Warsaw is no longer an ugly duckling

The 10th year of the CEE Summit took place in Warsaw between 21st and 22nd May. The event is traditionally co-organized by The Poland Observer and Real Asset Media. Their goal is to connect international investors, developers and banking experts with the local real estate and business community. 

The CEE Summit was established in the market as an important regional event that gives local and foreign experts the chance to keep up with the market and meet the people who shape it not only now, but also in the future. 

The Warsaw Property Tour – in other words, in Warsaw, they build on every other corner 

Every year, the summit is preceded by a tour of new development in Warsaw. The Polish capital has changed beyond recognition in the last decade. Strange unsightly objects and enclosures disappeared from its centre and were replaced by glass skyscrapers. Every year, foreign conference participants have the opportunity to visit some key projects that are either under construction or already completed. This year, it was, for instance, the recently opened 452 m pedestrian and cycle bridge over the Vistula River or the remarkable conversion of the former Powiśle power station (Elektrownia Powiśle) from the beginning of the 20th century into a modern multi-purpose building combining retail, services and housing (in 2021, the project was awarded MIPIM Award in the Best multifunctional project category) with preserved historical (and historicizing) industrial elements. 

The next stop of the city tour was the Echo Investment & AFI Europe project in Towarowa Street, which represents a revitalization project on an area of over 200,000 sq m in the central part of the metropolis, on the site of the former Jupiter shopping centre. It will include five skyscrapers of a height of up to 150 m surrounded by a park. The office building should be completed by mid-2025 together with the park. The first residential building will follow by the end of 2025. The remaining green areas, including the reconstructed House of the Polish Word, will be open to the public by 2026. The entire project is to be completed by 2028.  

Skanska Group is building the Studio office complex between two underground stations (ONZ and Daszyńskiego), which is their latest project in Warsaw. Phase 1 (17,600 sq m Studio B) is completed, fully leased and recently sold to Stena Real Estate AB; phase 2 (Studio A) is under construction and will be completed next year. 

The next stop was the unique AFI Home rental housing project with fully equipped luxury apartments situated in the block between Złota and Żelazna Streets. Some of the apartments are located in the renovated historic Krongold housing block from the end of the 19th century, and others are part of a premium new building.

The Warsaw Property Tour of the city ended (both literally and figuratively) with a meeting held at the CMS international law office, which is located on the 42nd and 43rd floors of the Varso Tower. With 310 m, it is the tallest building in the European Union. The aim of the visit was not only to enjoy the views, but the participants also discussed the 25th anniversary of Poland, the Czech Republic and Hungary’ accession to NATO and the 20th anniversary of the admission of 10 new countries to the EU, including eight countries of Central and Eastern Europe, which enabled international companies to enter the Central and Eastern European region with confidence regarding security of their investments. As a result, goods, capital, services and people began to move freely throughout Europe and the West, opening up the potential of the CEE region.  

The half-day inspiring tour of Warsaw’s new construction ended with a pleasant evening cocktail and a banquet (the CEE Summit Anniversary Celebration Cocktail) held on the terrace of the 43rd floor of the Varso Tower, which offered breathtaking views of the city. 

CEE Summit: Investments are needed everywhere, but investors are picky 

Thursday’s conference at the now iconic InterContinental Hotel welcomed 215 participants from 18 countries (most of them were, of course, from Poland, but there were also guests from Austria, Belgium, Croatia, Germany, France, Sweden, Hong Kong, Romania and other countries).

In the introduction, The Poland Observer presented a film mapping the Polish real estate market and presented projects that are planned for 2025 and beyond. The opening speech was delivered by Michał Stępien, acting CEO at AFI Europe Poland, which was the main partner of the CEE Summit 2024. This was followed by speeches given by experts who dealt with the global context of geopolitical influences in the countries of Central and Eastern Europe and the connections with the war in Ukraine. Another important topic was the topic of ESG factors, which currently affect the valuation of real estate assets. This was then followed by panel discussions on the topic of global trends and regional dynamics, investment opportunities in the real estate market of Central and Eastern Europe, or investment needs and opportunities in the reconstruction of Ukraine. Representatives the Oradea Local Development Agency projected a short film and presented investment opportunities in their city. A long-discussed topic in Poland is the lack of legislation for the establishment of REIT, which could potentially transform the market. 

The afternoon was spent in the spirit of discussion in the sections of: Multifunctional use – offices, retail and housing in harmony; Warehouses and logistics; Residential sector; Why is the reconstruction of Ukraine important for the Central and Eastern European market; ESG in practice and Expected changes in the field of REIT in Poland. Subsequently, the participants were introduced the outputs and conclusions of the individual sections. During the breaks available between the individual programme blocks, the conference participants had the opportunity for informal discussions and networking.

At the end, the organizers summarized the findings from the day-long meeting of the CEE Summit. The history of the modern real estate market in the CEE region can be traced through investment deals that have marked the ebb and flow of various sectors, as well as the people and companies behind them. Stores always reflect the dynamics of the times – from huge new shopping centres and offices that were leased before the first construction pit was created, to the recent rise of the logistics sector and the liquidity gap. 

author:PhDr.Alena Krupauerova / Photo: The Poland Observer and the author

Richard Stephens, founder and editor of The Poland Observer and co-organizer of the event:

“The CEE Summit, which The Poland Observer co-organizes every year in Warsaw together with Real Asset Media, aims to connect the international real estate community with the real estate market in Central and Eastern Europe, show the opportunities in the region and bring new ideas, voices and perspectives. We have heard from investors from around Europe that they see the CEE region as an increasingly attractive destination for real estate investment, hedging against investments in the West, with huge growth and development potential. On a smaller scale, with The Warsaw Property Tour we want to show how fast and far the city of Warsaw has developed. Its reputation as an ugly duckling is long since passed, and now people are starting to realize how dynamic and active the city is.”