PT Urban Issues No. 37

No. 037 / 1st December 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

OFFICE Echo Investment has launched construction on a new office project in Wrocław page 2 Skanska Property Poland is developing its second office investment in Kraków page 3 EURO STYL will mod-ernize a former shipyard office building in Gdańsk page 4

COMPANY NEWS Ghelamco has started selling new bonds which are targeted at individual investors page 4

RESIDENTIAL Polnord has launched sales in the last phase of its Śródmieście Wilanów project in Warsaw page 5

INTERVIEW Poland Today talks to Mateusz Skowroński, director, Strategic Investors Assistance Department, at Katowice City Hall page 5

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

COMING & GOING Jarosław Tutaj, Savills page 7

FACTS &FIGURES Largest completions, largest lease deals and rents in the commercial property market in 2013-2014 page 8

The project is scheduled for completion at the beginning of 2017 Photo: Vastint Poland

Vastint PVastint PVastint PVastint Pooooland land land land launcheslauncheslauncheslaunches second phase of second phase of second phase of second phase of Business GardenBusiness GardenBusiness GardenBusiness Garden Warszawa complexWarszawa complexWarszawa complexWarszawa complex Developer Vastint Poland is now developing the second and last phase of its flagship Business Garden Warszawa office project in the Polish capital which is scheduled to be completed at the beginning of 2017. page 2

weekly newsletter # 037 / 1st December 2014 / page 2

OFFICE

Vastint Poland Vastint Poland Vastint Poland Vastint Poland expanding its flagship expanding its flagship expanding its flagship expanding its flagship Warsaw schemeWarsaw schemeWarsaw schemeWarsaw scheme

Developer Vastint Poland has selected construction company Hochtief Polska as the general contractor of the second and last phase of its Business Garden Warszawa office project in the Polish capital. The second phase of the scheme will comprise five buildings, offering a combined 102,000 sqm of space, and is scheduled for completion at the begin-ning of 2017. Hochtief Polska was also the general contractor of the first phase of the development.

The project will be ready at the beginning of 2017 Image: Vastint Poland The Business Garden Warszawa investment is one of three Business Garden-branded office projects which are currently being developed by Vastint Po-land, with the other two located in Poznań and Wrocław. Designed by the JSK architectural studio,

the project is located on ul. Żwirki i Wigury in the Włochy district of Warsaw. The first phase of the scheme delivered a total of approximately 32,000 sqm of leasable space in two buildings towards the end of 2012. Vastint Poland (formerly known as SwedeCenter) is part of Inter IKEA Property Division and has been active in Poland since 1992. The company is known in the country for office projects including Brama Portowa in Szczecin. Last month, the developer launched construction on the Business Garden Wrocław scheme, whose first phase will deliver a total of approximately 37,000 sqm of leasable space in three buildings towards the end of 2016. “Vastint Poland is now looking for sites for new of-fice and hotel projects in Warsaw,” said Ewa Łydkowska, marketing manager at the company. She added that the developer is also looking for sites for office, hotel and residential schemes in the other large cities in Poland. Next year, Vastint Po-land hopes to be able to launch construction on its planned Portowo residential development in Poznań which will be located on the banks of the Warta River. The company is now waiting for ad-ministrative permits for the investment, Łydkowska said.

OFFICE

Echo Investment Echo Investment Echo Investment Echo Investment developing new office developing new office developing new office developing new office proproproproject in Wrocławject in Wrocławject in Wrocławject in Wrocław

Warsaw Stock Exchange-listed developer Echo In-vestment has launched construction on its Nobilis

Business House office project in Wrocław. The scheme is the third office investment of the compa-ny in the city. Located next to the Pasaż Grunwaldzki shopping centre, the Nobilis Business House development will comprise 16,000 sqm of of-fice space. The project is scheduled to be completed in the first half of 2016.

