PL

Poland Grounded in experience

Material partner
Justyna Cymerman, the head of the urban planning department of land transaction consultancy Greenfields, and Michał Różycki, its director of the land department – living sector, tell us about the company’s greatest achievements, the state of the market, and what needs to happen next to tackle the housing shortage

"Eurobuild CEE": Greenfields has been operating on the Polish market since 2005. Could you tell our readers about the market segments you specialise in?

Michał Różycki: Our company specialises in handling transactions on the land property market, mainly for multi-family housing development, and also – to a smaller extent – land transactions related to industrial, service-related and commercial development.

Justyna Cymerman: We also provide
services related to the comprehensive preparation of investment areas, including obtaining zoning decisions, environmental decisions and building permits. Recently, we have been particularly focused on obtaining decisions for locations for residential and accompanying projects (ULIMs). We also provide legal and financial
advisory services.

Which transactions that you have concluded in recent years are you particularly proud of? But naturally, only tell us if NDAs allow you to do so.

MR: There are several transactions that we are particularly proud of. One was the sale of the site in Warsaw’s Włochy district on which the Aurora residential estate with app. 900 apartments was eventually built. We recognised the potential of this plot and were able to convince developer Dantex to purchase it, which resulted in a spectacular commercial success in terms of the entire investment. Another worth mentioning was one of our largest transactions – the sale of a plot in the city’s Żoliborz district, which led to the construction of the Żoliborz Artystyczny II residential estate by Dom Development with app. 1,900 apartments. This is an example of our ability to effectively support our clients in the implementation of large investment projects. I can also reveal that we will finalise another transaction of a similar scale at the end of this or the beginning of the next year.

Another interesting case was the sale of the site an unfinished project, which started in 2004 on ul. Klimczaka in Wilanów district, and whose potential had been overlooked by investors for many years. We had confidence in the potential of this plot and were able to find the right buyer, Yareal, which then developed app. 290 apartments on it.

Finally, it is worth mentioning the transaction of a site at the junction of ul.
Narwik and ul. Lazurowa in Bemowo district, which we achieved by persuading a group of nearly 50 owners to sell each of their small plots. Once we had achieved this, we obtained a zoning decision and coordinated the process by obtaining all the arrangements, opinions and, finally, the building permit. The project was purchased by Marvipol, which then developed the Lazurowa Concept estate with 232 apartments.

JC: We shouldn’t leave out our first success in obtaining a resolution on the location of a residential investment, which – thanks to our determination and our ability to effectively negotiate with the city authorities – we were the second entity in Warsaw to obtain. This allows for the development of an intimate apartment building on ul. Gdańska in Żoliborz district.

What role do ESG concepts play in your business?

JC: We are a group of conscientious and responsible people who have been consistently incorporating environmental and social aspects into our activities, both professional and private, for many years. We implement solutions related to sustainable development and responsibility towards the natural environment as well as people and their surroundings into each development project and, from the very initial stages of the preparation of the investment, we look for solutions that minimise the impact on the natural environment and support the development of the local community.

MR: Although we are not a large corporation, our commitment to ESG aspects is a priority, and when ESG reporting obligations are applied to companies of a similar size to ours, we are well prepared for this challenge.

What other factors dominate in today’s development plot transaction market?

MR: We are currently faced with three key challenges: the limited land supply, lengthy administrative procedures and the attitude of the city of Warsaw [most of Greenfields’ transactions take place on the Warsaw market – editor’s note], which only allows for a very limited release of large sites for new development projects.

JC: Therefore, we focus on effectively managing the land that is available, taking effective administrative action and carefully planning and using our resources to make the best use of the market’s opportunities to be successful in this difficult situation.

MR: Naturally, we don’t give up so easily and never cease in our efforts to acquire more sites, which, after securing the required list of urban planning documents, we can then offer to our clients.

Are your clients often interested in brownfield sites? What are the advantages and the challenges of this
type of real estate?

