nr 11 (293) NOVEMBER 2024 | NR INDEKSU 322075
BULGARIA: BGN 25 CROATIA: EUR 12 CZECH REPUBLIC: CZK 290 ESTONIA: EUR 12 HUNGARY: HUF 4800 LATVIA: EUR 12 LITHUANIA: EUR 12
MACEDONIA: MKD 750 POLAND: PLN 49 (incl. 8% VAT) ROMANIA: RON 60 SERBIA: RSD 1400 SLOVAKIA: EUR 12 UKRAINE: UAH 450
More older buildings are
now disappearing from Polish cities
WALLS COME TUMBLING DOWN
Warszawa nie jest
gotowa na marki luksusowe
GUCCI (NIE)
DLA WSZYSTKICH
THE 30TH ANNUAL PROPERTY MARKET CONVENTION IN POLAND, DECEMBER 10TH 2024
THE LATEST NEWS � TOP EXPERTS � A WIDE RANGE OF TOPICS � NETWORKING
LOCAL HEROES
Renata Osiecka of Axi Immo
The 14th
CEE REGION
2024
2024_11_okl_1-4.indd 1
28.10.2024 15:01
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us on
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www.linkedin.com/company/eurobuild-cee/
Stay with
us on
by switching to our new address!
Annual
Property Market
Convention
The
10/12/2024
Radisson Collection
Hotel
Warsaw
Contact: sales@eurobuildcee.com
conference@eurobuildcee.com
Agenda
09:00
Registration and welcome coff ee
09:35
Macroeconomic lecture
10:00
Investment market
10:40
Warehouse market
11:20
OfÏ ce market
12:30
Retail market
13:00
Living market
13:30
Technologies / Innovations
17:00
End of the conference
Content Partners
Silver Sponsors
Industry Partner
Briefs Nazwa kategorii
Eurobuild Central & Eastern Europe November 2024
Briefs
10
Features
An interview with Renata Osiecka on the
15th birthday of Axi Immo
LoCaL hEroEs
18
Retail & leisure
Warsaw is still not a city for luxury
brands to open their boutiques
Waiting for guCCi
24
Construction
More older buildings are now
disappearing from Polish cities
WaLLs ComE tumbLing doWn
28
Human resources
A look at the state of the real estate
recruitment market
Pay PaCkEts rEPaCkagEd
32
18
Editorial
thE first rEviEWs arE in!
Small talk
PAWEł FIuCZEk And łukAsZ
kOZERskI OF HARdEn
EWA AndRZEjEWskA OF PInk
Table of contents
Waiting for Gucci
Local heroes
24
WoLa rEtro offiCE buiLding
ul. skIERnIEWICkA 16/20
01-230 WARsAW, POlAnd
www.eurobuildcee.com
editorial@eurobuildcee.com
Axi Immo is this year celebrating 15 years on the Polish market, during which time
the home-grown consultancy has become one of the major players. so, to mark the
occasion, we spoke in an exclusive interview to the person who has overseen much of
its success: Renata Osiecka
Premium brands have until now been put off from opening
showpiece boutiques in Warsaw and Polish cities due to
the lack of high streets along with the fact that Poles tend
to have less spending power than people in the West. but
things are improving on both the counts and the top brands
might soon be on their way
November 2024 Eurobuild Central & Eastern Europe
Events
The 20th Eurobuild Warehousing and
Logistics Conference
timE to gEt thE Party going
46
The 15th Office Conference: Trends and
Forecasts
a taLE of tWo offiCEs
50
Expo Real 2024: report and forecast
Cautious oPtimism
54
Eurojobs
58
Endpiece
a tEst of PatiEnCE
62
We do not accept responsibility for the
content of the advertising published in this
magazine
32
28
40
Pay packets
repackaged
Facing
the tech
challenge
Walls come
tumbling
down
As older facilities become more difficult to
bring up to modern standards, it becomes
easier to demolish them. but what’s being
done with all the old building materials?
Has the renumeration for some real estate
professionals taken a post-pandemic hit due to
the changes to the market? Or did the salaries
of some positions actually grow? And which
ones are companies having problems filling?
E-commerce continues to drive the
warehousing sector, but is the technology in
these facilities up to the job of keeping up with
the demand for online sales in our part of the
world?
