Regional markets have much to offer

Outside Warsaw, Wrocław and Kraków are also mature markets with a broad offer of office facilities. The supply of the office space in these two cities constitutes over three quarters of the total area earmarked for lease in all Polish provincial cities. In spite of the fact that this will be a record year for Kraków in terms of the square metres delivered, developers’ forecasts are still optimistic, i.e. the demand is at a stable level, mainly thanks to the intensive development of the modern business services sector, which continues to require new office space. The situation is similar in Wrocław, which is behind Warsaw and Kraków but still one of the leaders in modern office supply with an impressive transaction volume of around 75,000 sqm. Admittedly, this year so far does not seem to be as dynamic as 2013. However, the presence of such institutions as IBM, Nokia, Google and HP in the city should still mean that the development of the office market remains positive. For UBM our projects in Wrocław and Kraków are the natural consequence of our company’s expansion, particularly our earlier experience of carrying out hotel and residential projects in these cities. When Times II and Alma Tower are completed and have been commercialised, we will certainly be taking a closer look at other regional cities.