From the perspective of an architect with such vast experience, how would you assess the current state of the commercial real estate market? What has changed the most over the last few decades?
Szymon Wojciechowski, the CEO, co-owner, and architect-partner at APA Wojciechowski Architekci: The commercial real estate market – especially the office sector – is currently trying to catch its breath. Developers, faced with limited willingness from banks to finance speculative office projects, are holding off on launching new developments. In my opinion, this will lead to a significant supply gap in three to four years. Shopping centres are now focusing on improving the quality of their range within existing buildings – essentially, no new ones are being built. Only the hotel sector is developing very well at the moment.
What would you consider a true architectural gem of recent decades? And you don’t have to stick to your own portfolio.
Hmm, I’d still go with the Museum of Modern Art – the design by Thomas Phifer, in which we had a modest supporting role. No other project has sparked such a broad discussion, extending far beyond architectural circles. And if we’re talking about commercial developments – then Elektrownia Powiśle, which we designed for Tristan Capital Partners and White Star Real Estate.
What has changed the most in the work of an architect when comparing commercial projects today to those from 30 years ago? Could we say that it’s both easier and harder now?
I don’t agree – it’s just harder. The slowdown I mentioned earlier, plus bureaucracy, plus stagnant architect fees despite rising costs – that’s a toxic mix.
And what can we expect in the coming months or years? What else could dramatically affect the market?
Oh, if only I knew… But we can make some guesses: politics – especially the turning away from European values in Poland and Europe, the end of the war in Ukraine, the conflict in the Middle East, AI, and flocks of other “black swans”. Just don’t ask if the impact will be positive or negative…
