Edition 10 (272) October 2022


The glorious twelfth!

In this editorial piece, I often end up writing about some past event, as I dust off some ancient memory, before unleashing my stream of consciousness. However, once a year, for the issue that actually comes out during the Eurobuild Awards Gala, a rather more ambitious task is set before me. I have to predict what’s going to happen in the dim and murky future

Tomasz Cudowski, editor-in-chief
Small talk

Adding some Alchemy

Why a South African investor can only see positives for the Polish real estate market

Small talk

Concrete progress

Patryk Kozierkiewicz of the Polish Association of Developers on how to make the most of latest regulations the Polish government has thrown as us

Small talk

The quieter, the better

Tomasz Łapiński, the CEO of Cordia Polska and CEO of Polnord on how the best companies prepare for the disruption that might come

Stock market report

Down in the dumps

With the end of the year now approaching, the mood on the stock exchanges has been getting more jittery. The uncertainty related to the disruption to the energy market and the decisions of central banks have not been encouraging investors to buy. The Polish stock exchange is still in retreat mode, but the industry indexes have not given up on the bear market just yet

Eurobuild Awards

The Tenants’ Awards

After an unavoidable break of three years, market research specialist kantar can once again provide us with a survey of the tenants of the best properties in Poland – thus ensuring that the Eurobuild Awards go to the most deserving buildings and managers

Eurobuild Awards

Office of the Year, Poland

The period just before the pandemic (and into its early stages) saw a huge number of office completions – especially on the Warsaw market. These new additions were able to be included in the survey for the first time – but how did they fare against more seasoned and established properties? Very well, as it happens. Widok Towers in the heart of the capital, completed by S+B Gruppe in the summer of 2020 and owned by HausInvest, has come out as the winner. Olivia Centre in Gdańsk, which continued to expand during the period and in March 2021 was awarded the highest Well Health-Safety Rating in the world thus far, has come second, while third place on the podium goes to the aptly-named Podium Park B in Kraków, completed by Globalworth in January 2021.

Eurobuild Awards

Shopping Centre of the Year, Poland

There’s also a good regional spread when it comes to the best shopping centres of the year, with some of the newer retail developments dominating the top three. Galeria Młociny in Warsaw, which opened in Q2 2019, is the winner. It is followed in joint second place by the innovatively designed Galeria Kupiecka in Otwock on the outskirts of the capital (owned by WOT Invest and opened in Q4 2019) and Forum Gdańsk (opened by Multi Poland in Q2 2018). Third place has gone to the oldest centre, Vivo! Krosno, which was opened by Immofinanz in what now feels like the distant past – Q3 2017. Judging by the survey, it seems that the death of the mall has been much exaggerated.

Eurobuild Awards

Warehouse of the Year, Poland

Perhaps the category where the competition was the fiercest, given the dynamism of this particular sector. And the regional spread is even greater than for the shopping centre category. As can be seen from the top three and the other parks shortlisted, urban warehousing is now dominating the scene, in a time when end-customers expect faster deliveries and e-commerce continues with its seemingly unstoppable growth. So congratulations to Ideal Idea Park Wrocław, which has come out on top of a very feisty bunch, while Segro Business park Łódź and City Logistics Warsaw III also deserve honourable mentions – as does the entire sector for keeping us all so well supplied in such challenging times.

Eurobuild Awards

The top managers in the eyes of tenants

A property can tick all the boxes when it comes to location, greenery, aesthetics, amenities, parking spaces and so on, but all that will count for little if it isn’t managed well on a day-to-day basis. Because tenants need to feel that owners actually care about them and have their happiness as a top priority. And that’s why the best property managers this year as chosen by tenants reflect those buildings that did best in their sector categories. The best warehouse manager award goes to Jędrzej Dużyński of Ideal Idea, whose Wrocław park also came out on top in the best warehouse category. Kamila Kiersikowska, the manager of EPP’s Galeria Młociny, which won best shopping centre, walks away with the best shopping centre manager award. And for her sterling work at Globalworth’s Podium Park (building B came third in the best office category), Dorota Wojnarowska wins the best office manager award.

Eurobuild Awards

The Jury Awards

Once again, this year our jury of almost 200 eminent experts and top market players have passed their judgement on the most outstanding projects, teams and transactions of the last year or so. The process, which takes place electronically, is unique on the real estate market in the CEE region and was overseen by KPMG, which ensured it was transparent and fair. And the competition this year was very strong, given how admirably so many market players have performed through the pandemic, the high inflation, interest rates and construction costs, the disruption to supply chains, the labour shortages, the looming prospect of a recession, and the impact of the tragedy that has unfolded in Ukraine. We can now reveal who these very deserving winners are who have overcome every obstacle to ensure that real estate is the most buoyant sector of the economy.

