Warsaw Rising: The Polish Capital’s Skyline Gets Even Taller

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Warsaw’s skyline, which in recent years has become one of the most impressive in Europe, continues to rise. A number of office buildings, with a combined total leasable area of around 760,000 sq metres, are currently under construction in the city, and almost half of them are skyscrapers. Warsaw’s current highest office building, Ghelamco’s Warsaw Spire will be joined by more skyscrapers: Varso Tower, Karimpol’s Skyliner, Golub Gethouse’s Mennica Legacy Tower or Ghelamco’s two other buildings —  Warsaw Hub and Spinnaker Tower.

“Warsaw boasts a number of office towers under construction, which will change the capital’s skyline significantly,” Mateusz Polkowski, Head of Research and Consulting, JLL, told Emerging Europe.  “The main location of interest in terms of high buildings is the area around Daszyńskiego roundabout. There’s land, excellent public transport connections and a central location. It is the most sought-after office hub in Warsaw, a place eyed-up by large, global brands, which so far guarantee the quick leasing of such buildings. Office towers are particularly interesting for companies looking for prestige, state-of-the-art office premises, expansion options, advantage in terms of recruiting processes and willing to pay a premium.”

Tallest of all the new developments is the Varso Tower, which is being erected closer to the Palace of Culture and Science – one Warsaw’s most recognisable landmarks – on the corner of Chmielna Street and Jan Paweł II Avenue. When completed, the Varso Tower will be the tallest building across emerging Europe. At 310 metres, it will be as tall as London’s Shard.

“I am convinced that the countries of the CEE region will see a growing number of equally spectacular projects being developed within the next decade or so,” Stanislav Frnka, country CEO at HB Reavis, tells Emerging Europe.

“Our main goal is for the buildings to stand the test of time in terms of architecture and functionality and bring a new quality to the office market but also, despite their scale, to be very open to their surroundings. Varso is our next step. We are happy to make it, creating a top-quality project that is not only prestigious, perfectly fitted and flexible but also incredibly empathetic towards the city. With Varso we are creating a new, friendly area of Warsaw: designed with people in mind, addressing their needs during and after office hours,” he adds.

This shows that the approach started by Ghelamco is gaining in popularity, and increasingly more developers plan on revitalising less developed areas in CEE cities.

“Plac Europejski [European Square] and Warsaw Spire have breathed new life into the previously derelict and inaccessible parts of Warsaw’s post-industrial district. Now it is one of the most beautiful places in the capital of Poland, with its bold and modern architecture and its attractively designed public space,” Jeroen van der Toolen, head of Ghelamco in Central and Eastern Europe, wrote in an editorial.

Bringing abandoned areas back to life is important but so is the height, especially in Warsaw, which built its first skyscraper over 100 years ago — completed in 1908, PASTa was 51 metres high and was the tallest building in the Russian Empire. In 1934, Warsaw could boast another tower, 66 metres tall — the Prudential building.  Joseph Stalin’s gift – the Palace of Culture and Science — has been Warsaw’s highest building since 1955.

Ghelamco's Warsaw Hub (courtesy of Ghelamco)
Ghelamco’s Warsaw Hub (courtesy of Ghelamco)

For a number of developers, the idea of taking part in a quest to construct the tallest building and contributing to the city’s skyline is exceptionally tempting. Equally tempting might be a potential return on investment as affluent tenants are lured by prestige, high-quality and breath-taking views. According to Knight Frank, rates in Warsaw’s city centre can reach 19-23 euros per sq metre a month compared to an average of 10.5 euros in other parts of the city. Centrally located top floor offices command even higher prices.

“We have successfully operated in Warsaw for over ten years,” says HB Reavis’ Mr Frnka. “This city offers us the best conditions for growth. Urban planning that allows high-rise developments, as well as favourable market conditions, including firm demand from customers of various sizes and from various industries. Both the largest corporations and BPO/SSC companies as well as local businesses. This is definitely the place for us.”

(main photo: Varso Tower, courtesy of HB Reavis)

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BUCHAREST ROMANIA - June 29 2017: Romanian Prime Minister Mihai Tudose during a swearing-in ceremony at Cotroceni palace in Bucharest capital of Romania June 29 2017.

