PT Urban Issues No. 003

No. 003 / 24th February 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

OFFICE HB Reavis Poland hopes to launch its West Station office project in Warsaw in the third quarter of this year, continues preparatory work on a high-rise scheme in the downtown of the city page 2

RETAIL The largest shopping centre in Lublin is scheduled to open for business in a few weeks page 2 Capital Park has launched construction on a new Vis a Vis convenience centre in Łód and plans to further develop the chain page 3

RESIDENTIAL Dom Development is expanding its Żoliborz Artystyczny multi-family residential project in Warsaw page 3

LOGISTICS Panattoni Europe has laid the cornerstone for an Amazon distribution centre near Poznań which is part of the record deal that it signed with the online retailer last year page 4

LATEST LEASE DEALS IN BRIEF Recent lease transactions in the office, retail and warehouse sector page 6

COMING & GOING Šárka Chapman, Cushman & Wakefield page 6

Facts &Figures Largest completions, largest lease deals and rents in the commercial property market in 2013 page 7

Professor Sven Bienert Photo: Sven Bienert

Green commitments pay offGreen commitments pay offGreen commitments pay offGreen commitments pay off Poland Today talks to Sven Bienert, Professor of Sustainable Re-al Estate at the University of Regensburg and ULI’s Visiting Fel-low on sustainability, about green pricing and the implications which sustainability has for property investors. page 4

Single ticket price: 1,150 PLNEarly bird registration: 950 PLN (till end-February)

Content: tel. +48 694 922 [email protected] Sponsorship: tel. +48 602 223 [email protected] Registration: tel. +48 602 224 [email protected]

Conference: Primetime Warsaw 2 Developing a sustainable European metropolis3 April 2014, Conference Center Muranów, The Museum of the History of Polish Jews

LEAD SPEAkErS:

• Keynote: Mrs Elżbieta Bieńkowska, Deputy Prime Minister & Minister of Infrastructure and Development

• Professor Hanna Gronkiewicz-Waltz, Mayor of the City of Warsaw

• Professor Sven Bienert, MrICS, Professor of Sustainable real Estate at the University of regensburg and ULI Sustainability Fellow (Europe’s leading expert in the financial implications of sustainable development)

ToPICS:

• Infrastructural and Social Challenges for Warsaw within the new European Funds Perspective 2014-2020

• Wola & Praga: two of Warsaw’s most dynamic districts, soon to be joined by the 2nd metro line

• Cutting away the ‘green’ Pr fluff: what are the financial results and implications of sustainable development?

• Can Warsaw come up with a comprehensive ‘high street retail’ plan?

• Trends & issues in the office and retail sectors

• The art of Placemaking: creating attractive public spaces in and around commercial properties

Building on the success of our first conference about Poland's capital, we bring you all the major issues and opportunities, in Central Europe's pre-eminent city.

Patrons Partnersorganizing Partner

weekly newsletter # 003 / 24th February 2014 / page 2

OFFICE

HB Reavis plans to HB Reavis plans to HB Reavis plans to HB Reavis plans to start newstart newstart newstart new office project office project office project office project in in in in Warsaw in Warsaw in Warsaw in Warsaw in Q3Q3Q3Q3 2014201420142014 Developer HB Reavis Poland hopes to be able to launch construction on its planned West Station of-fice project in Warsaw in the third quarter of this year, said Stanislav Frnka, country CEO at the com-pany. He added that HB Reavis Poland already has a planning decision for the scheme and is currently in the process of obtaining a building permit for it so the start of construction will mostly depend on the pace of getting through the administrative proce-dures. Prepared in cooperation with Polish State Railways, the West Station investment will involve the devel-opment of a new Warsaw West railway station, as well as two office buildings comprising a total of more than 63,000 sqm of leasable space. HB Reavis is now also continuing preparation work on its planned office complex on ul. Chmielna in downtown Warsaw which will probably include a high-rise building. The final shape of the project and design of the façade of the tower are being dis-cussed, Frnka said. He added that his company is now in the process of getting a planning decision for the development. HB Reavis earlier announced that the investment could house approximately 100,000 sqm of leasable space. Asked whether his company is not afraid of launch-ing such a large project in a situation when there is already a massive office pipeline planned for War-

saw for the next few years, Frnka stressed that the forecasts regarding the growth of the Polish econ-omy this year are optimistic. “It is expected that the Polish economy will this year expand by up to 2.8%. As a result, the country is now attracting foreign capital and corporations which are increasingly de-ciding to move their headquarters to Warsaw or expand the existing offices,” Frnka said.

