Poland
in Warsaw since 1997, in Kraków and Wrocław since 2008
Dear Clients and Friends,
The first half of 2009, in the Polish commercial real estate market, was undoubtedly marked by the
consequences of the global financial crisis. The investment market, which had already experienced
a slowdown in the second half of 2008, froze in the first quarter of 2009 in anticipation of events
developing further. In the second quarter the situation appeared slightly better when two major sales
transactions of office buildings were finalised. Colliers International acted as advisor in one of them.
It should, however, be noted that these were closures of negotiations which began in 2008.
Developers interested in new investments in all sectors of the real estate market struggled with lack
of funding for new projects as banks limited the availability of financing, requiring planned projects
to be secured with pre-lease agreements. As a result, developers have withheld projects built on
a speculative basis, although a year ago this was common practice.
The leasing market is also witnessing a situation which is the reverse of what we observed last year. The
activity of tenants in the office and industrial markets has declined significantly. Commercialisation of
new projects is taking more time and demand for retail space has also dropped. Although new brands
We enter the second
are declaring their readiness to enter the Polish market, many companies have limited their expansion
plans or are looking at new projects more selectively. As a result, of higher availability of space and
half of the year in
lower demand, all sectors recorded a decrease in rental rates during the first six months.
good spirits, hoping
for further signs of
During the first half of 2009, contrary to the negative mood across the sector, we have focused on
the development of Colliers International in Poland. We have expanded the scope of our services to
market revival for offer auctions services and we have also taken over the Polish operations of Harvey Spack Field, the
both ourselves and
UK-based retail property agency, and in doing so strengthened our position in the retail market.
our business partners.
In the first half of 2009 we were also proud to be involved in the sale of Deloitte House. This was
Poland’s largest commercial real estate transaction in 2009 to date; the fifth largest office transaction
in the EMEA region and one of the top 12 office sales globally. Also on the list of our successes this
year is the extension of our Property and Asset Management Department’s portfolio, which was
enlarged by the addition of over 85,000 sqm located within the office buildings: Millennium Park,
Deloitte House, Horizon Plaza and Catalina.
Therefore, we enter the second half of the year in good spirits, hoping for further signs of market
revival for both ourselves and our business partners.
Hadley Dean
MANAGING PARTNER
POLAND
Colliers International Poland Sp. z o.o.
The Metropolitan Building,
Plac Piłsudskiego 3, 00-078 Warsaw, Poland
Phone: +48 22 331 78 00
Fax: +48 22 331 78 01
www.colliers.comMID-YEAR 2 0 0 9 COLLIERS INTERNATIONAL 2
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