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Developers will see opportunity in Polish retail: Savills
Date: 16 November 2010
The average shopping centre provision per 1,000 inhabitants amounts to about 210 m2 in Poland and is below the EU-27 average, according to the latest research published by Savills.

This, combined with forecast rising retail sales, increasing consumer credit and higher employment, will attract development in major agglomerations Savills says.

The international real estate adviser predicts that developers will focus on larger projects in major agglomerations rather than smaller convenience centres, as well as medium-size cities and smaller towns where projects will range between 8,000 m2 and 25,000 m2. Prime rents in Warsaw's centres average EUR 60 m2/month and EUR 40-55 m2/month in other major regional cities with signs of positive rental growth having been observed in major cities undergoing re-commercialisation.

Brian Burgess, head of Savills Poland, said: 'Rising retail sales, increasing consumer credit and higher employment all combine to support an improvement in demand for retail floor space throughout Poland in 2011. This will encourage developer activity in selected locations, albeit limited to the main agglomerations which already account for 60% of stock.'

Savills finds that demand for shopping centre floor space is reflected in vacancy rates which sit below 5%. Although retailers have been cautious about expansion plans since 2008, the situation is improving and prime shopping centre landlords are finding themselves with waiting lists for existing units.
 
 
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