HB Reavis is now developing the Postępu 14 office project in Warsaw

Image: HB Reavis Poland

HB Reavis has so far completed one office project in Warsaw – Konstruktorska Business Center – for which it has just secured €61.55mn in bank financ-ing from Bank Pekao. It is now developing two oth-er schemes, Gdański Business Center and Postępu 14, in the Polish capital. The company is now look-ing to acquire more land. “At HB Reavis we are mainly focused on the office sector, however, the company is also open to retail projects (shopping centres), not only in Warsaw, but also in other cit-ies,” Frnka said.

RETAIL

Largest shopping mall Largest shopping mall Largest shopping mall Largest shopping mall in Lublin to open for in Lublin to open for in Lublin to open for in Lublin to open for business next monthbusiness next monthbusiness next monthbusiness next month Real estate investor Atrium European Real Estate has obtained an occupancy permit for its Atrium Felicity shopping centre project in Lublin in south-eastern Poland. The scheme is scheduled to open for business on March 20. The Atrium Felicity de-velopment will deliver 75,000 sqm of leasable space and will be the largest shopping centre in Lublin. The investment is now almost fully commercial-ized, with Cushman & Wakefield acting as the ex-clusive leasing agent. Major tenants at the Atrium Felicity shopping cen-tre will include Auchan, Leroy Merlin, Saturn, Cin-ema City, Empik, Smyk, Sephora and Rossmann, as well as the fashion brands of the Inditex and LPP groups. The current leasing level at the shopping centre, which amounts to 98%, is one of the best re-sults in Poland, said Agnieszka Olszewska, an asso-ciate at the retail department of Cushman & Wake-field. Olszewska added that the Lublin market currently boasts of 165,000 sqm of existing retail space and that an additional 126,000 sqm of new retail areas is now under construction in the city. Apart from Atrium Felicity, new retail projects called Zamkowe Tarasy and Outlet Center Lublin are scheduled to be completed in Lublin this year. “Lublin is a city which actively takes advantage of its potential and in which new investments will certainly appear,” she said.


The Atrium Felicity shopping centre in Lublin will deliver 75,000 sqm of leasable space

Image: Atrium European Real Estate

Atrium European Real Estate specializes in invest-ing in, developing and managing shopping centres in Central and Eastern Europe. As of the end of the first half of last year, the company owned a total of 156 retail facilities in seven countries, valued at a combined €2.2bn. In Poland, the portfolio of Atrium European Real Estate comprises 22 operating shop-ping centres and includes the Atrium Reduta, Atri-um Promenada and Atrium Targówek malls in Warsaw. Last year, the company acquired the Galeria Dominikańska shopping centre in Wrocław for €151.7mn.

RETAIL

Capital Park starts Capital Park starts Capital Park starts Capital Park starts workworkworkwork on on on on convenience convenience convenience convenience centrecentrecentrecentre in Łódźin Łódźin Łódźin Łódź

Developer and investor Capital Park has launched construction on a new Vis a Vis-branded retail pro-

ject in Łódź. The scheme is the second Vis a Vis de-velopment in the portfolio of the company, with the first one having been opened for business in 2011 in Radom. The investment is located in the Bałuty dis-trict of Łódź and will comprise more than 5,600 sqm of retail space and will house an Intermarché grocery store, as well as approximately 20 other re-tail units. Construction on the project is scheduled to finish in the fourth quarter of this year, with construction company Budimex acting as the general contractor. The Blue Ocean Investment Group is responsible for the leasing process. According to Capital Park, buyers and increasingly often choosing to shop in small retail facilities such as the Vis a Vis conven-ience centres, in which the units are accessible di-rectly from the parking lot and which enable buyers to save time and money.

The convenience centre in Łódź is the second Vis a Vis-brand project in the portfolio of Capital Park

Image: Capital Park

Such facilities offer a comprehensive tenant mix and are a response to one of the main consumer trends of today – the need for quick daily shopping near the place where you live, said Wojciech Nowakowski, investment manager at Capital Park.

He added that the further development of the Vis a Vis convenience centre portfolio is a strategic goal of Capital Park. “Capital Park is intensively looking to acquire more sites and projects,” Nowakowski said.