On tHE COvER:
Renata Osiecka of Axi Immo
nr 11 (293) NOVEMBER 2024 | NR INDEKSU 322075
BULGARIA: BGN 25 CROATIA: EUR 12 CZECH REPUBLIC: CZK 290 ESTONIA: EUR 12 HUNGARY: HUF 4800 LATVIA: EUR 12 LITHUANIA: EUR 12
MACEDONIA: MKD 750 POLAND: PLN 49 (incl. 8% VAT) ROMANIA: RON 60 SERBIA: RSD 1400 SLOVAKIA: EUR 12 UKRAINE: UAH 450
More older buildings are
now disappearing from Polish cities
WALLS COME TUMBLING DOWN
Warszawa nie jest
gotowa na marki luksusowe
GUCCI (NIE)
DLA WSZYSTKICH
THE 30TH ANNUAL PROPERTY MARKET CONVENTION IN POLAND, DECEMBER 10TH 2024
THE LATEST NEWS � TOP EXPERTS � A WIDE RANGE OF TOPICS � NETWORKING
LOCAL HEROES
Renata Osiecka of Axi Immo
The 14th
CEE REGION
2024
2024_11_okl_1-4.indd 1
28.10.2024 15:01
Expert eye
How close are we to ensuring that
warehousing tech is advanced enough for
the demand from e-commerce?
faCing thE tECh ChaLLEngE
40
Façades
and Interiors
44
mAnAgIng dIRECtOR: Ernest Kiruja mAnAgIng EdItORs: Anna Korólczyk-Lewandowska, Nathan North jOuRnAlIsts: Julia Cudowska, Magdalena Rachwald, Anna Zamyłka,
Alexander Hayes tRAnslAtORs: Julia Cudowska, Alexander Hayes lAyOut: Bartosz Stefaniak gRAPHIC dEsIgnER: Anna Ugniewska hEad of saLEs and businEss
dEvElOPmEnt: Elwira Soćko sEnIOR sAlEs And PROjECt mAnAgER: Rafał Gaj COnFEREnCE And EvEnts mAnAgER: Anna Pelczarska ConfErEnCE and EvEnts
COORdInAtOR: Magda Nietupska-Antczak COnFEREnCE And EvEnts AssIstAnt: Natalia Lorek dElIvERER: Arkadiusz Wiśniewski PublIsHIng HOusE: EuroCEE Sp. z o.o.
ISSN 1898-8172
Briefs Nazwa kategorii
Eurobuild Central & Eastern Europe November 2024
Editorial
The first reviews are in!
O
nce again, you won’t
be finding out who
the winners of the
Eurobuild Awards are
in the November issue
of ‘Eurobuild’. For the
second time, they will be announced
in a special supplement that will come
out on November 26th, the day of our
gala. So, you’re just going to have to be
patient. Meanwhile, as I’m writing this,
I myself don’t know the winners’ iden-
tities, but it has been leaked that the
200 experts who make up this year’s
jury are now finishing off their de-
liberations and that their first deci-
sions will soon be finding their way to
our offices. This year, the awards are
presented in 23 catergories, so there’s
a lot still to be done. Just like last year,
our guests will gather at the Double
Tree by Hilton hotel in Warsaw and will
also have their say in the results by
voting on a number of awards. So let’s all
wait for the final results of the longest-
running real estate awards in Poland.
It’s sure to be exciting!
As we gradually come to the end of
2024, halfway through the third decade of
the 21st century, the first reviews are com-
ing in of the outgoing year. The interview
given by Renata Osiecka to Alex Hayes is
an excellent example of this, where she
AnnA kORólCZyk-lEWAndOWskA
managing editor
talks about the 15-year history of Axi
Immo, her greatest hopes and fears for
the real estate market, and also her plans
for the further growth of the firm. You
could also call the short interview with
Ewa Andrzejewska a kind of review. For-
merly she was one of our editors-in-chief
for many years, but she is now the head
of PINK. The directors of Harden also ap-
pear on the pages of this issue to speak
about their not-very-long history and to
explain the importance of ESG for gen-
eral contractors. And since we are on the
subject, Julia Cudowska has prepared
a broad review of the recycling of building
materials from demolition work. The end
of the year is also a good time to look at sal-
aries. Professionals, and especially those
in high positions, have nothing to com-
plain about here, even though the grass is
still that bit greener in the West. We also
find out from Ania Zamyłka in another
article why we will still have to wait for
Gucci and other premium brands to open
boutiques in Poland. The magazine is also
filled with reviews of the latest events, in-
cluding our annual warehouse and office
conferences and Expo Real in Munich.
There’s a lot to read about them and also
much to see (in our photos of the events).
