AT LEAST UNTIL EXPO!

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18 Νοε 2013 (πριν από 3 χρόνια και 8 μήνες)

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Q4 IS ANYONES GUESS….

AT LEAST
UNTIL EXPO!

Summer is done, sun tans are topped up and minds refreshed. Now back to business! As predicted,
the summer was really quite busy from a real estate HR perspective with office leasing and property
management
and asset management
leading the list of requirements.

So what can we expect from Q4 of 2013? One thing we can expect is a number of large transactions
particularly in retail. There has been a lot of noise coming from a number of funds since before the
su
mmer and this is now reaching boiling point. What is interesting is funds that have traditionally
operated in the core office market are now diversifying into retail and logistics.
Allianz in Katowice is
probably a good example of that.
During the summer T
ara HRC has
worked on 2 retail asset
management roles for funds who have not dealt in retail
assets
previously.
The agencies are also
gearing up their asset management teams, CBRE have added to their retail asset management team.
This demonstrates that fun
ds are still not taking a full on approach to their own asset management.

The office market outside Warsaw is also heating up with Krakow being of particular interest.
Avestus and Tri
-
Granit
are
already planning
phase 3 of their office parks. SwedeCenter
are active
with large projects in Poznan, Wroclaw, Gdynia and
Szczecin.
It’s

not really
surprising

the attention
is
being focused
outside of Warsaw
, there is
over 600,000sqm of new office to be delivered in
W
arsaw in the next 12 months. There is also some

disgruntlement about
certain developers
who are
apparently
spoiling
the market with almost ridiculously

low rents. As it stands Mokotow
has a
vacancy rate of 11% and rents as low as they have been in over 10 years. One would have to
wonder, where are all
the tenants going to come from? Are we headed for a bubble burst in the
Warsaw office market?

What is interesting
,

is the number of local developers starting to appear with 10,000


12,000sqm
office projects on the edge of the CBD
, is it a sign that the b
anks are being a little more sympathetic
to the smaller
local
developers?

An interesting player entering the market, who in fact have always been here is the
Polish
State
,

in
the shape of PHN. They have some of the most attractive sites in Warsaw and now
after some
positive restructuring and financial injection and ready to come out and play. Watch that space!

Some interesting developments in retail, IKEA have gotten the bit between their teeth and are
buying Wola Park. ImmoFinanz are planning on developi
ng their smaller retail park concept


Stop
Shop.

Logistics is all pretty much build to suit these days, gone are the speculative building days. These
assets are also becoming more and more attractive for funds whilst they try and diversify their
portfoli
os. So far this year we have seen Blackstone (Logicor), Hines, Heitman, Invesco

all buy
logistics assets.


September is a funny time of the year; it’s a bit of a guessing game as to what will happen before
Expo. Most like to keep their cards close to their

chest until Expo and then announce with a bang!