In the course of its focus on Eastern Europe, the IMMOFINANZ Group has achieved a further increase in its volume of lettings in Poland.
Between October and mid-December 2010, the company was able to let 11,000 m² of prime office properties to international and national firms. New or re-letting agreements already amount to more than 5,000 m², with agreements on further 6,000 m² to be finalized by the end of the year. The terms of the lease agreements range from three to seven years.
The office properties in question are the West Gate, Lopuszanska Business Park, Crown Tower, Bokserska Office Center, and the recently successful refinanced IO-1 office building. The largest individual office properties let out this fiscal year were to GTECH (4,600 m²) and First Data (4,000 m²), both in the West Gate center and to Baker Tilly with around 2,500 m² in the Crown Tower building.
IMMOFINANZ expects that around 25,000 m² of lease agreements will be concluded in the office segment in Poland in this fiscal year, thus enabling IMMOFINANZ to further consolidate its market position. The IMMOFINANZ Group's market share in the office segment in Poland is around 7 %. The IMMOFINANZ Group is one of the biggest players in the Polish real estate market.
IMMOFINANZ developments in Poland
The extension of the Silesia City Center in Katowice, which was launched in 2010, will amount to around 20,000 m². The existing center has been fully let since it was opened in November 2005, and tenant interest in the new space is very substantial. The extension is scheduled to open in autumn 2011.
The Polish office market
Warsaw, the largest market for office properties in Eastern Europe, has a total of more than 3.4 million m² of state-of-the-art office space. In the first three quarters of 2010, the Warsaw office market realized about 152,000 m² of rental income, which was an above-average improvement in comparison to the comparable period of the previous year. Vacancy rates remained stable throughout the period. The positive outlook for the Polish economy in 2011 will give demand for office real estate an extra boost. Prime office locations in downtown Warsaw show above-average growth in value and thereby confirm the positive trend forecast for 2011.
"Poland is growing at an exceptionally dynamic rate. Our outstanding real estate portfolio and development projects in Poland enable us to continue participating successfully in this development." commented Dr. Manfred Wiltschnigg, COO of the IMMOFINANZ Group.
Source: ACCEDO Austria GmbH