The icing crumbles

Back in the real world, in an exceptionally long queue for bread earlier this morning, I was among those in the line who were hypnotised by the sight and smell of these yeasty, icing-topped delights, as I also was later on in a café during an interview. Now, as their sweet aroma wafts into my office from Eurobuild’s kitchen, I can also feel the carnival atmosphere emanating from the March edition of our magazine, which I’m just putting the finishing touches to. For those of you unfamiliar with Polish traditions, as I write this editorial Poles are celebrating the last Thursday before Lent, known as ‘Fat Thursday’, when they indulge in the quaint custom of stuffing their faces with doughnuts all day long. Although the article in this issue about the situation on the investment market was written a few weeks earlier, my colleague hit the nail on the head when he asked: “The investment market has been in carnival mood, but is Lent just around the corner?” But at the end of the day, the icing dries and crumbles on what’s left on the plate. Will it be the same story for Polish assets, which have recently been selling like hot... doughnuts? (Sorry, I just can’t get them out of my head!) Last year the Polish transaction volume shattered all previous records – surpassing EUR 7 bln. But this begs the question of whether the market has peaked and if a slowdown now inevitably lies ahead for us. This is the ‘The Seven Billion Euro Question’ that is discussed in the feature article of the same name. For answers to it you could also go to the Côte d’Azur and ask those attending the MIPIM trade fair, or you could just wait for the report of the event in our April issue. In the meantime, a special supplement has been included with this issue devoted to the office market: ‘Flex in the City’. This is our icing on the doughnut... I mean, CAKE!