Eurobuild Awards

The Popular Choice Awards

By the time you read this, the 800 guests seated in Warsaw’s biggest ballroom, at the DoubleTree by Hilton hotel, will have had the final say in three categories. During the Awards Gala, by voting using special devices, they will have chosen the winners of the Outstanding Non-Business Achievement of the Year (Poland), Newcomer of the Year (Poland) and Real Estate Personality of the Year (Poland). One of the shortlisted newcomers, MDC2, was also in the running for the two other Popular Choice Awards, while Globalworth Foundation was up for two non-business contribution awards. And this year’s top personality will have been selected from one of three well-known market players: Barbara Topolska of CPI PG, Hadley Dean of MDC2 and Tomasz Lubowiecki of 7R. Many congratulations to the winners – and thank you to all the guests who voted to decide these special awards.

Eurobuild Awards

Adding values and know-how to local vigour

It is our honour to present this year’s Outstanding Contribution to Real Estate Award to a very familiar face on the local real estate scene: Nicklas Lindberg, the CEO of Echo Investment. During his time at the helm of the Polish developer, he has overseen the completion of such iconic and city-forming ‘urban destination’ projects as Browary Warszawskie and Fuzja in Łódź. He has also overseen the company’s move into the PRS and flex office segments as well as its 2021 acquisition of Wrocław-based residential developer Archicom. He was also previously employed by Skanska Group for around 15 years, where he eventually rose to the position of Europe president of Commercial Development and was one of the pioneers in introducing sustainability and green certification. We spoke to him about his role in building the Polish property market into what it is today


Banking on Poland

Helaba has been involved in the financing and refinancing of a number of iconic Polish and CEE real estate developments and acquisitions, including for the Warsaw Spire and a record construction loan for the now almost completed Varso Tower in Warsaw – the EU’s tallest building. Two of its main decision makers, Martin Erbe (opposite page, right) and Georg Blaschke (opposite, left), tell us why Poland and its capital are not just a good bet for the future but are also close to their hearts

Nathan North
The Expert Eye

The pillars of the Earth

ESG policies are becoming standard. By 2026, every company, no matter how big, will be legally obligated to report on its activities to protect the environment, on its social responsibility and on its corporate governance. How are these three pillars being implemented when it comes to workplace planning and facility management? And How can a friendly and comfortable working environment even be created in the face of climate change?

Zuzanna Paciorkiewicz, Cushman & Wakefield
Country focus

Still Hungary for more

The Hungarian market remains dominated by Budapest for both offices and industrial development, but there are signs of more activity in other areas. Although the economy has been hit by inflation and the geo-political uncertainty, so far the country seems to be weathering the storm

Alex Hayes
The Expert Eye

BTS – still the name of the game

Back in 2007 and 2008, not many people had even heard of BTS. Only a few were aware of the acronym or able to associate it with a particular sector. Since then, tailored warehousing has firmly established itself. Nowadays it accounts for around a third of the market and there is still a huge appetite for more

Piotr Miodek of 7R
Urban planning

Be square and be there

A tree, maybe the odd monument… and some cobblestones? How about a bit of lawn? Perhaps cars should be allowed in or just pedestrians? And maybe add a few deck chairs or concrete benches? The debate over city squares has been getting as heated as global temperatures

Magdalena Rachwald
Retail & leisure

Off to the shops in your slippers

Developers have sensed that the moment has come to build more retail parks next to where people live. Tenants are following them there and increasingly these are the big clothing chains and brands that until now could only have been found in large malls

Anna Korólczyk-Lewandowska
Project showcase

Life can be sweet again

On the site of a former sugar refinery on the banks of the river Vltava in Prague, a new estate is being built. All 790 apartments are to be powered with green energy and will use recycled water. The project will also feature a range of amenities and attractions, such as a brewery, a kindergarten and a harbour open to the entire district

Magdalena Rachwald

We’ve got to… accentuate the positive

The only thing we have to fear is fear itself. As many of you might already know, these were the words uttered by Franklin D. Roosevelt in his inaugural presidential address in 1933. He was speaking a few years after the Wall Street Crash and deep into the Great Depression that followed

Nathan North