The scheme will deliver 16,000 sqm of office space Image: Echo Investment Katarzyna Kubicka, a senior leasing manager at Echo Investment, said that there is much tenant in-terest in the scheme. “Talks with a number of major clients are currently underway,” Kubicka said. She added that Wrocław is already a developed and dy-namic market with the potential for further growth. “Echo Investment is planning more office develop-ments in the city,” Kubicka said. Echo Investment previously developed an office scheme called Aquarius Business House in Wrocław that comprises 25,000 sqm of leasable of-fice space and was completed in September last year. The company is currently developing in the city an investment called West Gate which will comprise 16,000 sqm of office areas. The develop-ment is scheduled to be completed within the next few weeks.


With an office stock of 555,900 sqm, Wrocław is the third largest and one of the fastest growing office markets in Poland. In the last five years, 32 office buildings were completed in the city and the total stock increased by 59%, according to JLL data. A to-tal of almost 125,000 sqm of office space was under construction in Wrocław as of the end of Q3 2014, with the bulk of the new supply scheduled to be completed by the end of next year, a recent JLL re-port said. In the first half of this year, a combined 22,700 sqm of office space was completed in Wrocław, with the Green Day project alone, developed by Skanska Property Poland, having delivered 15,500 sqm. The largest office scheme currently under construction in the city is the Dominikański development (also a project from the Skanska Property Poland portfolio) which will deliver almost 36,000 sqm of office space in the third quarter of next year, the JLL re-port said.

OFFICE

Skanska PropertSkanska PropertSkanska PropertSkanska Property y y y Poland starts second Poland starts second Poland starts second Poland starts second Kraków office projectKraków office projectKraków office projectKraków office project

Developer Skanska Property Poland has recently launched construction on its Axis office project in downtown Kraków. The scheme is the second of-fice development of the company in the city. Locat-ed near Rondo Mogilskie, one of the main transport hubs in Kraków, the Axis investment will comprise approximately 20,000 sqm of office space. The pro-ject is scheduled to be completed in the last quarter of 2016.

The project is located in the downtown of Kraków Image: Skanska Property Poland Skanska Property Poland earlier this year complet-ed its first office scheme in Kraków – Kapelanka 42 – which is located in the Podgórze district of the city and which has just been opened for business. The investment has delivered a total of more than 30,000 sqm of office space in two buildings. One of the buildings was acquired by the Polish fund REINO Dywidenda FIZ at the beginning of last month.

Part of Kapelanka 42 has just been sold Image: Skanska Property Poland

Mariusz Krzak, a regional director at Skanska Prop-erty Poland, pointed out that Kraków is a very at-tractive location for the business service sector and is ranked as one of the best outsourcing destinations in Europe. The BPO/SSC sector is an important business partner for Skanska Property Poland, with the majority of the tenants of the company in re-gional cities being outsourcing companies, Krzak said. Kraków is the largest regional office market in Po-land. The total existing office stock in the city is es-timated at approximately 648,000 sqm and ex-pected to exceed 671,00 sqm this year, according to JLL data. Kraków is also one of the best performing office markets in the country, with the city now see-ing the highest developer and tenant activity in sev-eral years, as well as the lowest vacancy rate among large Polish cities. According to a recent report by JLL, this year the office stock in Kraków is likely to grow by a com-bined 105,000 sqm, which would be the highest an-nual level of new supply in the whole history of the market. A record 85,000 sqm of office space, ex-cluding renegotiations, was leased in the Kraków market in the first three quarters of this year. In 2012 and 2013, the annual net take-up level in the city amounted to approximately 80,000 sqm, the JLL study said. Part of the Skanska Group, Skanska Property Po-land has been active since 1997 and is currently pre-sent in six markets across Poland: Warsaw, Wrocław, Poznań, Łódź, Kraków and Katowice. The company has just completed the first phase of its first office project in Katowice – Silesia Business Park – which has delivered 11,500 sqm of space. Ongoing office schemes of Skanska Property Poland include the Atrium 2 development in the Wola dis-trict of Warsaw.


