Time to “remaster” the market

Your career at Cushman & Wakefield has officially come of age – congrats! How do you assess the current state of the Polish commercial real estate market from today’s perspective? Are we still far behind more mature Western markets? Which sector has evolved the most over the years?

Krzysztof Misiak, executive partner, head of Poland and board member of Cushman & Wakefield: Looking back, I see a market that has come a long way – from an ambitious newcomer to a mature and competitive commercial real estate ecosystem. Today, Poland can confidently compete with the largest markets in Europe, not only in terms of scale but, more importantly, in terms of the quality of assets and the professionalism of market players. Unlike many Western European capitals, where more than 80 pct of the office stock may become obsolete by 2030 – such as in Paris or Milan – the figure is just 40 pct for Warsaw. Our competitive edge is even greater in the logistics sector: one-third of Poland’s 35 mln sqm of warehouse space has been built in the last three years alone. This clearly shows how modern our market has become and that we are setting new standards for others. If I were to name the sector that has grown the most, it would be the office market. Warsaw has established itself as the business capital of the CEE region with mixed-use projects like Koneser, Browary Warszawskie, Norblin Factory, Hala Koszyki and Elektrownia Powiśle – all considered international benchmarks. In regional markets, growth has been driven by the BPO/SSC sector, which thrived in Poland as global volatility pushed investors to seek stable locations. Until, of course, the pandemic hit – which shook the entire world. But the logistics sector capitalised on that crisis, further strengthening Poland’s position as a strategic supply chain hub in Europe. With maturity comes saturation, and then we’ll see a slowdown in development activity. However, the market will increasingly focus on quality. Slower years in terms of new supply will be offset by more activity in the capital markets. Domestic capital – family businesses among others – will play a growing role as real estate becomes a popular diversification tool. Poland hasn’t just caught up with the West – in many ways, we’re now leading the way.

What trends are currently shaping the market’s direction? How big of an impact are AI and other emerging technologies having? Has the time come for artificial intelligence to replace people?

The most important trend is market maturity. We are no longer chasing volume – the focus is now on quality, efficiency and creating added value for occupiers. Broader macroeconomic conditions are also playing a role – Poland’s growing purchasing power and evolving consumer trends directly influence such sectors as retail, logistics and the workplace. New technologies and AI are becoming increasingly significant. Polish society is very quick to embrace innovation, which has led to the faster adoption of automation – although not always in core business areas. AI will not replace humans, but it does force us to rethink the competencies that will be truly essential in the future.

What are your predictions for the years ahead of us? What transformations should we expect?

The next few years will be all about “remastering” the market and upgrading existing assets. Offices, in particular, will invest in energy efficiency and adapting space to hybrid work models. According to Cushman & Wakefield’s ‘What Occupiers Want 2025’ report, tenants are willing to pay a premium for office space that offers top-tier amenities and services. In fact, prime office space can command almost a double-digit rent premium – clearly showing that investing in quality pays off. We will also see the further development of the 15-minute city concept – local, self-sufficient neighbourhoods with easy access to all essential services. This aligns perfectly with the growing importance of locality and sustainable lifestyles.

Have there been any breakthrough moments in your career? How have they influenced the way you manage business today?

Absolutely. One of those moments came in 2009, when I was still active mainly in regional markets. That year, the transaction activity virtually froze. I managed to meet my annual targets early on, but the rest of the year was very tough. Together with Igor Yankilevich, we were chasing even the smallest deals. That experience taught me caution – maybe even too much of it. Over time, I realised that excessive conservatism can hinder growth. In 2014, I started working on the Warsaw market – a completely different scale, pace and client base. I learned a lot at that time, especially from working alongside my colleagues, whose experience and insights were invaluable. In 2018, I became head of the office agency, and two years later, the head of C&W Poland. That was a major shift – new responsibilities, a broader perspective, and greater accountability. I had to learn how to manage the business holistically, build the trust and respect of my team. The past few years? A real stress test for all of us. The pandemic, the war, the economic uncertainty – it broke the status quo. These events reminded me and many others, that there’s no going back. We need to be flexible, embrace change, and be ready to operate in a constantly shifting environment. This is the new market DNA.

‘Eurobuild’ is celebrating its 300th issue. C&W has been cooperating with us for many years – surely you have some amusing memories to share of this?

Definitely! One of my favourite memories is of the Christmas wreath workshop. I turned out to have absolutely no talent for it – and this was kindly confirmed by our reception team, who discreetly hid my “creation”. I also recall the golf tournament in Warmia – although there wasn’t much actual golf involved, there was no shortage of good vibes. And of course, the Eurobuild Awards galas – each one a story in itself, especially when it comes to what happens after the official ceremony (laughs). Huge congratulations to the ‘Eurobuild’ team – 300 issues is a fantastic achievement!