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A tale of three cities

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With two signature skyscrapers and six new shopping centres in the pipeline, as well as a deluge of office investment and a booming housing market, the Tri-city conurbation is becoming one of Poland's most dynamic real estate investment targets.

The Tri-city area - Gdansk, Gdynia, Sopot and the surrounding suburbs - remains one of most attractive real estate markets in Poland. In recent months the conurbation has witnessed a number of new residential and commercial announcements or openings. High-rise buildings and luxury hotels are now becoming synonymous with Tri-city, bolstering the region's reputation as a modern, vibrant business location.

Houses and homes

With an area of around 415 square kilometres and a population of approximately 750,000, Tri-city boasts of the fourth-largest residential market in Poland.

"[Tri-city] is a large agglomeration with good growth prospects," said Jerzy Zdrzalka, president of developer JW Construction Holding's board. He added that Tri-city's greatest asset, from developers' point of view, is the fact that is both a sizable urban center and a tourist destination.

According to the Residential market in Poland. Q1 2008  report by REAS, the number of new apartments delivered annually to the Tri-city market will amount to approximately 6,000 over the next few years. Increased supply of - as well as demand for - single-family houses located in Tri-city's suburbs or on its outskirts has also appeared recently.

BigBoyBuilding in Gdansk

Commercial superstar

Commercial real estate has also been receiving a lot of attention in Tri-city. Cudowski noted that the area's 266,000 sqm of office space makes it the third-largest office market in Poland, after Warsaw and Krakow. The vacancy rate in the area amounts to approximately 1.5 percent, one of the lowest rates in the country.

"As in other cities, mixed-use developments are becoming popular, as is renovation and adaptation of historic and post-industrial buildings for commercial activity," said Zuzanna Baranowska, head of research at Colliers International. She added that some of the most interesting and anticipated mixed-use investments in Tri-city which offer office space are Mlode Miasto in Gdansk and Centrum Haffnera in Sopot.

Landmark schemes

Sea Towers in Gdynia

More than anything, however, the Tri-city real estate market is becoming known for prestigious new projects. These projects, due to their remarkable architectural designs, are expected to have a significant impact on the cities' landscape.

Among the high-profile schemes being developed is Invest Komfort's SeaTowers, a high-rise complex in the center of Gdynia which will include 28- and 36-storey towers connected by a common base. Located only 12 meters from the Baltic coast, the mixed-use project will offer some of the highest residential space in Poland. Delivery of the project is scheduled for Q1 2009.

Another spectacular skyscraper will be erected in Gdansk, where Grupa Inwestycyjna Hossa will develop its 202-m BigBoyBuilding apartment-hotel project. According to the developer, the tower, which is scheduled for delivery in 2011, will become a new symbol of the city.

Sorry, this is the Warsaw Business Jourrnal story, and cannot be displayed in full on
Source: the Warsaw Business Jourrnal


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