Which market or related event do you believe has had the greatest impact on shaping the commercial real estate market in Poland and the region? Did it also influence how you run your business?
Renata Osiecka, the founder and managing partner of Axi Immo: From my perspective, Amazon’s entry into the Polish market marked the beginning of a major wave of investment in its e-commerce sector and the expansion of the warehouse market. In response to that dynamic period, we decided to strengthen our organisation. I consider that top have been the first key moment that launched a golden era for the Polish warehouse market.
How do you assess the current state of the market? Are we doing well, do we have reason to be satisfied, or is there still something to complain about? Warehouses, in particular, seemed to have thrived in recent years. What’s the situation now?
Objectively speaking, the Polish warehouse market is still in a very favourable position compared to the rest of Europe. After years of impressive growth and record demand, we’ve entered a period of stabilisation and more measured expansion. Nonetheless, we remain the regional leader, both in terms of modern stock and the scale of investments being carried out. That being said, we cannot ignore the challenges the industry is currently facing: rising financing costs, pressure to meet ESG standards, reduced tenant activity, increasingly limited access to attractive land, and geopolitical uncertainty. Despite these difficulties, I believe we have every right to feel proud of the position we’ve achieved. Today’s market doesn’t favour those expecting spectacular short-term gains. It’s a space for those who value stable, sustainable growth and who think in the long term.
Given that, what should we pay special attention to when planning investments or developing a business? Do you have any general advice for market participants?
My advice might sound like a cliché: buy during a downturn and sell at the peak of the cycle – this is probably the universal formula for success in any sector. But seriously, even with the utmost diligence, thorough research, a well-thought-out strategy, and cooperation with experienced partners, reality doesn’t always unfold in the way we expect. Real estate is a rewarding investment field, one that has historically delivered value growth in the long run, regardless of the particular asset class. However, today, besides the location and purchase price, it’s also essential to consider compliance with ESG requirements and the flexibility of properties in light of tenants’ evolving needs – both now and into the future. In the service sector, building lasting relationships with clients and business partners is extremely important. I firmly believe that the best investment is in knowledge, people and technology – you can never have too much of that kind of capital. At the same time, let’s not be afraid of change, because it’s often change that opens up new perspectives. In today’s market, those who succeed are the ones who think long-term, embrace innovative business models, and can quickly adapt to dynamic realities.
And now, for something a little less serious... this is the 300th issue of ‘EurobuildCEE’. Probably, Axi Immo was mentioned in a fair number of those issues. Is there a particular memory of us that makes you smile or even laugh right away?
I suspect that Axi Immo is the most frequently cited Polish advisory firm on Eurobuild’s pages and, historically, from all the market news, transactions and expert commentary we’ve provided over the years, you could probably compile several editions out of them. On a more serious note, I have especially fond memories of issue 293 – the November edition from last year – in which I had the opportunity to share some reflections on Axi Immo’s 15th anniversary. It was a very enjoyable journey through time. In the cover interview, I spoke about how the company came into being, our core values, and our direction of growth.
