Poland's Real Estate Resource
In terms of commercial investment volume, a very good 2013 followed a very good 2012. Last year commercial investment volume in Poland reached 3.3 billion euros, a 21% increase over 2012. It was the best year since 2006 and there are some indications that 2014 could be even better.
91% of commercial investment was foreign. Germany and Austria alone accounted for 47% and 11% came from the United States.
Retail real estate investment volume accounted for 43% of the total. Office space investment was 36% and industrial real estate was 18%.
From an Emmerson Group perspective, the high level of investment activity will stimulate transaction volumes. Sales and lease transactions should continue to grow at a good rate in the retail, office and industrial segments.
Retail
Poland remains an attractive destination for international retailers, both those in the market looking to expand and those newly entering the market. In 2013, more than 30 well known international brands launched operations in Poland.
As of the end of 2013, modern retail space in Poland had grown to 11.8 million square meters, 72% in shopping centers. Shopping center vacancy rates averaged around 3.5% with some on going turnover,
Office
The office market in Poland continues to be strong with the primary focus being Warsaw
Warsaw office space grew to over 4.1 million square meters by the end of 2013 and is expected to exceed 5.0 million square meters by the end of 2014. 18 new office buildings were completed in 2013, adding around 300,000 square meters of new space.
33 new office projects will be completed this year adding an additional 350,000 square meters of new office space. Approximately 650,000 square meters of new office space is currently under construction.
Leasing activity in 2013 was at a record high level of 632,000 square meters, representing 15% of the available space. Year over year growth of leasing activity was 5%,
Industrial
Demand for industrial space reached a historical high in 2013. This is primarily attributed to growth in the western regions of Wroclaw and Poznan. These regions accounted for 45% of demand, while Warsaw remained flat at 18%.
As of beginning of 2014, there was 384,000 square meters of space available in the Warsaw area, a vacancy rate of 14.6%.