In the pink

Recently you took on the position of operations director for the Polish Chamber of Commercial Real Estate (PINK). Is this a big change from working for the Polish Association of Developers? How have your first few weeks been in a new organisation?

Ewa Andrzejewska, operations director, Polish Chamber of Commercial Real Estate: It’s still too early to sum up my first 100 days – it’s only been a few weeks since I took up this new challenge. One thing I can say for sure – and I don’t think this is going to change – it’s interesting and a lot is happening. PINK was founded in 2016. The sector then came together over tax issues and the need for dialogue with the government. Since that time the association has evolved and today, as well as monitoring the latest legislation and advising the government over changes to the law, we are a partner that supports lawmakers with our knowledge and wide experience of the sector. Added to this is the knowledge our member firms exchange with each other – not only in workshops but also working groups. However, it’s important to raise awareness of the role companies in our sector play in the growth of our economy, in the construction of towns and their surroundings, and of the influence we have on the development of society. As an association, we have a wide focus on real estate, from planning procedures, development and construction, to long-term management and building up the value of assets. We want to be an important voice in the discussion about the place and role played by commercial real estate both in the economy and in society.

You’ve got a lot of experience of the real estate market and we’ve known each other for some time. After all these years, how would you now assess the current state of the sector? Where are good things happening and which areas require more work?

As you know, because you were also at Expo Real in Munich representing Eurobuild, a wind of change could be felt in terms of optimism (as well as the sun that shone on the exhibition halls). Poland and the region were being talked about and many positive things were said. However, the optimism, when it comes to the next few months, was cooled a little by Poland’s dependence on the German economy, which is facing difficulties. The really good times should return in 2026 and 2027. The wider living sector is also looking interesting, since over the last few years it has seen the emergence of many interesting formats (not just PRS and co-living), and these days this is catching the attention of many global players. We, as an association, are also looking at this sector and such challenges as those posed by the unclear regulations that now beset the market.

And what about REITs? Does Poland really need them so badly? What needs to be done about them?

The lack of such regulations in the Polish legal system results in limitations being placed on, especially, individual investors to access real estate investments on a large scale. We don’t know how to create the conditions for Polish capital to invest in Polish commercial real estate. Interestingly, on the tax side, we’ve created a system that promotes individuals investing in apartments; while on the social side, it seems more advisable for the state to encourage investment in commercial real estate. By investing in REITs, investors gain the possibility of drawing revenues from a wide portfolio of properties that may represent different segments, such as offices, apartments and shopping centres. Such diversification and revenue stability make investing in REITs an attractive solution for many investors throughout the world – especially when their core activities are given preferential tax treatment. If we look at our own backyard, where global players have drifted away, Polish capital such as family offices could replace them. As a result, for REITs to also become a modern investment tool in Poland, we need regulations that allow us to create such vehicles by clearly defining their criteria and requirements – including the scope of their activities, their ownership structure and their dividend requirements, while at the same time we need to set up a supervisory system for REITs to ensure their transparency and protect investors. The question of levelling the tax conditions in Poland for commercial real estate, for example, apartments, is also extremely important.

So are REITs the future? What do you forecast for the Polish market?

REITs could well be the future as long as the work on their legal framework is completed and comes into effect. Then, in 2025, we won’t just be seeing everything through rose-coloured spectacles, since the world really will be in the pink.

And finally, tell us what it is like on the other side? After all, for many years it was you who gave the questions as a journalist.

I’d say… well, it’s different. I used to like working as a journalist. Every interview and every time I met someone new was an interesting story even if all we talked about was the real estate market. Everyone had found their own way into this market, they all had different experiences and, as a result, a different view of the sector and were different kinds of managers. For me, it was all super-interesting.

Interview: Anna Korólczyk-Lewandowska