RESIDENTIAL

Dom Development Dom Development Dom Development Dom Development launches new phase of launches new phase of launches new phase of launches new phase of huge Warsaw projecthuge Warsaw projecthuge Warsaw projecthuge Warsaw project Warsaw Stock Exchange-listed developer Dom De-velopment has launched construction of and sales of apartments in the third phase of its Żoliborz Artystyczny residential project in the Polish capital. The scheme is one of the largest developments in the history of the company. The third phase of the investment will comprise 228 apartments and is scheduled for delivery at the end of the first half of next year. The first two phases of the project will be ready by the end of this year. Located on ul. Powązkowska in the Żoliborz dis-trict of Warsaw, the Żoliborz Artystyczny scheme will comprise a total of approximately 1,700 apart-ments in 13 buildings when fully developed. When Dom Development was launching the project in spring last year, Jarosław Szanajca, president of the management board at the company, declared that the whole investment would be completed five to six years. Żoliborz has become very popular with residential developers in recent years, after a new zoning plan allowed for the construction of housing projects on extensive swathes of post-industrial land in the dis-trict. Apart from Dom Development, real estate de-velopers including Atlas Estates, Hochtief Polska,


Layetana Developments, Marvipol, Robyg and Tur-ret Development are currently also selling apart-ments there.

The Żoliborz Artystyczny project will comprise approximately 1,700 apartments Image: Dom Development

LOGISTICS

Cornerstone laid for Cornerstone laid for Cornerstone laid for Cornerstone laid for Amazon distribution Amazon distribution Amazon distribution Amazon distribution centre near Poznańcentre near Poznańcentre near Poznańcentre near Poznań

Industrial space developer Panattoni Europe last week held a cornerstone-laying ceremony at the construction site of the more than 100,000-sqm dis-tribution centre which it is now building for Ama-zon in Sady near Poznań. The facility is scheduled to be completed in August this year. Panattoni ear-lier laid the cornerstone for the distribution centre which it is building for Amazon in Bielany Wrocławskie near Wrocław. Both schemes are part of a record 200,000-sqm deal that was announced last year.

Panattoni Europe is currently developing a total of more than 343,000 sqm of warehouse space in Po-land and the Czech Republic, said Robert Dobrzycki, managing partner, Europe, at the com-pany. He added that Panattoni Europe is now fin-ishing construction work on important BTS devel-opments for Castorama, Polaris and a client in Kutno and is also expanding its Panattoni Park Łódź East investment. The markets in Germany, Poland and the Czech Republic are developing dynamically, stimulated by the transformation of logistics and industrial pro-cesses, the development of e-commerce and the general improvement of the European economy, Dobrzycki said. Last year brought very good results – the second wave of the economic slowdown did not have a negative impact on the warehouse mar-ket. All of this means that the prospects for the de-velopment of Panattoni Europe in the upcoming years are very good, Dobrzycki added.

The project near Poznań is part of a record deal signed by Panattoni and Amazon last year

Image: Panattoni Europe

INTERVIEW

The economic The economic The economic The economic justification for green justification for green justification for green justification for green commitmentscommitmentscommitmentscommitments Poland Today talks to Sven Bienert, Professor of Sustainable Real Estate at the University of Regens-burg and ULI’s Visiting Fellow on sustainability. Professor Bienert will be a keynote speaker at Po-land Today’s “Primetime Warsaw” conference on 3 April. Poland Today: Has sustainable real estate devePoland Today: Has sustainable real estate devePoland Today: Has sustainable real estate devePoland Today: Has sustainable real estate devel-l-l-l-opment been around long enough for compropment been around long enough for compropment been around long enough for compropment been around long enough for compre-e-e-e-henhenhenhensive research into the financial implications sive research into the financial implications sive research into the financial implications sive research into the financial implications for property investors?for property investors?for property investors?for property investors? Prof. Bienert:Prof. Bienert:Prof. Bienert:Prof. Bienert: Well, there are not too many samples around in Central & Eastern Europe. The hardest evidence is of course in transaction prices. I think most companies are looking at energy efficiency, less on the certification side. I think we can pre-sume that the focus on sustainability is not only goodwill- or legislation-driven but is, rather, finan-cially motivated. So isolating an added value for more sustainable behaviour in the market place is key in order to ensure that the overall goal of build-ing a decarbonized and more sustainable future will be reached. Research that focuses on these aspects of willingness-to-pay for more sustainable proper-ties or companies is called “Green pricing studies.” In a study based on a data-set between 2006 – 2009, we (the Competence Center of Sustainable Real Es-tate, at the University of Regensburg) analyzed 80 European listed real estate companies according to their green agenda and to link that with their finan-


cial results. We found a positive linkage between a green agenda and financial performance, especially in terms of an increased ability to generate revenues and a decreased level of stock volatility. As a result, green commitments are not merely altruisms but are economically driven. In another study which we did together with IPD, energy efficient buildings outperformed their peers. So the financials are the bottom line, but there is still a long way to go. We need to keep in mind the context, which is the im-pact of the real estate market on the environment. In the case of Europe, the real estate sector ac-counts for 45 per cent of energy consumption and for 35 per cent of the greenhouse gas emissions.

