An interview with Krzysztof Jaśkiewicz, Leasing Manager at Pinnacle Poland.
Iwo Nowak: Based on the size of the space and the choice of locations for warehouse investments in Poland to date, can we argue that our country is becoming the warehouse and logistics base for Europe?
Krzysztof Jaśkiewicz: Poland is a strategic location for any international company that wants to operate and grow in the Central and Eastern European region. The investment potential here is still very high – just compare the 8 square meters of warehouse space per person in Poland with the 60 square meters per person on average for a European. The geographical conditions themselves are impressive for potential tenants. The location, which serves as a convenient base for expansion to the east, the large area, access to the sea, and a well-developed railway network make Poland a key distribution hub for Europe and a place of enormous economic importance.
I. N.: What were the most interesting trends and phenomena observed in the Polish market for modern warehouse space over the last year?
K. J.: An interesting phenomenon observed over the last year was the disappearance of about 1.5% of warehouse space that turned out to be obsolete, even though it was considered modern until recently. One of the events on the Polish warehouse space market in 2008 was the emergence of Pinnacle Central & Eastern Europe, which specializes in providing top-class warehouse space throughout Central and Eastern Europe. By having a single standard of warehouse services guaranteed simultaneously in all countries of this region, these companies become part of a network of standardized yet flexible systems, procedures, and solutions in the field of warehouse management. We are also a business partner for our warehouse tenants. The Polish market, like other markets in Central and Eastern Europe, is a dynamically changing business environment.
I. N.: To what extent will the deepening economic crisis affect changes in the intensity of investments and the balance of power between the main players in the Polish market for modern warehouse space?
K. J.: It seems that the industrial real estate market is not as sensitive to the unfavorable economic conditions that have already significantly affected a large part of the investment market. Perhaps the reason for this unique situation in the warehouse market is the fact that in the period before the global financial crisis, warehouse space prices did not rise as intensely as residential or commercial real estate prices. There are also many factors determining the specific nature of the warehouse space market in Poland, such as road expansion. These positive factors outweigh the negative trends that have determined the situation in the entire real estate market, causing a clear slowdown. The Polish warehouse market still suffers from a lack of modern space, and every subsequent logistics center is very much needed. Developers, especially those focused on the Polish warehouse market, will not only finish projects started a few months ago but will also expand their subsequent phases. Certainly, many new projects of this type will be launched in various locations.
The article comes from the magazine “Logistyka” 1/2009.