Warsaw city hall intends to spend up to PLN 90m to ready part of its land bank for commercial investment purposes. Market watchers say this is the first time the city is making an effort to attract property investors. “We found a gap in the integrated territorial investments, which makes it possible for us to use EU funds to fuel investment in the local land stock, located in 39 municipalities,” says Michał Olszewski, Warsaw’s vice president.
The city has allocated about PLN 58m for land investment between 2016-2020, says Oleszewski, adding that the city plans to target photonics, biotechnologies, nanotechnologies, ICT, creative industries and the energy sectors. However, Warsaw may have a hard time attracting new manufacturing. “Production in Warsaw? The most expensive region in the country? No, for my investments I look for lower costs,” says Robert Podleś, CEO of Cobi.
