As mixed-use developments reshape Poland’s largest cities, developers are increasingly focusing on how different functions can work together within a single urban district. Rafał Mazurczak, Chief Operating Officer at Echo Investment Group, discusses the company’s approach to mixed-use projects, the progress of Towarowa22, demand for prime Warsaw offices, the evolution of CitySpace and the opportunities shaping its development strategy.
This interview was originally published in our POLAND TOP 50 publication, listing the 50 most influential people in Polish real estate.
Echo Investment has been increasingly focused on creating mixed-use urban districts rather than standalone buildings. How has this approach evolved in recent years, and what lessons have you learned from delivering these large-scale projects?
Our approach has evolved with the market – from developing individual buildings to creating mixed-use urban districts. Today, experience from projects such as Browary Warszawskie, Fuzja, Towarowa22 or WITA allows us to help shape this segment in Poland. These developments have confirmed that successful urban projects cannot simply be a collection of functions. They should reflect the character of the place, its surroundings and the needs of the local community.
This is why the 15-minute city concept is close to our thinking – with homes, workplaces, services, green spaces and leisure all within easy reach. We want to create places that remain active throughout the day, so public spaces, nature, food and beverage, and places to meet are as important as the buildings themselves. This helps our projects complement the urban fabric and remain attractive over the long term.
Towarowa 22 is one of the most closely watched developments in Warsaw. What makes this project different from other mixed-use schemes in the city, and what role do you see it playing in the capital’s future?
Towarowa22 stands out above all for the scale of its transformation and exceptional location. A 6.5-hectare site in central Warsaw gives us the opportunity to create a new part of the city rather than simply another development. We are also developing it with respect for its history, preserving the former Dom Słowa Polskiego pavilion and integrating it into the new urban fabric. A publicly accessible park will form the heart of the project, giving the area a greener, more open character. Towarowa22 is being delivered in phases and is already transforming this part of Warsaw. Office House is operational, AFI Tower and M7 apartments by Archicom Collection are under construction, and further phases will gradually complete the quarter. Ultimately, together with our partners from AFI, we want it to become an integral part of the city centre – contemporary, green, rooted in its local context and open to residents.
Warsaw’s CBD continues to attract tenants and investors despite changes in working patterns. What gives you confidence to continue developing your office portfolio in this part of the city?
The way we use offices has changed, but the importance of high-quality workplaces has not. Hybrid working has actually raised expectations. Today, location, access to public transport and services, comfort, technology and an environment that supports collaboration matter as much as the space itself. Central locations have a natural advantage because they are part of a broader urban ecosystem and offer access to many functions nearby.
We can already see this in the commercial performance of our projects. AFI Office House, the first completed office building at Towarowa22, is fully leased, while the recently signed agreement with PwC for approximately 20,000 m² in AFI Tower is one of the largest office lease transactions on the Polish market in recent years. These examples confirm that companies continue to value high-quality, well-connected workplaces in strong urban locations.
Environmental performance, energy efficiency, lower carbon emissions and flexible space are also increasingly important. This is why we continue to develop offices, including AFI Tower and further phases of Towarowa22, while preparing the project at Grzybowska 53. At the same time, we remain selective, focusing on locations with long-term demand and the potential to create offices that will stay attractive to tenants for years.
Flexible offices have become an important part of the workplace market. How is CitySpace evolving in response to tenant expectations, and where do you see the greatest growth potential for the platform?
Flexible offices have become an important part of many companies’ workplace strategies. They are used not only by smaller teams but also by large organisations that need to launch a project quickly, expand a team or complement a traditional lease. Expectations of the workplace itself are also rising: it needs to offer comfort and make effective use of new technologies. This is how we are developing CitySpace, combining serviced offices, coworking, meeting rooms, virtual offices and access to multiple locations with a high standard of service. I see the greatest potential among medium-sized and large companies, which are increasingly using flexible offices alongside traditional leases. For CitySpace, this creates room for further growth, including within the Group’s own projects, where we can offer tenants a broader range of workplace solutions.
The boundaries between office, residential, retail and leisure functions are becoming increasingly blurred. How is Echo Investment adapting its strategy to the way people live, work and spend their time today?
People do not experience a city through the lens of real estate sectors. They want to live close to services, work in well-connected locations and have access to greenery, restaurants, sports facilities and places to spend time. This is why we create urban quarters where different functions complement one another. Public space is as important as the buildings themselves, and our projects are designed to remain active from morning to evening, including at weekends. This makes them more attractive to residents, employees and visitors while strengthening resilience to market changes. We also want our projects to improve their surroundings by creating new squares, streets, green spaces and services accessible beyond our buildings. But the aim is not to include every function everywhere. Each project must respond to its location and local needs. Our advantage is the Group’s experience across several real estate segments and our ability to look at a development as a whole.
Looking ahead, what will define the next generation of successful urban projects in Poland, and where does Echo Investment see the greatest opportunities over the next five years?
The market is moving towards projects that combine several functions, fit well into the existing urban fabric and remain attractive over time. Success will increasingly depend not on scale alone, but on the quality of the place created, its accessibility, public spaces, diversity of uses and ability to adapt to changing needs.
We see strong potential in the continued transformation of inner-city and post-industrial sites that can take on new functions and a new role in the city. This direction is already visible in Poland and reflects our experience from Browary Warszawskie, Fuzja or Towarowa22. At the same time, limited supply of modern offices in prime locations and the growth of the living sector are creating further opportunities. Over the next five years, we therefore plan to focus on these segments and on large urban projects, with an emphasis on quality and long-term potential.