OFFICE

EURO STYL launches EURO STYL launches EURO STYL launches EURO STYL launches C200 Office C200 Office C200 Office C200 Office investment in Gdańskinvestment in Gdańskinvestment in Gdańskinvestment in Gdańsk

Tri-city developer EURO STYL is now redevelop-ing a former shipyard office building in downtown Gdańsk which will deliver a total of 17,500 sqm of class-A and class-B+ office space, as well as 2,500 sqm of warehouse areas. Called C200 Office, the project is scheduled to be completed in March 2016, with JLL acting as its leasing agent. Magdalena Reńska, head of the Gdańsk office at JLL, said that the rents in C200 Office will be 10%-20% lower than in the typical office schemes in the Tri-city ar-ea.

The project will also include warehouse space Image: EURO STYL Bartosz Podgórczyk, marketing director at EURO STYL, said that the office market in Tri-city is high-ly competitive but well-designed, well-located and well-priced office areas find their tenants. EURO STYL has more than 30,000 sqm of leased space in its portfolio and does not have problems with va-

cant areas, Podgórczyk said. He added that the ex-perience of the company allows it to be optimistic about the C200 Office development.

EURO STYL is now developing Tensor in Gdynia Image: EURO STYL One of the largest residential developers in Tri-city, EURO STYL has been active in the commercial property market since 2011. The company previous-ly developed the Opera Office and BPH Office Park projects in Gdańsk. EURO STYL has recently launched construction on its Tensor office scheme in Gdynia that will comprise three buildings and will deliver a total of approximately 20,000 sqm of leasable office space.

COMPANY NEWS

Ghelamco offers new Ghelamco offers new Ghelamco offers new Ghelamco offers new bonds, targets bonds, targets bonds, targets bonds, targets individual investorsindividual investorsindividual investorsindividual investors

Developer Ghelamco has recently started selling new bonds worth a total of 50 million zloty that are

expected to be issued on December 16 and will start to be traded on the Catalyst bond market of the Warsaw Stock Exchange by the end of the month. The issue, which will help the company finance its development activity in Poland in the upcoming years, is targeted at individual investors, with Ghelamco having previously offered bonds to insti-tutional bond holders. This is a natural step for Ghelamco which does not want to only rely on banks and institutional inves-tors for its financing. More bonds targeted at indi-vidual investors will probably be issued next year, said Jarosław Jukiel, financial director at Ghelamco Poland. Jukiel added that the capital raised through the latest bond issue would mostly be used to co-finance the development of pipeline projects and the acquisition of land for future schemes in Poland.

The Warsaw Spire project in the Polish capital Image: Ghelamco Poland According to Jukiel, the offering of the bonds to a new group of investors will also help further strengthen the Ghelamco brand and increase its recognizability. To date, Ghelamco has conducted 17 bond issues targeted at institutional investors. They allowed the company to raise a total of more


than one billion zloty and helped finance several major office projects in Warsaw, including Senator, Mokotów Nova, T-Mobile Office Park and Warsaw Spire. The latter scheme, which is located in the Wola dis-trict of the Polish capital and will comprise approx-imately 100,000 sqm of leasable space, is the largest ongoing office scheme of Ghelamco in Poland. The company is now also developing an office invest-ment located on ul. Wołoska in the Mokotów dis-trict of Warsaw which will deliver around 20,000 sqm of space. Planned developments include an of-fice project located on the Gdański railway station site in the city. Next year, Ghelamco Poland could start developing the planned Sienna Towers office and retail scheme that will be located close to the Warsaw Spire site and which will deliver around 100,000 sqm of leas-able space. The company has already secured a building permit for the development. Ghelamco Po-land wants to launch construction on the invest-ment when at least 50% of the space in the Warsaw Spire project has been leased, which is expected to happen in a few months, Jukiel said.

