Warsaw will see more retail space in 2015

There were 1.62 million sqm of retail space, including 1.11 million sqm in the shopping centers, in Warsaw at the end of 2014, according to real estate consultancy JLL. With 36 operating shopping centers, five retail parks, 23 retail warehouses and three outlet centers, the region features one of the lowest shopping center saturation among the largest Polish cities - 437 sqm per 1,000 residents. Meanwhile the capital's purchasing power exceeds the national average by 68 percent. In Q4, 2014 the development process continued on projects undertaken in the suburban areas: Ferio Wawer (12,500 sqm), the first modern shopping center in the Wawer district, Fabryka Wołomin (30,600 sqm), and Galeria Legionowo (10,500 sqm) in Legionowo, north of Warsaw. In addition, three other schemes are currently at the development/re-development stage including Hala Koszyki, a mixed-use project designed to combine retail space (7,500 sqm) with office component (approx. 13,000 sqm), an extension to Wola Park (17,600 sqm) and an extension to the Factory Ursus outlet center  (6,000 sqm). Construction work on a new project, MODO Domy Mody (formerly Centrum Łopuszańska - 16,000 sqm) commenced in Q4. If there are no delays, all these projects will be delivered by the end of 2015. Some other large schemes that are at a very advanced stage of preparation and development can start later in 2015 or early in 2016. At the end of Q4 2014, rents ranged between €90 and €105 per sqm, with upward pressure on rents in the best trading assets.