Ghelamco has extensive experience of the Polish development market and has significantly expanded its operations since it entered it. We only need to look at the “Ghelamco Roundabout” (Rondo Daszyńskiego) to see this. How do you assess the direction in which the commercial real estate market in Poland is heading? Is it all positive – or does it still leave something to desire?
Jarosław Zagórski, managing director, Ghelamco Poland: Looking at the scale of investment – including ours around Rondo Daszyńskiego, for instance – I have no doubt that the Polish commercial real estate market has undergone a remarkable transformation. The direction it’s heading in is fundamentally positive: more modern technologies, more sustainable and eco-friendly solutions, and greater integration with urban functions and public space. Poland is no longer a peripheral market. Today, Warsaw’s office buildings can confidently compete with developments in Berlin, Brussels or even London. Of course, there are still challenges. The demand remains limited – particularly from institutional investors, which was initially further dampened by the pandemic, and later by high interest rates and the war in Ukraine, which has significantly slowed down the market’s momentum, especially in regional cities. Warsaw, in this regard, still has solid foundations and strong potential. The demand for office space is steadily recovering and will continue to grow, as remote working has proven unviable in many sectors. Another challenge lies in the overly slow administrative and planning processes, which greatly extend the time and cost of investment. At Ghelamco, we’re ready to create new standards and spaces for development – but that requires partnership with local authorities. Only then can the commercial sector become a real driver of modern urban growth.
What do you consider to have been the most pivotal moment for Ghelamco?
Without doubt, the breakthrough project for us was Warsaw Spire. At the time, it wasn’t just the largest development in Ghelamco’s history and the Polish office market in general – it was also a transformative project for Warsaw and the Wola-Centrum district. It sparked the transformation of the Rondo Daszyńskiego area into the capital’s business hub. We also proved that an office tower can become a new city landmark and help create vibrant urban space that remains active after hours and serves as a catalyst for an entire district’s development. Warsaw Spire was a turning point – not only in how Ghelamco was perceived, but also in the broader approach to quality, design, technology and the social role of office real estate. Since then, every new project we have delivered has been more than just a building – they have been a response to the needs of the city, its people and its business.
And what can we expect in the future? Is there still scope for any surprises in the office sector?
We have a humble approach to the future, so I wouldn’t rule out the possibility of being surprised by anything. At the same time, as a significant and experienced player on the real estate market, we also have the privilege of having helped to shape that future. We continue to evolve – constantly improving the quality, innovation and sustainability of our projects. We strive to respond dynamically to market needs and adapt to current trends. When someone asks me what the future will be, I answer honestly and humbly: I don’t know and I don’t know anyone who does. We can only make educated guesses. I suspect that the way office buildings are used and how their space is arranged will continue to evolve – but I’m not expecting any kind of revolution. It’s possible we’ll see new leasing models, shared-space concepts and the wider use of AI in day-to-day office operations – all adapted to modern working models and the expectations of the new generation.
