How does someone with such vast experience, both in running a business and working in the real estate sector, view its current state? Is it doing well, or not as well as we might think?
Jacek Wesołowski, the managing director of Trei Real Estate Poland: The Polish real estate market remains very dynamic, which allows us to look to the future with some optimism. We are witnessing a noticeable decline in inflation as well as the stabilisation of interest rates, which are stimulating growth in real estate investment. We are also seeing the consistent and robust development of the retail park sector. This is a direct result of changing consumer habits – customers are choosing locations where they can quickly and conveniently meet their shopping needs, often close to their homes. However, construction costs, including the prices of building materials, remain high, which sometimes limits the possibility of undertaking further investment projects. An additional challenge, particularly in large cities, is the limited availability of attractive plots.
ESG, new technology including AI, geopolitical factors... what is shaping the direction of the market? What can we expect in the future?
Undoubtedly, ESG is setting the course for the entire real estate sector’s evolution. Recently, we certified eight Vendo Parks under the BREEAM system, with more awaiting certification. Creating a sustainable portfolio of retail properties is our strategic priority. The environmental initiatives we implement in our retail parks are highly valued by tenants and help them meet their own ESG policy objectives. Modern technologies help optimise energy and water consumption, generating savings and facilitating ongoing property management. This includes smart lighting and water usage control systems, as well as the use of astronomical clocks in delivery zones. As for geopolitical factors, these undeniably have a significant impact on the real estate market. The uncertain global situation still requires a strategic, holistic view of the macroeconomic landscape.
And what plans does Trei have? Although we have recently discussed the company’s activities in our publication, has anything new emerged since then? Are you focusing on the residential and retail markets, or is there interest in other segments?
Trei is strengthening its position as a leading player in the Polish retail park market while also expanding in the residential property segment. Regarding retail properties, our strategy involves opening 4–5 retail parks annually. This year, we have opened Vendo Park in Ciechanów and begun the construction of another in Grudziądz. By the year-end, we plan to open additional parks in Środa Śląska and Chorzów (phase two). Concurrently, we are implementing residential investments. In Łódź, our second project in the city, Osiedle Blask, is underway. In Milanówek, we are building the Milanówek Zdrój green estate, which will be the first BREEAM-certified residential project in that town. This year, we will also deliver the first phase of the PRS project UP2U in Poznań, where the future residents will be able to move into apartments in the second phase as early as 2026. We are able to draw on our experience from the German and American markets, recognising the huge growth potential of Poland’s residential sector.
This is our 300th issue, and over the years we have cooperated on magazine and online content many times, while we often cross paths at various industry events – whether yours, those of ‘Eurobuild’ or others. What’s your funniest memory related to ‘Eurobuild’?
Over so many years of professional activity, I have plenty of amusing anecdotes. One connected with Eurobuild comes from Cannes. For years, I regularly attended the MAPIC trade fair, but on one occasion, I couldn’t make it. Coincidentally, that was when an issue of Eurobuild was published and made available to attendees of the event. It so happened that I was on the cover of that magazine issue. For many months afterwards, I received calls from a large number of people who were convinced we had met at MAPIC and certain they had seen me there. It was true – but only “in print”. That’s the power of the media!
