POLAND ? BUSINESS NEWS ? A report by CB Richard Ellis says that Poland?s retail market is once again on a ?fast development track? and that the country?s relatively stable economy and weakened currency have helped create an environment conducive to investment.
Although Poland?s retail market saw an annualized fall in the amount of total new space delivered in 2010, according to CBRE?s ?Retail Destinations Poland 2011? report, the real estate advisory firm suggests that it is now growing once again.
For the full-year 2010, some 360,000 of new GLA was brought to the market, compared to 830,000 a year earlier.
?There was a slowdown in the market [in 2010] but it was only temporary and the number of current projects again indicates an increase in supply. Since the beginning of 2011 more than 313,000 sqm of space has been opened, and the same amount could be delivered by the end of the year,? Karina Kreja, associate director in CBRE?s market research and consulting department, said in a statement.
At the end of the first half of 2011, Poland had a total of more than 8.5 million sqm of retail space in 370 projects throughout the country, ac-cording to CBRE. However, the advisory firm said the amount of commercial space available is ?still incomplete? and that there is ?little diversification? in the types of retail projects available.
While the report suggests that there is plenty of room for development still left in the Polish retail market, developers are advised to bring ?added-value? to consumers. CBRE says that firms are now trying to ?attract new brands to their projects, and that they are also revitalizing railway stations and introducing innovative architectural solutions.?
One problem that exists in the Polish retail sector, however, concerns the financial situation of tenants and potential tenants, who can?t always afford to finance space in new retail projects, according to CBRE?s report.
- By Ella Pa?ka
Read more news from Poland
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Category: Business News, Europe News
Source: http://www.bogartier.com/2011/09/retail-market-returning-to-growth/
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