JC: I can say that there is more and more interest. We currently have over 160,000 sqm of usable brownfield land contracted, for which we have obtained decisions for residential and accompanying development. What are the advantages of brownfield sites? Usually, these are plots located close to the city centre, with excellent access to public transport and with existing road and technical infrastructure, as they were once used by industry. But today they can be used for housing development.

MR: Brownfields are usually large plots of several hectares, where it is much easier to carry out fully-fledged urban planning and introduce the idea of the 15-minute city, in contrast to sites in the vicinity of high-density development. Naturally, such land also comes with certain challenges, such as the need to remove pollutants and to convince the city authorities that intensive production activity should not be carried out so close to the city centre.

JC: At the same time, brownfield development requires investment in social infrastructure. What I’m referring to is the renovation or construction of new schools or kindergartens, while also providing leisure, recreation and sports facilities as well as other places where the residents can socialise. This requires the close and intensive cooperation of the widest range of stakeholders – from the city authorities to the land owners, along with the significant participation of the local community.

Would you venture to make any forecasts regarding the land market and the prices of apartments over the coming months?

MR: Across Poland, and particularly in Warsaw, there is an acute shortage of new homes. The capital city is still drawing in new residents, while several hundred thousand refugees from Ukraine have also arrived in our city. We are also seeing a growing trend for investment purchases by funds as a hedge against inflation. On the other hand, due to the length of the administrative procedures and the increasing difficulty in getting projects launched, developers have been unable to dramatically increase the supply of new homes. We are convinced that home prices will keep going up due to the limited supply and the growing demand. We also expect that our clients will be still interested in purchasing sites for multi-family housing developments, which, given the limited supply, should result in an increase in land prices.

JC: Therefore, as a leading consultant in the land property market, we know how to provide our clients with new sites faster, along with the full quota of urban planning documents. However, this will not continue to be possible without fundamental changes in Warsaw’s development policy. We hope that the authorities will finally notice the impending home shortage crisis and this will result in the accelerated release of more land, the shortening of procedures and a more open dialogue, in which developers will no longer be perceived as a necessary evil who notoriously suffer from “pathological property development syndrome” – which is more of a myth than reality.

Latest news

Office & mixed-use development

Poland Concentrix circles in on Global Office Park

schedule 30 November 2023
Opr./edited by ANZ

Customer engagement specialist Concentrix has leased almost 5,200 sqm in Global Office Park in Katowice, which is owned by Cavatina. The deal is the largest office lease in the city in 2023.

Investment & finance

Poland mBank provides loan for 7R

schedule 30 November 2023
Opr./edited by ANZ

7R has obtained a development loan for the 7R City Flex Katowice I project. The financing of EUR 15.5 mln was provided by mBank.

Warehouse & industrial

Poland Universal Express long-stay in Pruszków

schedule 30 November 2023
Opr./edited by BL

Universal Express has extended its lease of the MLP Pruszków II park for another period. The company has been a tenant of the MLP logistics centre for almost 10 years.

Hotels

Poland The seventh Accor in Kraków

schedule 30 November 2023
Opr./edited by ANZ

A new hotel is being built in Kraków. It will be the seventh facility of the AccorInvest/Orbis group in the capital of Malopolska under the Accor brand in the lifestyle segment. The hotel is scheduled to open in Q2 2025.

Investment & finance

Poland Galeria Tarnovia changes hands

schedule 30 November 2023
Opr./edited by ANZ

A London-based European investment company has finalised the purchase of Galeria Tarnovia, which is one of the biggest transactions on the Polish retail property market this year. The Tarnów mall has about 17,000 sqm of leasable space (36,500 sqm of total space).

Infrastructure

Poland PLN 1.5 bln for the airport

schedule 29 November 2023
Opr./edited by ANZ

The investment programme until 2030 worth more than PLN 1.5 bln has been approved for Katowice's Wojciech Korfanty Airport. The programme will include more than 20 projects, with the construction of a passenger terminal, a cargo terminal, a technical hangar, as well as taking into account changes to the airport's transport system.