RESIDENTIAL

Polnord launching Polnord launching Polnord launching Polnord launching sales of new Warsaw sales of new Warsaw sales of new Warsaw sales of new Warsaw apartmentsapartmentsapartmentsapartments

Warsaw Stock Exchange-listed developer Polnord has recently launched apartment sales in the fifth and last phase of its Śródmieście Wilanów residen-tial project in the Polish capital that is scheduled for

completion in 2017. The scheme is located in the highly popular Miasteczko Wilanów neighbour-hood of the Wilanów district of Warsaw, with the final phase of the development expected to deliver 143 housing units. Polnord started developing the Śródmieście Wilanów investment in 2012. The company is cur-rently also selling apartments in the fourth phase of the project that will deliver 125 homes in the second quarter of 2016. In Miasteczko Wilanów, Polnord is also involved in a multi-phased residential scheme called Ostoja Wilanów which it is developing in co-operation with Spanish Martinsa-Fadesa. Further developments are in the pipeline.

The phase will deliver 143 apartments Image: Polnord Polnord is a leading developer in the Miasteczko Wilanów neighbourhood where the company has a large amount of building land, said Tomasz Sznajder, vice president of the management board at Polnord. Sznajder added that the developer had completed a total of over 1,200 apartments in the neighbourhood, in its Śródmieście Wilanów, Dobry Dom, Kryształ Wilanowa and Królewskie Przedmieście projects.

Additionally, the Fadesa Polnord subsidiary, which is controlled by Martinsa-Fadesa and Polnord, has to date delivered over 2,000 housing units within its Ostoja Wilanów scheme, Sznajder said. Polnord is now preparing to launch construction on new residential investments in Miasteczko Wilanów which will include a project called Wilanów Zachodni. In the near future, three buildings with a total of approximately 350 apartments will be de-veloped, Sznajder added. With an area of 196 hectares, Miasteczko Wilanów is the largest master-planned neighbourhood that is currently being developed in Warsaw, said Maxi-milian Mendel, director, transaction advisory, at REAS. Mendel added that the first project was completed in the area in 2004. By mid-2014, a total of almost 10,000 apartments were delivered in Miasteczko Wilanów by 17 developers, with the ar-ea still having the potential for the development of several thousand housing units, he said.

INTERVIEW

New real estate New real estate New real estate New real estate projects planned for projects planned for projects planned for projects planned for downtown Katowicedowntown Katowicedowntown Katowicedowntown Katowice

Poland Today talks to Mateusz Skowroński, direc-tor, Strategic Investors Assistance Department (Wydział Obsługi Inwestorów Strategicznych), at Katowice City Hall, about the locations for new res-idential and commercial real estate projects in the city. Poland Today: Poland Today: Poland Today: Poland Today: Which Which Which Which parts of Katowparts of Katowparts of Katowparts of Katowiiiicececece are now are now are now are now (and will(and will(and will(and will be in the near fbe in the near fbe in the near fbe in the near fuuuuture) ture) ture) ture) changing the changing the changing the changing the


