There’s rising interest among investors to acquire historic development sites across Poland, as high quality refurbishments to create modern office space is seeing increasing demand. The limited number of the buildings that can be adopted to the high standards makes this type of the investment more prestigious, something that’s highly sought-after by some tenants. It’s more expensive, however, says Christoph Salzer from Warimpex, than standard new build office construction. Warimpex is currently redeveloping two old tenement-houses in the central Warsaw to create 7,500 sqm of new office space.
The best example of this is the latest renovation of former Communist Party headquarters, which has resulted in 6,600 sqm of new office space to Warsaw’s market. “The renovation of Ufficio Primo costed PLN 60m. With this amount, a new facility could be built, or even a few developments of this type,” says Jan Lubomirski-Lanckorońsk, chairman of Euro Invest.