For Ukraine

Poland Nansen Refugee Award goes to Poland!

schedule 29 November 2023
Opr./edited by ANZ

The UN Nansen Refugee Award award will go to Poland for the first time. According to the office of the UNHCR High Commissioner this year's regional winner for Europe is a Polish couple, Lena and Władysław Grochowski.

Eurobuild FM

Poland Edyta Chromiec on ESG in the construction sector

schedule 28 November 2023
Magda Rachwald

We invite you to listen to the next episode of Eurobuild FM! Edyta Chromiec, senior associate of the ESG department at Colliers, describes how Polish general contractors are prepared to implement ESG principles – not only environmental, but also social ones.

Warehouse & industrial

Hungary DHL relocates to zero ready PT1 megapark

schedule 28 November 2023
Opr./edited by ANZ

DHL Supply Chain, a member of the DHL Group, has leased 20,000 sqm in the largest stand-alone modern industrial building in the Budapest area, developed by HelloParks. The park has been prepared to enable zero-emissions operations.

Warehouse & industrial

Poland Under CTP's one roof

schedule 28 November 2023
Opr./edited by ANZ

Morska Agencja Gdynia, a Polish freight forwarding and logistics company, has leased more than 21,000 sqm of space in the CTPark Gdańsk Port complex. The company will integrate all its warehouse space in one location.

Warehouse & industrial

Poland Next MLP project in Silesia

schedule 28 November 2023
Opr./edited by JC

MLP Group is investing to develop a new logistics centre within the Katowice Special Economic Zone. The upcoming MLP Bieruń West, situated on recently acquired land, is set to provide approximately 55,000 sqm of warehouse space.

Office & mixed-use development

Poland Mogilska 35 Offices officially opened

schedule 27 November 2023
Opr./edited by ANZ

Warimpex has opened its third office building in Kraków, the Mogilska 35 Offices. The taxonomy-compliant property has 11,900 sqm of space, is located in the immediate vicinity of the city centre. The building is already almost half let.

Warehouse & industrial

Poland KiK warehouse kicks off in Rabowice

schedule 27 November 2023
Opr./edited by ANZ

The first Polish distribution centre of the KiK discount chain will open in Rabowice. The property has a warehouse space of 40,000 sqm.

Investment & finance

Poland Transaction at ul. Cybernetyki

schedule 27 November 2023
Opr./edited by BL

White Stone Development has sold two office buildings at Cybernetyki 7 Street. The Hol77 complex in Warsaw's Mokotów district has been purchased by Flora Development 22.

Warehouse & industrial

Poland Good Point for Bremer

schedule 27 November 2023
Opr./edited by JC

Real Management has signed an agreement with Bremer, entrusting it with the role of general contractor for the production and industrial park Good Point V.

Warehouse & industrial

Poland Regesta is going to Zgierz

schedule 27 November 2023
Opr./edited by JC

Regesta will lease 21,700 sqm of warehouse space in Panattoni Park Zgierz. The central warehouse will support its four existing properties across Poland, with another two under construction.

Retail & leisure

CEE Pařížská is the most expensive

schedule 24 November 2023
Opr./edited by ANZ

In this year's 33rd edition of the Cushman & Wakefield Main Streets Across the World ranking, the Czech Pařížská street has been ranked 11th in Europe and the first in the CEE region. The survey compares nearly 50 countries around the world by the level of retail rents on the most expensive shopping street in each country.

Office & mixed-use development

POLAND First offices arise at Towarowa 22

schedule 23 November 2023
Opr./edited by NN

Construction work has begun on Office House, the first stage of the Towarowa 22 multifunctional development in central Warsaw.