See you on November 26th at the
Eurobuild Awards Gala. It really promises
to be something else!
Piotr Dziubak
Eurobuild Central & Eastern Europe November 2024
Small talk
contractors. Equally important
is the proper implementation and
providing the space for each of
our professionals to develop. A
flexible approach and the build-
ing of long-term relations both
within the organisation and with
our business partners is what
allows us to remain stable and
strengthen our market position.
Has Esg now become standard for
industrial general contractors?
ŁK: Yes. Sustainable construc-
tion and ESG were still only
recently a curiosity or a pre-
mium service. Today they’re the
norm. Our clients are placing
more importance on how their
projects impact the natural en-
vironment, their surroundings
and the local community. This
is equally important to us, too,
because when we create a build-
ing we want to do it in the knowl-
edge that we’re doing something
worthwhile. We not only build
superb warehouses that serve
our customers, but we create
buildings that are able to exist in
harmony with the environment.
We want to create buildings that
have the minimum negative im-
pact on the climate but that also
provide added value for local
communities rather than being
unwanted developments. More
companies are also beginning to
see things in the same way, so
ESG has indeed become the sec-
tor norm. For example, In devel-
oping the 80,000 sqm building
B in Robaków, we not only had
to adapt the construction to the
required usage the building was
intended to fulfil, but also build
it without PVCs or related ma-
terials. It’s also worth pointing
out that this year we have been
awarded EcoVadis ‘Platinum’ for
having achieved the highest lev-
els of sustainable development
and social responsibility.
How is Harden planning to reduce its
carbon footprint even further?
PF: At Harden Construction we
are taking numerous measures
to reduce our carbon footprint
and meet increasingly stringent
ESG requirements. We use building materials with
such certifications as FSC and EPD, and we build
centres equipped with the latest construction tech-
nology – including solar panels, heat pumps and
LED systems, which significantly reduce energy
usage and CO2 emissions. Most important for us
is the use of advanced systems to monitor and save
energy and water. Logistics is also important, as
it plays a significant role in CO2 emissions during
construction. For this reason, we try to shorten the
supply chain as much as possible.
Could you tell me anything about your latest projects?
PF: We’ve been very busy over the last few months.
In Q3, we completed the largest City Logistics
warehouse in Poland (44,000 sqm) and a City Lo-
gistics centre in Warsaw. We’ve also finished the
construction of a production hall for Fabryka Mebli
Wersal in Kępno on the site of an operating factory.
ŁK: We are not slowing down and are working
on projects all over the country, including a dis-
tribution centre for a leading retailer in Szczecin
(53,000 sqm), while we’re planning to begin con-
struction work on the site of a Rector Polska plant
in Jaworzyna Śląska. We’re building a logistics
park in Będziń with an area of 27,500 sqm, while
in Ruda Śląska we are in the final stage of con-
structing a 31,300 sqm warehouse. It’s also worth
mentioning the construction of a 14,200 sqm hall
in Koluszki. Other than this, we’re starting two
new projects in the Wielkopolska region. The pro-
jects we’re working on have a combined area of
over 240,000 sqm. Soon we are going to hand over
three new centres.
PF: We are flexible. We never stand still. We have
a team of excellent specialists across Poland on
board – and that’s why we’re optimistic about the
future.
Interview: Alex Hayes
Could you tell me something about the
origin and evolution of Harden?
Paweł
Fiuczek,
managing
director,
Harden:
Harden
Construction was founded in
2020. At the end of September
and early October of that year,
we were barely twelve people
in a co-working office. That’s
when we began our first project
in Konotopa near Warsaw. Four
years have passed since then.
Today we employ almost 100 peo-
ple across ten teams throughout
Poland and have over 20 com-
pleted projects under our belts
with 900,000 sqm handed over
for use – and we’re slowly closing
in on 1 mln sqm. Since the very
beginning, we have had ambi-
tious goals. We planned for rapid
growth but the reality exceeded
even our most optimistic expec-
tations and plans. The seven-
year goals we set were achieved
in three. For example, 2023 was
undoubtedly a record year in
terms of revenues and projects.
We completed our first building
with a BREEAM rating of ‘Out-
standing’ as well as a factory for
a household appliances producer.
What is it that distinguishes Harden
from the competition?
Łukasz Kozerski, operations
director, Harden: Above all,
our focus at Harden Construc-
tion is on quality. Each part
of our business and operations
must be based on quality. With-
out it, there’s no chance of being
successful in this market. That’s
why at every step we ensure
that everything is done with the
greatest care. But this is not pos-
sible without employing the best
specialists in the sector.