Does sustainable development, then, crossDoes sustainable development, then, crossDoes sustainable development, then, crossDoes sustainable development, then, cross over over over over into corporate social responsibiinto corporate social responsibiinto corporate social responsibiinto corporate social responsibillllity (CSR)?ity (CSR)?ity (CSR)?ity (CSR)?

Yes. A broader understanding of sustainability has of course also implications for companies. Corpo-rate Responsibility is in this context not just leader-ship and being a good citizen, it is also connected to risk management and gaining a competitive advan-tage. Therefore CSR has to include additional key activities within a company that affect the equilib-rium between economic decisions, environmental impact and social commitment. That is, real estate firms acting in a sustainable way should go further and respond to this development pro-actively by implementing corporate social responsibility as-pects into all management functions and the value chain. What kind of aspects, for example?What kind of aspects, for example?What kind of aspects, for example?What kind of aspects, for example? If you think of controlling you most probably would not think of sustainability. This is of course a mis-take. Preparing sustainability reports according to Global Reporting Initiative (GRI) guidelines (“G4”) is increasingly becoming a “must have”, especially for larger companies. Not just because institutional

investors are more frequently asking for the ESG figures of the respective companies but also EU di-rectives are likely to force this task from being a voluntary issue to become a mandatory task in the near future. We are seeing numerous companies struggling with their data reliability and in general data gathering when it comes to sustainability re-porting. Taking into account the 150 plus indicators GRI suggests, it is obvious that this should not be an “Excel template exchange” type of thing. Integrated reporting and controlling are essential to get the best benefit out of your sustainability initiatives – and not spending money on nice looking reports or donations. Integrating sustainability into existing risk- and portfolio-management processes is, in my opinion, also a wise thing to do.

Poland Today talks to: Sven Bienert, Professor of Sustain-able Real Estate at the University of Regensburg and ULI’s Visiting Fel-low on sustainability You mentioned several studies rYou mentioned several studies rYou mentioned several studies rYou mentioned several studies related to “Green elated to “Green elated to “Green elated to “Green Pricing” which your competence centre coPricing” which your competence centre coPricing” which your competence centre coPricing” which your competence centre con-n-n-n-

ducted earlier. What has been your focus, or ducted earlier. What has been your focus, or ducted earlier. What has been your focus, or ducted earlier. What has been your focus, or main focus, since then?main focus, since then?main focus, since then?main focus, since then? Initially we were looking at the possibility that greener products might lead to a premium in the marketplace – we were looking at the upside of sus-tainability. Lately we’ve been looking more at the downside of climate change and in this respect es-pecially the impact extreme weather events have on buildings. Every one focuses on the certification, but it’s not enough. We’ve just completed a big re-search project on behalf of the German government. In one of our last research projects, called Im-moRisk, we combined hazard data, reflecting the probability of an extreme weather event happening, with historical vulnerability data of properties pro-vided by the insurance industry in order to calculate an annual expected loss for storms, floods, hail etc. The results are to some extent alarming: using his-torical hazard data you end up with expected losses that pretty much reflect today’s insurance premium. If you use the latest climate data and focus on fu-ture projections, the model suggests that in some regions premiums might even double in the near fu-ture. You can now type in your location and get a detailed analysis of your risk rating, which has im-plications for your insurance premiums as well as the value of your property. We’re preparing a larger report for ULI on this topic called “Extreme Weather Events and Property Values - Assessing New Investment Frameworks for the Decades Ahead” which will be published in a couple of weeks. Extreme weather conditions are obviously not Extreme weather conditions are obviously not Extreme weather conditions are obviously not Extreme weather conditions are obviously not something that real estate developers can inflsomething that real estate developers can inflsomething that real estate developers can inflsomething that real estate developers can influ-u-u-u-ence and it’s not a topic I’ve heard raised in the ence and it’s not a topic I’ve heard raised in the ence and it’s not a topic I’ve heard raised in the ence and it’s not a topic I’ve heard raised in the Polish real estate market. Is it something devePolish real estate market. Is it something devePolish real estate market. Is it something devePolish real estate market. Is it something devel-l-l-l-opers should be opers should be opers should be opers should be mindful of? Of course, avoiding mindful of? Of course, avoiding mindful of? Of course, avoiding mindful of? Of course, avoiding floodfloodfloodflood----risk areas is an obvious thing. Can you give risk areas is an obvious thing. Can you give risk areas is an obvious thing. Can you give risk areas is an obvious thing. Can you give other examples?other examples?other examples?other examples?


