TriCity Real Estate Market: prospects and trends

Warsaw, 24 March 2011 – Jones Lang LaSalle is pleased to present its latest publication “TriCity Real Estate Market – March 2011”, on the current and expected developments of the office, retail and warehouse markets in the three cities of Gdańsk, Gdynia and Sopot.

Anna Bartoszewicz-Wnuk, Head of Research at Jones Lang LaSalle, summarising the current situation says: “The office market conditions remain tenant-favourable. Asking rents are still attractive and there is a relatively significant amount of office accommodation available, which is beneficial to occupiers. In addition, numerous new investments are proposed for development and once delivered will influence the Tri-City office map. The warehouse market in Tri-City is still local in character, although, has great development potential. Its strategic location and rapidly improving road infrastructure enhance the opportunity for dynamic development of this particular sector in the Tri-City region. A significant change to the retail environment in the Tri-City wider area will come with new development plans related to both existing and planed projects”.

Magdalena Reńska, Head of Office Agency Gdańsk at Jones Lang LaSalle adds: “The Tri-City office market is developing dynamically. New projects are on their way and tenants are more boldly initiating discussions regarding their potential relocation to new office buildings. Greater office supply is also an opportunity to attract new investors from the BPO/SSC sector”.

With regard to the wider commentary on the economic environment and labour market sentiment for strategic BPO/ SSC investors, the report was prepared in co-operation with the Pomerania Development Agency and Hays Poland.

Marcin Faleńczyk, Deputy Manager - Investor Assistance Centre at the Pomerania Development Agency says: “Tri-City is well ranked by investors as one of the best locations for the outsourcing sector. This is backed up by rapidly improving infrastructure, including road, railway, seaport and airport developments. In addition, the fact that Tri-City is preparing for the Euro2012 organisation, where several football games will be held at the newly built stadium, PGE Arena, located in Gdańsk”.

Małgorzata Jasińska, Corporate Accounts Director Poland/CEE - HAYS Poland adds: „Tri-City has become an increasingly popular and appreciated location for investment in the SSC / BPO sector. This also results from the availability of highly skilled personnel with a good command of foreign languages. Currently, over 100,000 students study at local universities, providing the job market every year with more than 22,000 graduates. Therefore, Tri-City provides opportunities to source a pool of talent fluent not only in popular European languages such as English and German, but also niche Scandinavian languages. The Gdańsk University offers a wide range of language faculties including Danish, Swedish and Norwegian, which remain scarce on the Polish market.”

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