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Property Book 2013

A bit of stabilization

In these few words you can describe the situation in the commercial real estate market in 2012 and what is in store for 2013. It is true that the industry was heavily affected by the Eurozone crisis, which translates into a serious lack of decisiveness among tenants in all sectors. It is echoed by analysts and economist who forecast a difficult first half of the year. However, almost everyone is hoping for a rebound in the second half of the year. It might not be a stunning change, but a rebound within our current capabilities, so to say. The change, however, is to be distinct and mark improvement. The first signs of it have already appeared.

The investment market performed well in 2012 and, what is most important, the interest of foreign investors in Poland does not decline. Investment funds are still interested in our country, including the warehouse space market which previously was treated with a bit of neglect. Still, retail and office developments remain the favourites of funds.
The retail market is the most stable since the fall of the Lehman Brothers bank. This situation is likely to continue in 2013 as well. Last year, there were few spectacular openings, but there was a lot of space under development (currently approx. 700,000 sqm). In 2013, following developments will be completed: Galeria Miejska Plac Unii, Poznań City Center, Galeria Katowicka or Europa Centralna in Gliwice.
The increasingly demanding market also made developers look for new solutions. Hence the development of the convenience format – in small and medium-sized cities, the growing number of types of retail schemes as well as extensions and refurbishments of the older centres.

A lot is happening in the office market as well. After a few years of stagnation, we have a real explosion of supply. What is even more important, this supply goes hand in hand with a record appetite of tenants for office space. In the office map we have new locations as well. The following cities are likely to be the rising stars of the BPO industry: Lublin, Kielce, Toruń and Olsztyn. As always, there must be a fly in the ointment. Before the considerable stock of space (around 1,000,000 sqm under development) will be absorbed by the market, the vacancy rate will increase.

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