We have become a civilised and safe economy

It has been ten years since Poland’s accession to the European Union. In this period the office market has experienced dynamic growth. Total office stock in Poland in 2004 amounted to 2.4 mln sqm. Now it is nearly 6.5 mln sqm.

Poland’s entry into European structures certainly changed the perception of our country. Of course the date of the accession to the EU now has a rather symbolic resonance. But it is worth remembering that just before accession (when it was clear that we would become a rightful EU member state), the perception of Poland was also changing. For many investors it was a signal that we were becoming a civilised and safe economy. On the one hand, it had a strong psychological significance; and on the other, it translated into the development of office and other markets across Poland. It is important that not only Warsaw benefited from Poland’s EU accession, but regional cities too. European funds, such as JESSICA (Joint European Support for Sustainable Investment in City Areas), have made it possible to finance projects that have contributed to the revitalisation of urban areas and have also helped to finance commercial projects that impact the development of cities and towns. Being part of EU structures has also contributed to the development of the BPO sector (Business Process Outsourcing). It is thanks to this, among other things, that many companies have decided to set up operations here.

When we talk about the influence of the European Union on the real estate market, we should not forget about the investment market. Some funds, particularly German pension funds, were simply not present in Poland ten years ago. When we were outside the European Union we were one of the countries they viewed as having a higher investment risk. Now all this has changed. German pension funds are among the most active players in Poland. I believe that Poland’s EU accession has had a huge impact on the entire real estate market. The last ten years were marked by dynamic development and, more importantly, stabilisation.