I think a developer these days must in any case per-form a proper location analysis, including the expo-sure to extreme weather events. That is hail, flood-ing, storms etc. If a certain plot is selected even though the fundamentals suggest at least some risk (now or in the future) the developer should think right away of building features that reduce the vul-nerability to extreme weather – and therefore po-tential losses. Besides these - let’s call them “opera-tional” tasks - I think one would be well advised to also incorporate an analysis of indirect effects and consequential losses related to climate change in setting strategy. Looking at the latest IPCC report, climate projections indicate the possibility of very severe impacts on some economies, which also sug-gests that the migration of inhabitants from one place to another will become more relevant in the future. I do not know a single investor that wants to buy in regions where demography suggests lower numbers in the future. So we are also talking about strategic decision-making.

SVEN BIENERT After graduating as a qualified bank employee Bienert

studied real estate economics and business administra-

tion with the specialization in finance. He worked for

many years in top position for leading real estate con-

sulting companies. In 2010, he became founder and

managing director of Probus Real Estate GmbH in Vi-

enna, which manages a €2.1 billion commercial real es-

tate portfolio with properties across Central & Eastern

Europe and South-Eastern Europe. Professor Bienert

will be a keynote speaker at Poland Today’s ‘Primetime

Warsaw’ conference on 3 April, where he will also take

part in a panel discussion on sustainable development.

LATEST LEASE DEALS IN BRIEF

Rondo 1 Image: Advanced Public Relations

Polish law firm Domański Zakrzewski PalinkaDomański Zakrzewski PalinkaDomański Zakrzewski PalinkaDomański Zakrzewski Palinka has extended its lease agreement for over 4,000 sqm of office space at the Rondo 1 building in downtown Warsaw for another ten years. CBRE, which is the exclusive leasing agent for the building, brokered the deal. Built in 2006, the 40-floor Rondo 1 build-ing comprises 66,000 sqm of leasable space and al-most 500 parking spaces and is widely regarded as one of the most modern office facilities in Central and Eastern Europe. Law firm K&L Gates WarsawK&L Gates WarsawK&L Gates WarsawK&L Gates Warsaw has leased 3,500 sqm of office space at the Małachowski Square project in the downtown of the Polish capital, becoming the first tenant at the 12,600-sqm facility. The scheme will consist of a revitalized historic building (5,000 sqm) and a new office building (7,600 sqm). It is be-ing developed by Hochtief Development Poland, with Kulczyk Silverstein Properties being the inves-tor.

Retailer Smyk Smyk Smyk Smyk will open a 630-sqm store in the new part of the Gemini Park Bielsko-Biała shopping and entertainment centre which is now being expanded by investor and developer Gemini Holding. The Gemini Park Bielsko-Biała facility currently com-prises more than 27,000 sqm of retail space which is expected to grow to over 40,000 sqm of GLA af-ter the extension. The new part of the mall is scheduled to open for business in April this year.

COMING & GOING

Šárka ChapmanŠárka ChapmanŠárka ChapmanŠárka Chapman

Šárka Chapman has recently joined the Warsaw of-fice of Cushman & Wakefield as a hospitality con-sultant in the valuation & advisory department. Chapman has more than three years of experience in the real estate market and was a consultant at the Prague office of Cushman & Wakefield from 2010. In her professional career, she has participated in the sale of the 226-room, 3-star hotel Ibis Karlin in Prague. She has also been involved in operator selections for 4- and 5-star hotels in the main cities of CEE and has valued more than 30 hotels.

Registration till 20 March 2014:www.prospectsinpoland.com

During the 3rd logistics conference in Gliwice, representatives of the City, sector experts, investors interested in the region, as well as those who have already put their money in, will discuss how to maximise the potential of the city and its surroundings.

Conference: Hub Silesia – logistics as a driver of the region's economic growth 26 March 2014, hotel Silvia Gold, Gliwice

Organizer Media Patrons

weekly newsletter # 003/ 24th February 2014 / page 7

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. 003