Taking the wrong path

When the class B Blue Point, in the Praga district of Warsaw, emerged three years ago, it was expected to fill up with tenants without any great fuss, because as well as being close to the city centre, it also offered tenants 16,500 sqm of office space. The drawback was that its developer, Pezetel Development, had had no previous experience in commercialising such units and although the rents weren't the highest (USD 18-19 sqm), the owner had a tough time trying to find anchor tenants. Never too big Presumably, it was that lack of experience which led to Pezetel losing a number of valuable clients. Puls Biznesu, for example, entered negotiations with Pezetel in a bid to lease 2,000 sqm, but the latter "were very inflexible", according to Katarzyna Cieplak of Knight Frank Nieruchomosci. Other companies, which had been potential Blue Point tenants, leased space in competing office buildings, such as Centrum Milenium, also located in Praga. Negotiations with C