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Data Transparency in CRE (recap)
Talking about data transparency in CRE.
December 10, 2024
The ULI ‘Places and Spaces’ conference, held on December 2nd in Warsaw, focused on large infrastructure projects and their role in driving development, with particular attention given to communication hubs. The event explored key questions about the challenges these hubs pose for urban planning, how they can be seamlessly integrated into existing infrastructure, and their potential to boost economic growth.
Marcin Juszczyk, Chair of ULI Poland, set forth the overarching theme of the conference: “We aim to explore the concept of communication hubs – airports, airport cities, and airport urbanism – and delve into all aspects of infrastructure. Our focus is on understanding how the development of infrastructure influences the real estate market, the economy, and the surrounding urban areas.”
The event commenced with a video presentation from Amsterdam by Patrick Verhulst, the director of Amsterdam’s Airport City. Amsterdam airport had been constructed close to the town of Hoofddorp, which has now become an office and residential area just 4 minutes by train from the Amsterdam’s Schiphol Airport. The town now forms a major part of the Amsterdam’s aerotropolis.
The concept of an airport city had first been introduced in the 90s to describes an airport with all of its interdependent businesses and that Amsterdam’s entire aerotropolis has now been rebranded as Amsterdam Airport City with the slogan ‘where business lives.’ Over the last ten years, Amsterdam has risen from around sixth place to second just behind London as Europe’s most attractive city for foreign investment and one of the reasons for this investment is the connectivity that the airport provides with over 300 direct flight destinations.
Moreover the airport is also well connected by road and rail and has high-speed data connections with the US. Amsterdam Airport City now includes Park 20|20, a fully sustainable business park in the municipality of Haarlemmermeer as well as the Schiphol Trade Park, a logistics base, which is again fully sustainable. However the rapid economic growth that the Netherlands has seen is now becoming constrained. One of its limitations is a lack of available space. This means that the authorities are now rethinking the country’s economic growth strategy. Patrick Verhulst calls this a shift from economic growth to a multidimensional qualitative economy. This transition is being manifested in a further improvement in transportation within the area. Currently it takes 15 minutes to travel to Amsterdam’s central railway station from the airport but soon the city metro is to be extended to Schiphol as well as to Hoofddorp. “Now we are really for the first time connecting the whole metropolitan area,” Patrick Verhulst announced with pride.
CPK connects Warsaw and Łódź
Following the presentation, Amsterdam Airport City was compared with Warsaw’s proposed CPK project, also known as the Centralny Port Komunikacyjny. Dr. Filip Czernicki, CEO of CPK, took the stage to discuss the project – a planned airport and transportation hub located 40 km from Warsaw, close to Łódź and near Poland’s A2 motorway. The project will feature high-speed rail connections as part of its transportation options. Dr. Czernicki emphasized the importance of basing every new infrastructure project on solid financial data. When he assumed his role at the beginning of the year, his first task was to thoroughly review the financials. He also noted that the project timeline had to be rescheduled, as the previous schedule was found to be unrealistic.
The new airport, currently being designed by Foster&Partners in collaboration with Buro Happold, incorporates features tailored to accommodate larger aircraft and meet modern passenger expectations. The terminal will feature expansive panoramic windows, offering passengers a full view of the airport apron once they have cleared security. The design work is already more than 60 percent complete, with CPK aiming for the airport to achieve a net zero carbon footprint upon the airport’s completion.
As a greenfield project with minimal human habitation in its vicinity, the new airport will benefit from the absence of restrictions on night operations. In addition, CPK is planned to operate 24/7, a unique feature among major European hubs, making it particularly attractive for cargo and charter flights. A train station is to be integrated beneath the terminal, complemented by a bus station. The plan includes the construction of up to four runways in the long-term. Dr. Filip Czernicki projects that the airport will reach a capacity of 34 million passengers annually upon its opening in 2032. He is convinced that with the addition of further facilities, this capacity can raise significantly, potentially reaching 60 million passengers per year. By comparison, Warsaw’s Chopin Airport, which handled 18 million passengers last year, is expected to reach around 21 million this year butis already operating at full capacity. De-icing areas are already being used to park airplanes, and will not be available when the weather deteriorates. The inability to further extend Warsaw’s Chopin Airport provides much of the justification behind the CPK project.
