Some of them, however, managed to remain relatively economically stable despite the challenges. One such country is Poland, which has been consistently adapting to the constraints and gradually building resilience.

Strategic location, a stable and growing economy, being a significant European market – these are only some of the aspects that make Poland a promising harbour for investments.

The solid condition of the Polish economy can also be seen in numbers. According to data from the Polish Central Statistical Office, November 2020 was the third month in a row for Poland with growing exports (+6.7% y/y). What’s more, the trade balance surplus in eleven months of 2020 amounted to a record €11.4 bn, making it the highest result in the 21st century.

This shows the competitiveness and relative strength of domestic exporters, which helps keep the Polish economy stable. Therefore, the country is an interesting choice for companies seeking steady conditions for development.

Strong position
Poland’s strong position on the map of world locations considered to be business-friendly is also reflected in actual business transactions and investments. EY’s report shows Poland is a highly competitive, service-oriented country, which has experienced a less severe impact of Covid-19 on investment realization in comparison to other countries.

Moreover, according to the Polish Investment & Trade Agency, at the end of 2020 Poland was the third preferred location in Europe for foreign investments, as during this period the agency served nearly 200 investment projects worth nearly €10 bn.

These promising results drive further growth in the area of investments in Poland – also in terms of office buildings. Despite the coronavirus pandemic, the office space remains an essential part in the functioning of many companies.

However, there are some aspects that have become even more important during the pandemic. High quality and future-proof office properties designed and developed with a particular focus on people’s health and well-being, as well as the environment, constitute especially attractive assets in the eyes of tenants, but also investors.

Generation Park Y
One of the buildings with the aforementioned characteristics is Generation Park Y – Skanska’s biggest Warsaw-based project. The freshly commissioned tower is the tallest Skanska building in the CEE region. It is an example of a well-planned project which provides sustainable office space, innovative solutions and, above all, a safe place to work in.

‘The implemented innovative solutions and high standard safety measures in GPY make it an attractive destination for tenants. Thus, the building has already been fully leased by the state-owned insurance company PZU Group – one of the largest financial institutions in Poland and Central and Eastern Europe, with a high credit rating (–A) – an aspect which is becoming increasingly important also for potential investors,’ says Adrian Karczewicz, head of divestments at Skanska’s commercial development business unit in CEE.

‘As a developer, we can clearly see the advantage of geographic aspects, property type and Poland’s macroeconomic factors, but also notice the low interest rates environment, which substantially affects bonds performance.

‘Such a big, core asset located in Warsaw with one of the strongest office-based cultures and an office market developing very dynamically, oblige to consider potential capital allocation from investors seeking safe, stable and relatively high investment returns, compared to other asset classes in upcoming years,’ he adds.

Innovation and high standards
Generation Park Y is one of the direct effects of Skanska consistently following its policy. Besides innovative solutions and high safety standards, the currently noticeable growth of ESG (Environmental, Social and Corporate Governance) and impact investing is re-shaping investing portfolios with low-carbon buildings and social and community-orientated properties gaining market share.

Skanska has been strongly committed to providing sustainable, green construction, environmentally friendly conditions and maximum safety. The company has set a target to reduce carbon-dioxide emissions by 50% by 2030 and achieve net-zero carbon emissions by 2045.

‘Skanska is a leading project development and construction group. In CEE we have been fully active on the market despite the pandemic. All of our buildings are perfectly fit for today’s reality, providing a completely safe working environment. We have many years of experience in constructing office buildings of the highest quality, tailored to the expectations of the tenants, but also the investors who buy our properties soon after they are delivered,’ sums up Adrian Karczewicz.

Photo: Piotr Ostrowski