PF: Other important factors for
us include growth, relationships
and respect. Under the current
economic
model,
knowledge
is more valuable than capital.
That’s why we spend huge re-
sources to find the best spe-
cialists on the market who will
want to strengthen our team to
create a leading player among
industrial real estate general
Reasons for optimism
Paweł Fiuczek of Harden
łukasz kozerski of Harden
November 2024 Eurobuild Central & Eastern Europe
Small talk
representing Eurobuild, a wind
of change could be felt in terms
of optimism (as well as the sun
that shone on the exhibition
halls). Poland and the region
were being talked about and
many positive things were said.
However, the optimism, when it
comes to the next few months,
was cooled a little by Poland’s
dependence on the German econ-
omy, which is facing difficulties.
The really good times should
return in 2026 and 2027. The
wider living sector is also look-
ing interesting, since over the
last few years it has seen the
emergence of many interesting
formats (not just PRS and co-
living), and these days this is
catching the attention of many
global players. We, as an associa-
tion, are also looking at this sec-
tor and such challenges as those
posed by the unclear regulations
that now beset the market.
And what about REIts? does Poland
really need them so badly? What needs to
be done about them?
The lack of such regulations in
the Polish legal system results
in limitations being placed on,
especially, individual investors
to access real estate investments
on a large scale. We don’t know
how to create the conditions for
Polish capital to invest in Polish
commercial real estate. Inter-
estingly, on the tax side, we’ve
created a system that promotes
individuals investing in apart-
ments; while on the social side,
it seems more advisable for the
state to encourage investment
in commercial real estate. By
investing in REITs, investors
gain the possibility of drawing
revenues from a wide portfolio
of properties that may represent
different segments, such as of-
fices, apartments and shopping
centres. Such diversification and
revenue stability make investing
in REITs an attractive solution
for many investors throughout
the world – especially when their
core activities are given prefer-
ential tax treatment. If we look at
our own backyard, where global
players have drifted away, Polish capital such as
family offices could replace them. As a result, for
REITs to also become a modern investment tool in
Poland, we need regulations that allow us to create
such vehicles by clearly defining their criteria and
requirements – including the scope of their activi-
ties, their ownership structure and their dividend
requirements, while at the same time we need to
set up a supervisory system for REITs to ensure
their transparency and protect investors. The
question of levelling the tax conditions in Poland
for commercial real estate, for example, apart-
ments, is also extremely important.
so are REIts the future? What do you forecast for the
Polish market?
REITs could well be the future as long as the work
on their legal framework is completed and comes
into effect. Then, in 2025, we won’t just be see-
ing everything through rose-coloured spectacles,
since the world really will be in the pink.
And finally, tell us what it is like on the other side? After
all, for many years it was you who gave the questions as
a journalist.
I’d say… well, it’s different. I used to like working
as a journalist. Every interview and every time
I met someone new was an interesting story even
if all we talked about was the real estate market.
Everyone had found their own way into this mar-
ket, they all had different experiences and, as
a result, a different view of the sector and were
different kinds of managers. For me, it was all
super-interesting.
Interview: Anna korólczyk-lewandowska
Recently you took on the position
of operations director for the Polish
Chamber of Commercial Real Estate
(PInk). Is this a big change from
working for the Polish Association of
developers? How have your first few
weeks been in a new organisation?
Ewa Andrzejewska, operations
director, Polish Chamber of
Commercial Real Estate: It’s
still too early to sum up my first
100 days – it’s only been a few
weeks since I took up this new
challenge. One thing I can say
for sure – and I don’t think this is
going to change – it’s interesting
and a lot is happening. PINK was
founded in 2016. The sector then
came together over tax issues
and the need for dialogue with
the government. Since that time
the association has evolved and
today, as well as monitoring the
latest legislation and advising
the government over changes
to the law, we are a partner
that supports lawmakers with
our knowledge and wide experi-
ence of the sector. Added to this
is the knowledge our member
firms exchange with each other
– not only in workshops but also
working groups. However, it’s
important to raise awareness of
the role companies in our sec-
tor play in the growth of our
economy, in the construction of
towns and their surroundings,
and of the influence we have on
the development of society. As
an association, we have a wide
focus on real estate, from plan-
ning procedures, development
and construction, to long-term
management and building up the
value of assets. We want to be an
important voice in the discussion
about the place and role played
by commercial real estate both in
the economy and in society.
you’ve got a lot of experience of the
real estate market and we’ve known
each other for some time. After all these
years, how would you now assess the
current state of the sector? Where are
good things happening and which areas
require more work?