fastestfastestfastestfastest when it comes to the development of new when it comes to the development of new when it comes to the development of new when it comes to the development of new residential, office and retail real estate residential, office and retail real estate residential, office and retail real estate residential, office and retail real estate invesinvesinvesinvest-t-t-t-mentsmentsmentsments???? Mateusz Skowroński: Mateusz Skowroński: Mateusz Skowroński: Mateusz Skowroński: New residential projects are mostly located in the Zarzecze, Podlesie, Kostuchna, Piotrowice-Ochojec and Ligota-Panewniki districts, and this will probably not change in the near future. There is also the tenden-cy to intensify residential development in the exist-ing residential neighbourhoods which were devel-oped in the 1970s and the 1980s. Construction on a new residential scheme in Szopienice has recently been launched by a private investor. Also Katowice City Hall is planning residential investments in the district. An important issue is the stimulation of res-idential development in the downtown of the city. Katowice City Hall has prepared several projects, one of which is now being finished. Schemes that will be developed in cooperation with Bank Gospodarstwa Krajowego are being prepared. When it comes to office developments, there is Górnośląski Park Przemysłowy on ul. Konduktorska, Silesia Business Park on ul. Chorzowska, A4 Business Park on ul. Francuska and Silesia Star on ul. Roździeńskiego. Office build-ings will mostly be developed in the downtown. As for retail developments, the Supersam shopping centre is being developed on ul. Piotra Skargi. On ul. Rzepakowa, a new retail and service project with several thousand sqm of space is being planned. WhaWhaWhaWhatttt percentage percentage percentage percentage of the area of Katof the area of Katof the area of Katof the area of Katoooowicewicewicewice is cois cois cois cov-v-v-v-ered by zoning ered by zoning ered by zoning ered by zoning plans? Is Kplans? Is Kplans? Is Kplans? Is Kaaaatowicetowicetowicetowice CityCityCityCity Hall cuHall cuHall cuHall cur-r-r-r-rently workingrently workingrently workingrently working on on on on any any any any zoning plans which will zoning plans which will zoning plans which will zoning plans which will be crucial for the devebe crucial for the devebe crucial for the devebe crucial for the devellllopment of the city in the opment of the city in the opment of the city in the opment of the city in the near future?near future?near future?near future? In November, zoning plans in force covered 22% of the total area of Katowice. When one excludes agri-cultural and forested land, the figure amounts to

42%. Zoning plans are now being prepared for a considerable part of the city. An important zoning plan for the downtown of Katowice is being worked on – it will cover key locations including the area of ul. Pawła, ul. Wodna and ul. Górnicza. Another im-portant plan is being prepared for the southern dis-tricts where the residential function is being devel-oped. One also has to remember about the plans which cover post-industrial areas – it is important to define the way in which those areas can be rede-veloped.

Poland Today talks to: Mateusz Skowroński, director, Stra-tegic Investors Assistance Depart-ment at Katowice City Hall Which infrastructural projects will be the most Which infrastructural projects will be the most Which infrastructural projects will be the most Which infrastructural projects will be the most importantimportantimportantimportant for the development of Kfor the development of Kfor the development of Kfor the development of Kaaaatowice in towice in towice in towice in the upcoming years, also from the pethe upcoming years, also from the pethe upcoming years, also from the pethe upcoming years, also from the perrrrspective of spective of spective of spective of potential invepotential invepotential invepotential invesssstors from the real etors from the real etors from the real etors from the real esssstate setate setate setate secccctor?tor?tor?tor?

The key projects have been included in the budget of the city of Katowice. The schemes which will be important for real estate investors include the mod-ernization and extension of the roads infrastructure in the city, including in the southern districts (large junctions in Giszowiec and Piotrowice), and the de-velopment of the Katowice Integrated Transfer Hubs System (Katowicki System Zintegrowanych Węzłów Przesiadkowych). IsIsIsIs Katowice City Hall Katowice City Hall Katowice City Hall Katowice City Hall planning to sell any plotsplanning to sell any plotsplanning to sell any plotsplanning to sell any plots for real estate projects in the near future?for real estate projects in the near future?for real estate projects in the near future?for real estate projects in the near future? The main challenge for Katowice is the develop-ment of the projects located on the sites acquired by developers in the years 2007-2008. Those are pri-vate projects and we are not going to contribute to an oversupply in the market until the already pre-pared projects are launched. Many of them have al-ready been developed or are now under construc-tion (schemes of Skanska Property Poland, Echo Investment); others, including a development on ul. Mikołowska, have not been started yet. A large pro-ject on which the city will be working soon will in-volve the preparation of a zoning plan for the plots located at the intersection of Drogowa Trasa Średnicowa and ul. Grundmana – the existing PKM facility is set to be moved to another location.

