HB Reavis is simultaneously developing three buildings on the largest construction site in Warsaw city centre. The works on the diaphragm walls that will envelop the future basement storeys are nearing completion and a viewing platform has been opened for pedestrians to come and admire the spectacular excavation in progress.

Construction works on the modern office complex Podium Park in Kraków’s Czyżyny are under way. In connection with completion of the pre-lock-up stage in Building A, Podium Investment started to perform finishing works. Currently, according to the schedule, lock-up stage works in Building A are under way. Completion of the first building is planned for the end of June 2018.

The leasing department of Echo Investment finalised the lease of the last unit just before the opening of an extended part of Galaxy in Szczecin. Echo Investment is responsible for the construction and lease of the facility for EPP which is the owner and manager of Galaxy.

Skanska has commenced the third building of its Krakow-based High5ive office project. During the construction works, the company will also develop an underground garage for the fourth building. High5ive, developed in the very heart of the city, will ultimately consist of five buildings and deliver 70,000 sqm of office space. The whole project will contribute to an interestingly managed and thought-out urban area in Krakow.

Redefine Properties is to expand its Polish property platform with the acquisition of a strategic 25% stake in a €1 billion retail portfolio of 28 assets in Poland. Redefine is co-investing with Pimco and Oaktree Capital Management who will each have 37.5% of the portfolio which is being acquired. Key locations in the portfolio stretch from Warsaw to growing regions across the country like Krakow and Silesia.

The Platinium 3 office building, managed by Allianz Real Estate, has received a LEED Gold certificate, confirming comfortable working conditions and energy efficiency. The certification process was conducted by Colliers International.

NEPI Rockcastle has acquired Alfa Centrum shopping centre in the city of Bialystok in Poland from A-JWK Management sp. z o.o. The aggregate purchase price for Alfa Bialystok was €92.3 million, representing an acquisition yield of approximately 6.7%.

Q3 2017 saw the delivery of 875,000 sqm of new space on the industrial market in Poland. In the same period, approximately 630,000 sqm was leased. JLL summarised the industrial market in Poland at the end of Q3 2017.

In Q3 the modern retail market in Poland grew by nearly 140,000 sqm of GLA. This is a significant increase as compared to the first half of the year when only a mere 26,000 sqm of GLA within 5 schemes were completed. Notably, the first IKEA store was delivered in Lublin with the residents of Poland’s eastern regions in mind. According to BNP Paribas Real Estate Poland, the end of the year is set to bring more than 200,000 of GLA sqm in new retail projects.

In Q3 2017, the stock of modern office space in Warsaw has increased by more than 76,000 sqm and thus exceeded the 5.3 million sqm threshold. By the end of the year, another 80,000 sqm may appear on the largest office market of Poland, which would mean a total of 5.4 million sqm. The key market development trends, according to the report by BNP Paribas Real Estate Poland, are the consistently improving position of the Wola district on the local office market and the growing popularity of co-working projects located in the best schemes.