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With your extensive Polish real estate market experience, how would you assess its current state? And how would you summarise the last few years and decades? Anna Duchnowska, managing director and head of CEE investment at Invesco Real Estate: The last few years in the commercial real estate market have been extremely dynamic, shaped by numerous factors – from the pandemic and the outbreak of war in Ukraine to the rampant inflation, soaring construction costs, and the interest rate hikes. Investing in commercial property has become significantly more demanding. Ten years ago, such investment often came down to simply purchasing an office building or shopping centre, applying high leverage with cheap capital, and waiting for the yield compression. But those days are now gone. Today, investment decisions require multidimensional knowledge, close observation of trends, continuous risk monitoring, and carefully considered asset management strategies. Do you have a favourite bu