As you know, because you were
also at Expo Real in Munich
In the pink
Ewa Andrzejewska of PInk
Eurobuild Central & Eastern Europe November 2024
10
Briefs
xon al. jana Pawła II in Warsaw
the acquisition is one of the biggest single-asset shopping centre transactions in the CEE
region in recent years
the park in Zgorzelec has among its tenants a hygiene goods
producer and a logistics operator
arEtE EntErs PoLand
PoLand Czech asset manager Arete Investment group has
entered the Polish market with the acquisition from kajima
Poland and Panattoni of a 65,000 sqm warehousing park in
Zgorzelec in lower silesia. the acquisition increases the portfolio
of the Arete Industrial fund by 25 pct in terms of gross leasable
area and brings the value of its assets under management to over
EuR 300 mln. geographically, the leasable area of the fund now
divides up as: 48 pct in the Czech Republic, 27 pct in slovakia
and 25 pct in Poland. the value of the transaction has not been
disclosed. the park, which is bREEAm ‘Excellent’ certified, is
fully leased and includes among its tenants a European
disinfectant and hygiene goods producer. It also houses the
distribution centre of a logistics operator.
the two towers of the complex are owned by Cavatina Holding
LEgaL movE for gLobaL offiCE Park
PoLand law firm kbZ Żuradzki barczyk & Partners Advocates
and Attorneys-at-law lP has leased 400 sqm of office space in
global Office Park in katowice. the company will move its head
office into the last remaining space in the A1 building of the
complex in december. kbZ has been operating on the Polish
market since 1991 and provides legal services for large, medium
and small enterprises in Poland, Eu countries as well as Asia
– including Hong kong and south korea. It was supported in the
leasing process by Cushman & Wakefield. global Office Park is
situated at the junction of ul. mickiewicza and ul. dąbrówki in the
city centre. It comprises two 25-storey towers with a combined
leasable area of 59,211 sqm as well as 670 apartments.
the complex is bREEAm ‘Outstanding’ certified. It was
developed by Cavatina Holding and completed in Q1 2022.
Nepi buys
Magnolia Park
PoLand Nepi Rockcastle has acquired the 100,000 sqm Magnolia
Park shopping centre in Wrocław from Union Investment in an off-
market transaction. The sale price amounts to EUR 373 mln. Union
Investment acquired Magnolia Park in 2017 for the portfolio of the
UniImmo: Europa open-ended real estate fund. Magnolia Park has
an immediate catchment area of over 360,000 people within 15
minutes’ drive and a regional catchment of almost 1.4 mln consum-
ers within one hour. Tenants among the 240 stores in the centre
include such brands as Carrefour, Primark, Castorama, Decathlon,
Media Markt, Peek & Cloppenburg, Zara, Half Price, H&M, Helios,
Reserved and TK Maxx. The centre is currently 99 pct leased and
is BREEAM ‘Excellent’ certified. Nepi Rockcastle was assisted by
Linklaters as buy-side legal advisor, Cushman & Wakefield on com-
mercial aspects, PwC on tax and financial aspects and PM Services
as its technical advisor while Union Investment was advised
commercially by JLL, legally by CMS and on tax aspects by Thedy
& Partners.
Develia expands into student housing
PoLand Develia has signed a letter of intent with Innova Capital
and Solida Capital to develop student residences through an invest-
ment fund. Develia’s stake in the project, which will result in the
construction of several buildings providing a total of 6,000 beds,
will amount to up to 10 pct of the capital commitment at the fund.
It will act as both an investor and the developer in the construction
of three to five of these buildings. These will be built on Develia’s
land bank or acquired by the developer during the partnership. In
addition to its role as a fund partner, Develia will also manage the
execution of the projects. The detailed terms of the partnership will
be outlined by the partners in the investment and fund agreements,
which are expected to be finalised within the next two quarters.
The partners intend to begin construction of the first student hous-
ing projects as early as 2025. The fund’s total equity investment
may ultimately reach up to EUR 150 mln. Earlier this year, Develia
entered into a joint venture agreement with the CEE Student
Housing Fund managed by I Asset Management and supported by
Hanner. Under this agreement, a student hall with over 300 rooms
is to be developed in Wrocław.