It’s Oh So Quiet!

Is it? Although it’s the holiday time and many real estate people are able to enjoy a break from routine business duties, we could still feel some intense movement on the market – the preparations for the busy second half of 2007. Will it be as exciting as the first six months of the year? There was still quite a lot of activity on the investment market. Office agents had nothing to complain about in terms of falling rents and empty buildings (especially in Warsaw’s Mokotów district). Retailers have finally celebrated the opening of Z∏ote Tarasy shopping and entertainment centre. Warehouse developers noted another record in six-month take-up. Only residential analysts admit there hasn’t been any upheavals on the market. Looking for more details? Check out our H1 2007 reports for the five sectors.

I would be so bold as to say that the European International Council of Shopping Centres summit in Warsaw was the event of the year so far and one of its best parts was the presentation on sustainable development.  While the topic is in vogue in Western countries and the U.S., in Poland there it is a deafening silence about it. We would like to initiate a broader discussion on how to encourage development projects to proceed in a sustainable manner. Would you like to join us?

Every time I write an editorial, I promise myself not to tackle any political issues (as the current Polish political scene makes me nervous, to put it mildly). But how can I stay true to myself when our politicians are doing everything they can to provoke criticism? The latest example of this is the Large-Scale Shopping Facilities Act, which has been signed by the President and is soon coming into force. Piotr Szafarz of the Polish Council of Shopping Centres says: “It is a lot of stupid rubbish, which could do much harm to the shopping centre industry. It is riddled with major flaws, starting from contravening the national constitution and EU legislation, through to its negative impact on developers, trade and the entire economy.” And let it be my comment too.