PE and VC Investment In CEE Is At an Eight-Year High

venture capital

One in Five Poles Unaware of Source of Funds for 500 Plus Programme

Polish Labour Market Deficits Are Impacting All

Construction site with crane and building. Construction site in western europe - in Poland.

CEE-Benefits and Disadvantages of Joining the Eurozone

forint zloty euro

21st century Manufacturing Arrives at Great Stone

Great stone

Belarus Introduces New Business-Friendly Auditing Procedures

MINSK, BELARUS - AUGUST 15, 2016: Aerial view of the southwestern part of the Minsk with Palace of Sport and old and new other buildings. Minsk is the capital and largest city of Belarus.

Investigations Into the Corrupt Ukrainian Fuel and Energy Sectors

Ukrainian money hryvnia. The national currency. Corruption in Ukraine

CEE Tech Growth Continues: Poland and the Czech Republic Lead the Way

technology

Estonia — Easy Doing Business Destination seminar in the UK

Latvia Urged Not to Increase Expenditure As Economy Grows

Riga, Latvia - August, 2010: Panorama view from Riga cathedral on old town of Riga, Latvia

IMF Urges Croatia to Speed Up Reform

croatia

Slovakia: Growth Continues But Problems Remain

The Slovak Matchmaking Fair open for registration

Growing Rzeszów

Rynek Glowny in Rzeszow. Rzeszow Podkarpackie Poland.

GSA Names Ukraine as UK’s Offshoring Destination of the Year

map of ukraine emerging europe

Ukraine’s Q2 Growth Climbs

kyiv ukraine emerging europe

Poland Set for New Expressways, But Problems on the Roads Remain

poland roads

Erste Group: Public Debt Falling Across CEE

erste group

Romanian President Appoints Country’s First Female PM

viorica dancila prime minister of romania

Lviv Is the Pearl and the Soul of Ukraine

Chinese Electric Car Maker Seeks Emerging Europe Base

zhi dou d2

CEE Governments Still Can’t Resist Tampering with Legislation

legislation

More Brexit Fears As the UK Proves To Be A Needed Member

City of London view from Waterloo Bridge. This view includes: St. Paul`s Cathedral The Gherkin Tower 42 and Blackfriars Bridge.

Emerging Europe Key to China’s Belt & Road Plans

freight, ship, trade

Digital Business Space Gives All Businesses an Office in Sarajevo

Sarajevo Bosnia and Herzegovina - August 24 2015. View from Vraca Memorial Park with building of Avaz Twist Tower

Baltic Bank Merger May Tempt Polish Heavyweight

DNB Bank Vilnius

Škoda too Strong for VW Group

MLADA BOLESLAV CZECH REPUBLIC - MAY 30: Skoda Octavia on conveyor line during Doors Open Day at Skoda Auto a.s. factory. Skoda auto celebrated 120 years since its founding on May 30 2015 in Mlada Boleslav.

Budapest’s Property Boom Goes Nationwide

building

Effective Policies Have Strengthened the Georgian Economy

TBILISI GEORGIA Jul. 18 2017: Bridge of Peace is a bow-shaped pedestrian bridge a steel and glass construction over the Kura River in downtown Tbilisi capital of Georgia

Ukraine’s Economic Recovery: Good, But Slow

ukraine money

Slovenia is the CEE region’s leader in VAT collection

Business Standards Are High in SEE But Vary Widely

Aerial view of The Cathedral of the Assumption in Varna

Albania’s Economy Booms Despite Political Infighting

Panorama view to the city Tirana Albania

Baltics Seek Lockstep With High Tech States

Euro money: Macro view of euro coin and bill. Suitable for financial, monetary, euro or European Union concepts and ideas

New Start-Up and Innovation Report Names Estonia and Slovenia as Market Leaders

Tallin, Estonia - July 06,2017: Scenic view of the modern part of the city of Tallin, Estonia

Growth Increase Offers Glimmer of Hope for Moldova

chisinau

Poland Must Preserve Wilson Spirit

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