LATEST LEASE DEALS IN BRIEF KMC Services KMC Services KMC Services KMC Services has leased 13,000 sqm of warehouse space at the Kraków Airport Logistics Centre which is being developed by Goodman. The deal is the largest lease transaction signed in the Kraków logis-tics market in recent years. Kraków Airport Logis-tics Centre is owned by the Goodman European Lo-gistics Fund and managed by Goodman Group. The


investment has a target lease area of more than 150,000 sqm.

Galeria Echo in Kielce Image: Echo Investment Jula Jula Jula Jula and Komfort Komfort Komfort Komfort have respectively leased over 3,000 sqm and 1,300 sqm of retail space at the Galeria Echo shopping centre in Kielce which is owned by Warsaw Stock Exchange-listed developer Echo Investment. The Galeria Echo mall was com-pleted in 2002 and expanded in 2009-2011. The shopping centre comprises 70,000 sqm of leasable space and houses more than 250 stores and points of service.

Kraków Airport Logistics Centre Image: Goodman H&M H&M H&M H&M has recently leased more than 2,100 sqm of retail space at the Galeria Północna shopping centre

project which Warsaw Stock Exchange-listed de-veloper Globe Trade Centre (GTC) is planning to develop in the Polish capital. The scheme will be located in the northern Białołęka district of War-saw and will comprise approximately 64,000 sqm of leasable space. GTC is now finishing the process of securing the necessary administrative permits for the planned development. DSV DSV DSV DSV has recently leased approximately 2,000 sqm of office space at the Nefryt building in Warsaw and has moved into the property. The tenant was ad-vised by Colliers International in the lease negotia-tions process. Completed in 2008, Nefryt is located in the Mokotów district of the Polish capital and comprises more than 15,000 sqm of office space. The building is owned by RREEF Real Estate.

Galeria Północna in Warsaw Image: Globe Trade Centre Lumesse Lumesse Lumesse Lumesse and Bank Zachodni WBK Bank Zachodni WBK Bank Zachodni WBK Bank Zachodni WBK have renewed their leases of a total of over 2,000 sqm of office space at Centrum Biurowe Lubicz in Kraków which is owned by real estate investor Griffin Group. Cen-trum Biurowe Lubicz comprises two buildings which offer a combined 21,000 sqm of leasable space. Their tenants include Deutsche Bank, BNP

Paribas, PwC, International Paper, Capita and Infu-sion.

COMING & GOING

Jarosław TutajJarosław TutajJarosław TutajJarosław Tutaj

Jarosław Tutaj has recently been appointed as a di-rector, head of retail agency, at Savills in Poland. He is joining the company from Echo Investment where he was responsible for the commercializa-tion of shopping centres. Tutaj has more than 15 years of experience in the commercial property market. In his professional career, he has worked at companies including Gray International, Apsys Polska and JLL.

weekly newsletter # 037/ 1st December 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 argest argest argest office lease dealsoffice lease dealsoffice lease dealsoffice 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


Highest retail rents (EUR/sqm/month), H1 2014Highest retail rents (EUR/sqm/month), H1 2014Highest retail rents (EUR/sqm/month), H1 2014Highest retail rents (EUR/sqm/month), H1 2014

20

30

40

50

60

70

80

90

100

Other citiesŁódź

WrocławTri-city

SzczecinPoznańKraków

KatowiceWarsaw

Source: Cushman & Wakefield

Office rents (EUR/sqm/month), H1 2014Office rents (EUR/sqm/month), H1 2014Office rents (EUR/sqm/month), H1 2014Office rents (EUR/sqm/month), H1 2014

10 15 20 25

ŁódźKatowice

Tri-cityKrakówPoznań

WrocławWarsaw - non-central

Warsaw - central locations

Source: Cushman & Wakefield

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 123,000 Goodman Wrocław South

Logistic Center

Poznań Amazon 123,000 Panattoni Poznań

Wrocław Amazon 123,000 Panattoni Wrocław

Poznań supermarket

chain 82,385 -

Central Po-

land Castorama 49,961 Panattoni Park Stryków


Documents

PT Urban Issues No. 37