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Poland : Smaller Markets on Development Track - H1 2014

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Poland : Smaller Markets on Development Track - H1 2014

H1 2014 ended with a total of 266,000 sq m of new GLA having been delivered to the market in 13 new projects and three extensions of existing schemes.
At present, 635,000 sq m of GLA is in the construction phase, with 225,000 sq m of GLA scheduled to open by the end of this year. Almost half the constructed space will be completed in cities with fewer than 200,000 inhabitants.

In light of the fierce competition, the trend towards strengthening existing older schemes is on the rise. Currently, 142,500 sq m of GLA (which is 22% of constructed retail stock) relates to the redevelopment and extension of existing older schemes.

In terms of proportion of local versus international brands present in the tenant mix of leading shopping centres, Poland has been reaching the level comparable to that evidenced in Paris and London.

Given the limited amount of space available in the best shopping centres in Poland, it might be difficult for big fashion anchors to continue a dynamic expansion across Poland.
The best shopping centres are reinforcing their position, which is reflected in growing rents that tenants are paying when it comes to lease renewals.

Source : DTZ (Groupe UGL)

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