at SEGRO Business Park Łódź in central Poland. The company will use the park as its distribution centre in the CEE region. The SEGRO Business Park Łódź facility is located six kilometres from the downtown of Łódź and close to the A1 motorway. When fully developed, the park will comprise 50,000 sqm of space.

SEGRO Business Park Łódź

Image: SEGRO

Energy company Foster Wheeler Energia PolskaFoster Wheeler Energia PolskaFoster Wheeler Energia PolskaFoster Wheeler Energia Polska has recently leased space at the Warta Tower high-rise office building in Warsaw. Other tenants at the property include TUiR Warta and Grupa KBC. The

88-metre Warta Tower office building was opened for business in 2000 and comprises 27,000 sqm of space, with CBRE acting as its leasing agent. The 22-floor A-class property is managed by Kulczyk Silverstein Properties.

Warta Tower in Warsaw

Image: Kulczyk Silverstein Properties

COMING & GOING

Grzegorz StrutyńskiGrzegorz StrutyńskiGrzegorz StrutyńskiGrzegorz Strutyński

Grzegorz Strutyński has recently joined developer HB Reavis Poland as a country leasing director re-sponsible for the commercialization of all the office projects in the portfolio of the company. Strutyński has more than 15 years of experience in the real es-tate market. He previously worked for Skanska Property Hungary (as the managing director) as well as Golub Polska and Colliers International.

weekly newsletter # 011-012/ 28th April 2014 / page 8

FACTS & FIGURES

LaLaLaLargest industrialrgest industrialrgest industrialrgest industrial projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013

Location Project Developer Area

(sqm)

Wrocław Panattoni BTS Lear Panattoni 32,300

Silesia SEGRO Business Park Gli-

wice Building B SEGRO 31,700

Warsaw Tulipan Park Warszawa

Bulding B SEGRO 24,000

Silesia SEGRO Industrial Park

Tychy B SEGRO 18,300

Wrocław Prologs Park Wrocław V Prologis 18,282

Source: Colliers International

Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013


(sqm)

Warsaw Konstruktorska

Business Center HB Reavis 48,300

Warsaw Miasteczko Orange Bouygues Immobilier 43,700

Warsaw Plac Unii BBI Development

/Liebrecht & wooD 41,300

Warsaw Marynarska 12 Ghelamco 40,000

Wrocław Sky Tower LC Corp 28,100


LaLaLaLargest retailrgest retailrgest retailrgest retail projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013


(sqm)

Gliwice Europa Centralna Helical Poland 67,000

Kraków Galeria Bronowice Immochan 60,000

Poznań Poznań City Center TriGranit 58,000

Gdynia

Centrum Riviera

(Wzgórze

– extension)

Mayland Real Estate 70,500

Katowice Galeria Katowice

Meyer Bergman

European Retail

Partners/ Neinver

42,000


Selected Selected Selected Selected large investment transactions large investment transactions large investment transactions large investment transactions in 2013in 2013in 2013in 2013

Sector

Project

Value

(EUR mil-

lion)

Seller

Buyer

Retail Silesia City

Center

412 Immofinanz Allianz, ECE

Retail Galeria

Kazimierz 180

Globe Trade

Center,

Aventus

Invesco RE

Retail Galeria Domini-

kańska 151.7 ECE

Atrium

European Real

Estate

Office New City

127 ECI

Hines Global

REIT

Office Mokotów Nova

121 Ghelamco

Tristan Capital

Partners

Office Senator

120 Ghelamco

Union

Investment

In-

dustrial

H&M ware-

house

64 Invesco RE W.P. Carey

Indus-

trial Żerań Park II 43.2

Area Property

Parners,

Apollo Rida

Poland

SEGRO


LLLLargest office lease dealsargest office lease dealsargest office lease dealsargest office lease deals in 2013in 2013in 2013in 2013

Location Tenant Area(sqm) Project

Warsaw Polkomtel 22,680 Konstruktorska 4

Warsaw Getin Holding 18,850 Wola Center

Warsaw Urząd Rejestracji Leków 13,000 Adgar Park West

Warsaw Bank Zachodni

WBK 11,800 Atrium 1

Wrocław Getin Holding 11,700 Sky Tower


Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013

20

30

40

50

60

70

80

90

ŁódźWrocław

Tri-citySzczecin

PoznańKraków

Warsaw (out of town)Silesia

Warsaw (city centre)

Source: Cushman & Wakefield

Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013

Source: Cushman & Wakefield

10 15 20

25

Gdańsk

Szczecin

Katowice

Poznań

Kraków

Wrocław

Warsaw (non-central)

Warsaw (CBD)

Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013

Location Tenant Area(sqm) Project

Wrocław Amazon 123,500 Goodman Wrocław South

Logistic Center

Poznań Amazon 100,653 Panattoni Poznań

Wrocław Amazon 100,653 Panattoni Wrocław

Poznań supermarket

chain 82,385 -

Central Po-

land Castorama 49,961 Panattoni Park Stryków


Documents

PT Urban Issues No. 011-12