As urban development intensifies and battles rage over how well-situated land is to be used, knocking down old buildings is now increasingly an option. Modernising them is not always seen as a solution as it’s often a long and costly process. But what can be done with the tonnes of rubble created by such demolitions?
When investors are faced with deciding whether to knock down, modernise or convert a building, they have to consider many factors – not least, according to Anna Staniszewska, the associate director of strategic consultancy at CBRE, the financial considerations. “It might turn out that the value of the buildings that stand on an attractive plot is less than that of the site without the buildings. Nonetheless, any particular strategy that is adopted should be preceded by an in-depth study of the profitability, the opportunities and the risks of any particular scenario,” she argues. She also maintains that tenant interest is currently generally concentrated on modern buildings that fit into their ESG strategies and provide HR departments with an additional attraction for new workers. Because of this demand for older space is falling resulting in rising vacancies. Monika Dębska-Pastakia, a partner and associate for real estate deal advisory at KPMG, outlines this point f
92% of content remaining
Unlock full access to the article
Get 17% discount when you pay annually
Access to current material
Choose
Access includes
- Access to current material
Access to all EurobuildCEE materials
100 €
83 €
You save 17% when paying annually
Monthly on one device. Annual payment
Monthly on one device. Monthly payment
Choose
Access includes
- Exclusive news, comments, articles and interviews with the most important market representatives and experts
- Archive containing data and information from the commercial real estate and construction market in Poland and the CEE region, collected over 27 years;
- Eurojobs
- Eurobuild FM
Already have an account? Log in