Eurobuild Awards

Poland Philosophy in action

schedule 23 November 2023
Eurobuild CEE

The Eurobuild Award 2023 for Outstanding Contribution to Real Estate went to… Tomasz Lubowiecki, a founder and the chairman of the board at 7R

Investment & finance

Poland mBank to support MLP Group with EUR 12 mln

schedule 23 November 2023
Opr./edited by ANZ

mBank has provided MLP Group with financing of nearly EUR 12 mln. The funds raised will be used to refinance the construction of a 32,000 sqm warehouse facility at the MLP Pruszków II logistics centre.

Latest in Material partner

schedule 15 November 2023

In business, we focus on long-term partnerships

Michał Ptaszyński, Country Manager Poland, Logicor, tells us optimistically about the future of the logistics industry in Poland, the company's upcoming investment plans and explain why it is worth cooperating with local communities

schedule 29 September 2023

Łódź invites you to Munich!

We cordially invite all guests of this year's Expo Real to the events organized at the stand of the Łódź City Hall, "Eurobuild" will also be there as a media patron.

schedule 25 September 2023

Grounded in experience

Justyna Cymerman, the head of the urban planning department of land transaction consultancy Greenfields, and Michał Różycki, its director of the land department – living sector, tell us about the company’s greatest achievements, the state of the market, and what needs to happen next to tackle the housing shortage

schedule 06 July 2023

A solid relationship for years

Operational and financial systems supporting property managers are constantly expanding and changing to keep up with changing market needs. Good relationships between providers and users of these systems and a willingness to face challenges together remain invaluable.

schedule 13 April 2023

Land is the key to success but requires skills

Warsaw is one of the most affordable capitals in the European Union to live in. In order to maintain its competitiveness, it is crucial to expand the availability of plots

schedule 22 December 2022

Biuro Na Miarę - more comprehensive, across Poland

The company has been strengthening its position on the commercial real estate market as a specialist consultancy providing comprehensive tenant and landlord services.

schedule 02 August 2022

New ESG Report – Atrium

Atrium European Real Estate has published its 6th ESG report summarising the company's achievements in 2021. The report details the key initiatives involved in the implementation of the its ESG strategy. The company has set new and even more ambitious medium-term targets for 2030, which include a 40 pct reduction in the carbon footprint of its shopping centres by 2030, compared to 2019 levels. By 2050, Atrium wants to have become a carbon-neutral organisation.

schedule 15 June 2022

Power is in people

SKJB Szybkowski Kuźma Jeleń Brzoza-Ostrowska is a Polish boutique legal practice that’s not only celebrating its 5th birthday this year but also its listing on the Legal 500 ranking.

schedule 04 April 2022

Coworking in Atlas Tower

In the times of uncertainty due to the pandemic situation worldwide and restrictions connected with that, co-working spaces and offices are gaining more and more popularity amongst potential tenants. Flexibility of renting terms plus tax law support for new entrepreneurs are things highly needed for small and medium businesses and these come in handy when cooperating with Twój Startup foundation.

schedule 22 March 2022

Tricity attracts with its Scandinavian climate

It will soon be two years since the first COVID-19 cases appeared in Poland. What can be said about the current condition of the office market in our country?

schedule 01 February 2022

How to return to the office in good health?

Skanska has recently carried out its third survey on the return to the office in four countries – Poland, Romania, the Czech Republic and Hungary. While previous studies have focused on the needs of employees and their expectations of offices in the new reality, this time Skanska has focused on the impact that the pandemic has had on the employees’ mental health and well-being.

schedule 08 November 2021

Sustainable attraction

"Our research shows that 65 pct of employees in the CEE region want to work in a certified sustainable office. We expect that tenants will opt to migrate to new buildings that suit their needs better", admits Paweł Warda of Skanska Commercial Development Europe

schedule 20 October 2021

MAPIC returns to Cannes

MAPIC 2021 will be held at the Palais des Festivals from Tuesday, the 30th of November, to Thursday, the 2nd December, 2021

schedule 31 August 2021

It's a comfortable life

Ziv Zviel, the CEO of Atlas Estates, tells ‘Eurobuild’ about the company’s plans for the residential sector, top investments and the future of the market

Edition 11 (283) November 2023

Latest comments

Categories