Currently, the purchase of all the necessary land required is being finalised, alongside awaiting the first instance location decision. Dr. Filip Czernicki aims to secure the building permits next year with construction to begin in mid-2026 and completion scheduled for2032. Design work is also progressing on the key infrastructure elements, such as the control tower, the airport fire station as well as connecting road networks. To ensure strong integration with the airport, the high-speed rail link will connect four large cities: Poznań, Warsaw, Łódź and Wrocław. This will also benefit the travel time between Warsaw and Wrocław, cutting it from approximately four hours to just one and a half. In the future, these rail links will connect foreign capital cities such as Prague and Berlin, with travel times to Warsaw reduced to around three and a half hours. both of which will then have travel times to Warsaw reduced to around three and a half hours to Warsaw. The first rail section between Łódź and Warsaw must be completed before the opening of the airport in 2032. The same rail line might eventually even be extended up into Lithuania, Latvia and Estonia, cutting the journey time to Tallinn down to around 7 hours.
from the left: Filip Czernicki, CEO of CPK; Stefan Krueger, the head of investment banking in Poland at Goldman Sachs; Adam Pustelnik, the first deputy mayor of Łódź; John Banka, , a senior director at ARC Capital Markets.
Connectivity and success
The event then proceeded with a panel discussion. Mr. Filip Czernicki remained on the stage but was joined by Mr. Adam Pustelnik, the first deputy mayor of Łódź, and Mr. Stefan Krueger, the head of investment banking in Poland at Goldman Sachs. Furthermore, Patrick Verhulst rejoined the discussion from Amsterdam. The discussion was moderated by John Banka, a senior director at ARC Capital Markets. He began by remarking, “Now we can go to Łódź for lunch, which will be on the menu quite often.” Patrick Verhulst then explained that what was key in a successful aerotropolis project was connectivity. He mentioned that from Amsterdam’s airport it takes half an hour to reach Rotterdam and the Hague, and Schiphol airport was also now directly connected to Utrecht. Despite the impact of the pandemic, the number of flights continues to increase across Europe.
Adam Pustelnik prefaced his commentary by flatly stating: “My perspective may not be entirely objective, as I represent the area that stands to benefit the most from this project– and, of course, I’m a strong supporter of it. I truly believe that this project is exactly what Poland needs. Take Atlanta as an example: it has more Fortune 500 corporate headquarters than New York, and this success can largely be attributed to the city’s efficient airport and its role as a major transportation hub.”
Filip Czernicki underscored the magnitude of the CPK project, stating: “When I speak with construction companies or designers, I always reassure them that there is no cause for concern. There will be sufficient employment opportunities for all, and we will still require the services of individuals from abroad. ” He also pointed out that the CPK project would undoubtedly attract foreign investors. Mr. Verhulst also noted that the focus on life sciences at Amsterdam Airport City was largely a consequence of Brexit. He elaborated, “The European Medicines Agency relocated to the Netherlands following the UK’s exit from the EU, bringing with it additional investment from the sector. This presented a significant opportunity for us to develop an ecosystem around it, with links to other businesses such as logistics and production facilities. ”
The audience had numerous additional inquiries for the panel, but unfortunately, there was not sufficient time to address them all before the auditorium had to be cleared. However, the speakers remained for a glass of wine and to answer further questions during the networking period, which concluded the event.
A special thanks to our partners for their invaluable support. Your partnership makes these events possible and benefits us all.
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
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ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024
ULI Poland Places + Spaces – December 2024