Market optimism
Adam Zdrodowski: Why have you decided to enter the Polish market?
Craig Maguire: The main reason for our presence in Poland is the fact that the country is the largest and the best-developed market in the CEE region and there is thus a natural temptation for a company to have a representation in Poland.
AZ: Is this, in your opinion, the best moment to launch operations in Poland?
CM: It's a very good moment beacause the market is expanding. There are opportunities throughout the country, the market has been developing not only in Warsaw but regionally as well. Therefore, we want to take advantage of that growth. It's a larger market to be played in, as opposed to in 2001, 2002 and 2003, for example.
AZ: There has been some talk of a possible slowdown in the Polish real estate market recently. Are you not afraid of this?
CM: There has been a slowdown in other sectors, mostly in the residential sector, but that's a change with respect to the last five years when people saw massive returns on their investments. The market has reached a level at which people will still see growth but it won't be exponential.
AZ: On the other hand, if you look at the statistics, the total take-up in the logistics sector was 1.3 million sqm of space last year. This was a significant growth in comparison to the previous year. In the frst quarter of this year, take-up was 430,000 sqm. If you take that as a straight line for the next three quarters, you will probably have as much take-up as last year.
CM: So there is cause for optimism in the Polish market. One of the most important things is that Poland is growing and people are having more money in their pockets and are spending more. That has a great impact on the retail industry and, ultimately, the logistics industry.
AZ: How saturated is the Polish logistics market? Is there room for a new player?
CM: It's certainly not saturated. There is 3.4 million sqm of stock in Poland, which is small sompared with other large European countries.
AZ: What do you expect from your presence in Poland?
CM: I expect to bring another option to our clients, offering a high-quality product throughout the whole country.
AZ: Is the Polish market in any way diferent from other markets in which you are present?
CM: It's different mainly in terms of its volume, the geographical spread of the market and, perhaps, the variety of product. A bigger market leads to companies doing a variety of things.
AZ: What kind of product are you going to offer in Poland?
CM: We'll offer speculative class-A logistics space, built for the market and also built to suit. These buildings are built for two or three clients, just depending on who is in the market.
AZ: Can you name any specific locations of your planned investments in Poland?
CM: In addition to Poznań, we will go into all the major logistics locations in Poland, including Warsaw, Katowice, Wrocław, Gdańsk and Łód.
AZ: Are you already planning further expansion in the region, for example into Poland's eastern neighbors?
CM: Yes, the acquisition team is looking at other countries to enter, but it remains to be seen what these will be.
