GTC and ‘EurobuildCEE’ are almost the same age. From the perspective of a company with such vast experience, how different are today’s real estate assets from those decades ago?
Małgorzata Czaplicka, the CEO of GTC: Looking back over three decades, we can clearly see how much the sector has evolved. Despite the macroeconomic challenges, the market continues to show resilience, and companies like GTC – with international know-how, a long-term approach and a diversified portfolio – are playing a particularly important role today. The key metrics that have been used to define success are still relevant, but investors, tenants and consumers are now also considering how buildings support organisational development, employee well-being and environmental goals. Shopping centres, for instance, have evolved in recent years from simple retail facilities into destinations – places for socialising and leisure, offering entertainment, dining and cultural events. Older assets are being upgraded to meet the new expectations of consumers. The way people use office space has also changed significantly. Hybrid work, the need for flexibility, and the demand for mixed-use developments are all challenges that we now have to address. Developers and building owners are no longer just providers of square metres – they are partners in creating healthy workplaces, public space and sustainable cities. That’s why we take great pride in the durability and ESG credentials of GTC’s buildings.
You manage properties across the entire CEE region. Which market would you say is the most straightforward or ideal to operate in – and which demands the greatest attention and effort?
Each market has its own character and pace of growth. The key is tailoring your strategy to the realities of each country – and this is where GTC has particular expertise. If I had to highlight the most predictable business environment, I’d point to Poland – thanks to the size of the market, investor interest, mature infrastructure and the innovation within the sector. We’ve maintained strong momentum in both the office and retail sectors in Poland, which was reflected in our leasing performance in 2024, when we signed a record 93,000 sqm of lease agreements. That said, we also operate comfortably in smaller, less saturated and still developing markets, such as Serbia, where we benefit from the experience and knowledge of our local teams. It’s also worth noting that as of 2024, our geographical scope has expanded to include Germany, where we’ve entered the PRS sector – marking a new chapter in GTC’s story. Our aim is to seize the opportunity in a residential market facing a supply shortage alongside rising demand for rental units.
What event has had the greatest impact on how you view the business and the sector as a whole?
I joined GTC in 2010, at a time when the global property market was still feeling the aftershocks of the subprime mortgage crisis that began in the US. Although the CEE region did not suffer as acutely, there was a noticeable decline in financing availability and investor activity, and many projects were stalled. However, I believe what happened a decade later had a far greater impact on the sector’s perception and trajectory. The pandemic forced us, almost overnight, to reassess long-standing assumptions – about tenant behaviour, office use and the role of shopping centres in social life. That period showed us that flexibility, quick decision-making, strong stakeholder relationships and the power of cohesive teams are crucial – not only during crises, but also in building long-term value.
GTC has often cooperated with ‘Eurobuild’. Do you have any interesting recollections of our work together?
There have been many genuine, human moments shared with ‘EurobuildCEE”. We really appreciate those sector events where the formal part transitions into spontaneous, behind-the-scenes conversations. Of course, we feel a special connection to the Eurobuild Awards gala, which for years has brought the industry together – regardless of any competing interests. And we particularly cherish those where GTC received honours, such as the Office Developer of the Decade award. We also have fond memories of your editorial team visiting our developments – after all, you’ve often been there from the groundbreaking right through to the grand opening.
