The market it will get worse before it gets better per the roundtable participants. In the next 12 to 18 months Polish CRE should return to the norm both in terms of financing costs or the occupancy demand, as well as activity of investors.

Market liquidity is still a big issue but market participants are becoming more aware and rational, in terms of tempering their own expectations of returns. This should allow the CRE transaction market to take off next year, once interest rates fall.

A positive aspect of the current market is certainly the strength of occupiers’ demand, particularly for logistics but also for offices and retail, the latter due to the limited supply resulting from high financing costs. Not surprisingly, the ESG topic has also come up in discussions, expectations of zero carbon buildings are slowly becoming a standard to which one must adapt.

Thank you to all Roundtable participants for their input and a great discussion!

• Kinga Barchoń, Partner at PwC
• Tomasz Buras, CEO at Savills Poland
• Piotr Fijołek, Co-Managing Partner at Griffin Capital Partners
• Justyna Kedzierska Klukowska, Head of Berlin Hyp Warsaw Office
• Piotr Staniszewski, Partner at Dentons
• Michał Stępień, Deputy CEO, AFI Europe
• Maciej Tuszynski, Managing Director Europe at Fortress REIT Limited
• Katarzyna Zawodna-Bijoch, President and CEO at Skanska commercial development business unit in CEE

Special thank you to Aleksander Piotrowski, Junior Consultant at Capital Markets Department of Cushman & Wakefield for taking notes.

Emerging Trends in Real Estate® Europe (ETRE) is one of the most highly regarded annual industry outlooks for the real estate and land use industry, published jointly by the Urban Land Institute (ULI) and PwC every year since 2003. It reflects the views of key industry leaders from Europe who completed surveys, were interviewed or participated in the roundtable discussion as a part of the research for this report.

Emerging Trends in Real Estate Europe 2024 will be published online in November 2023.