Polish Commercial Real Estate Market on Brink of Recovery in 2010

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(WARSAW, POLAND) -- The value of transactions closed in the Polish commercial real estate market this year may exceed 2 billion euros, according to new estimates by Cushman & Wakefield, a well-known global real estate advisor. In 2009 this figures amounted to 698 million euros.

"In 2009 there were only about 20 transactions closed in the Polish commercial real estate worth about 698 million euros, which was one of the worst periods for the market for the last several years", according to the Cushman & Wakefield report.

However, in the first quarter of 2010 the investment activity has increased considerably. In January and February the value of transactions went up to the level of pre-crisis period. If this trend continues, the 2010 year can bring the total transactions value in the market up to 2 billion euros (about 3 times more than inn 2009).

This year has started with the launch of new commercial space in Poland. At that time it has increased by 900 thousand. sq. m. Almost 57% of this space was completed in the second half of 2009, including: the Center Bonarka Krakow Gallery in Czestochowa Jura, Focus in Piotrkow and the first phase of IKEA Port Lodz.

At the end of 2009, the total amount of commercial retail space in Poland amounted to 9.345 million square meters, including shopping centers which account for 72.9%.

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