WBJ: How will the Adgar Poland team remember the year 2025?

Michael Mevorach: It was undeniably a year full of challenges as the market, like the city of Warsaw, continued to evolve rapidly. This reality demands a high degree of flexibility, both in building our offer and in our day-to-day cooperation with tenants. However, we have developed our own proprietary solutions. We have, after all, been present in the capital for more than two decades, along with valuable experience gathered during pivotal moments for the economy, such as the pandemic. Today, our focus remains on improving workplace comfort and conditions, implementing green technologies, and reducing operating costs. We’re very pleased with the results these initiatives are delivering and with the direction we’ve steadily pursued over the past few years. This approach combines a business perspective with a focus on user comfort and sustainable development. This year, we also strengthened our engagement with local communities. We see our buildings as integral parts of the urban landscape, and wherever possible, we aim to take an active role in modernizing that landscape for the benefit of both employees and residents.

Valued at over PLN 15 million, the redevelopment of local road infrastructure and modernization of traffic lights in Warsaw’s Służewiec, a privately funded investment, received widespread attention in Warsaw. Is this project a reflection of your broader philosophy?

Absolutely. We had been advocating for this project for many years. I often emphasize that a responsible developer and office building manager should not limit their focus strictly to their own properties. Of course, we don’t aim to replace public institutions in tasks like road construction, but we can meaningfully contribute to the evolution of urban spaces, respecting the needs of residents and employees while maintaining a healthy balance of urban functions. All these elements determine an area's attractiveness and therefore affect property values. The public response to this investment has been overwhelmingly positive. Improving traffic flow on Postępu and Suwak streets was essential. We’re also proud to have created a benchmark example of a successful public-private partnership. It’s the kind of initiative Warsaw, a rapidly growing metropolis, truly needs.

Does this mean you’re planning additional PPP investments?

We’re not ruling this out, but for now, we are focusing on modernizing our property portfolio. This includes further reductions in energy and water consumption and better use of rainwater, for instance, for irrigating nearby green spaces. We’re also expanding our offer of zero-emission mobility solutions for tenants, including bicycle and e-scooter rentals, and accelerating the rollout of electric vehicle charging stations. When speaking with prospective tenants, it’s clear that these features increasingly influence their choice of office location. Environmental awareness and expectations for pragmatic resource management run high among Polish tenants and communities, and we listen closely to those expectations.

Adgar Poland currently manages 12 properties totaling 140,000 sqm, with a portfolio value approaching PLN 1 billion. What does this say about your market position, and what are your growth priorities for the coming years?

The value of the assets we manage illustrates our ability not only to grow consistently but also to maintain a very stable position in Warsaw’s highly competitive office market. The scale of our operations opens up significant opportunities for further investment, both in new projects and in the modernization or expansion of existing buildings. We actively analyze the potential of Warsaw and other Polish cities for future expansion. A key part of our long-term strategy also involves giving new life to buildings whose prime years are long behind them. Restoring such properties to the city and its residents through comprehensive revitalization is an extremely satisfying process. Adgar PDT Wola or the Brain Embassy concept in the former Teatr Kwadrat building serve as perfect examples.

Looking ahead to 2026 and beyond, what trends do you expect to shape the landscape of the commercial real estate market in Poland?

In Warsaw and other major urban areas, the commercial real estate market will increasingly be driven by the need for flexibility, environmental responsibility, energy efficiency, and the integration of new technologies. Tenants will seek highly functional spaces that can be easily adapted to evolving work models or fluctuating staffing needs. Flexible leasing formats will therefore become increasingly important. Additionally, energy efficiency, responsible resource and cost management, the use of AI and smart-building technologies, and the creation of spaces that support health and user well-being will become key criteria for choosing a location. We are already actively responding to these changes, just look at the interest in our Brain Embassy concepts or Flexi Lease by Adgar. We create them with the conviction that the future of office real estate is not just about space itself, but about intelligent, flexible, and people-friendly work environments, integrated with surroundings that offer access to services, education, recreation, and entertainment.