CBRE: commercial space market set to recover in 2010

2010-02-22

Investments slumped in value terms on Poland's commercial market last year. However the start of 2009 has brought an upturn that may gather momentum in the coming months, according to data from CB Richard Ellis (CBRE) and cited by Rzeczpospolita.
The total value of office-warehouse and commercial investments in Poland in 2009 amounted to €646m, which translates into a drop of 68% vis a vis 2008. Last year 21 transactions took place on the commercial property market, with retail buildings representing more than half this figure – in 2008 their share was 23%. Office buildings represented 28% of the total (63% in 2008).
In the opinion of analysts, 2009 will be a more promising year for the commercial real estate market than 2008, and the first transactions should already take place before the end of the first quarter. Specialists believe this trend will encourage investors to return to the market. They are already investing more and more cash in office and retail buildings in Poland and the Czech Republic. One possible sign of a more robust business climate on the market may be the sale of two Warsaw shopping centres - Arkadia and Wilenska - due to take place in February - and Mayland's decision to sell five shopping centres and the rights to another for €236m in January.

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