Reflecting the newly rediscovered bounce in the Polish property markets, on February 21, the Gala Party for CEDEP 2006 on February 21 was staged around an energetic sporting theme. To be more specific, a full size boxing ring was at center stage, both for a raffle prize presentation and a three-round bout between some of the finest female boxers in the country. Those guests that could drag themselves away from the ever-popular pub sport of attracting the attention of staff behind a free bar signed up to test their mettle against friend and foe alike in darts, foosball and pool.
The following days saw the third staging of the annual CEDEP conference at the Marriott Hotel in downtown Warsaw. The two day bonanza of panel discussions, lecture, and workshops brought out some of Poland’s best known real estate players to swap business cards, anecdotes and opinion with the service providers that represented a special focus at this year’s event.
To set the scene, some of the country’s top bankers and financers, led by Jacek Laszek of the National Bank of Poland, discussed the state of the economy with reference to the real estate industry. Generally, they reported, the news is pretty good – save for a few specific policy requirements – although the strength of the z³oty, and impending monetary union, remain cautionary notes.
Robert McLean, Editor-in-Chief of Roberts Publishing kicked off the first discussion panel by asking ‘What’s left to develop?’ in Poland. The panel responded by confirming the potential in the residential market, while John Banka of Colliers International suggested that suburban spread will bring investment opportunities for neighborhood-based retail.
Six months is a long time in the CE markets. At CEDEM in September last year, investment panelists couldn’t escape the weight of cash in the region ending every point. At CEDEP, sustainability of compression was already to the fore – with some diversity of opinion on the longer term, but agreement that the year will continue to see real estate prices increase. Asked by moderator Bryn Williams of DTZ if yield parity with western Europe is on the cards for Poland, Otis Spencer said that Heitman’s country limit will be 6 percent.
For those that enjoyed the previous evening’s pugilism, the panel on Agency Services was always going to be one not to miss – especially with Karen Hartley from Orco in the chair. Tomasz Buras of King Sturge got in an early uppercut by pointing out that as the market is expanding, developers are stealing more and more of the staff that the agencies have trained.
With Pawel Piasecki of European Distribution Center, and Iain Leyden of Caledonian (from the floor), in her corner, Hartley pushed the agents to differentiate their companys’ services, justify fees and develop a code of best practice. Anna Kot from Jones Lang LaSalle went on the counter-attack, getting in a couple of jabs by remarking that the whole industry has responsibility for the latter issues. Combative, but good-natured, the sparring spread to the audience as AIB’s Miroslaw Januszko fought Jason Sharman of King Sturge to a spirited draw.
The prize for the bravest performance however must go to Tomasz Zem³a, vice-director of the Warsaw planning office, who faced a united industry front with calm valor. Moderator Kazimersz Kijeczyk of REAS led panel and audience alike in pressing the civil servant on the absence of a cohesive master plan for the capital. Accompanied by smiles and handshakes, the end of the joust brought appreciation for Zem³a as he gasped in a relieved tone: “How did I do?”
