Let's do business

Capital is forcing its way into the Polish real estate market everywhere that you look. New investors are continually emerging to join those who have operated here for several years such as Europolis Invest, Rodamco and Heitman. The Akron Group fund was almost unknown until March, when it purchased the Ghelamco portfolio in the Warsaw Służewiec district. Information about Irish investors, acquiring yet another property in Warsaw, appears every few weeks. Enchanted circle The demand for buildings in Warsaw is much greater than the supply, and when that happens prices always rise and returns decrease. Norbert Czypionka, vice-president of Deutsche Bank Real Estate Polska, which manages real estate funds, admits that the decrease has been more rapid in recent months than was expected. He adds that there are very few fully rented buildings in Warsaw, with almost all proprietors still negotiating with potential customers. On the other hand, Jacek