Polish Developer Expands Portfolio

Polish Developer Expands Portfolio

Commercial News » Europe Commercial News Edition | By Francys Vallecillo | November 29, 2013 8:45 AM ET

Polish property developer OKRE has obtained a building permit for a class A office building located in the Ochota borough of Warsaw, as the company expands its portfolio in Poland. 

This is OKRE's second project and will add 7,400 square meters of rental space to the company's portfolio. The first project, the 10,850-square-meter class A office building GreenWings Offices, is in its final completion stage in Warsaw according to a company announcement. 

The eight-story building is designed by Kuryłowicz & Associates and will be built on land owned by OKRE. Plans for the project include an underground 134-car parking garage, and a bicycle storage. 

The Polish real estate market is heating up, with investments on pace to reach a six-year high. Investments were previously spread out across central and eastern Europe but are now landing in Poland. 

"This has changed in the last five years and Poland is now attracting 70 to 80 percent of capital [in the region]," Tomasz Trzoslo, managing director for Poland at Jones Lang LaSalle, told CNBC. "So this is really the place of activity, that's where the international capital wants to invest." 

Investments for OKRE include Jerozolimskie Business Park in Warsaw (16,500 square meters of office space), Jutrzenki Business Park in Warsaw (2,738 square meters of office space), Winogrady Business Center in Poznań (7,330 square meters of office space), Galeria Indomo in Lubin (9,577 square meters of commercial space) and Park Residence in Warsaw, according to the company's website. 

OKRE Development is also delivering the Na Skraju Lasu residential project in Poznań with 139 units. The firm has been operating in Poland since 1997.

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