Reflection on the past ready for the future? Report CRIDO and CBRE

POLISH COMMERCIAL REAL ESTATE, 20 YEARS LATER... RE FLECTION ON THE PAST. RE ADY FOR THE FUTURE?

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When Poland joined the European Union in 2004, Hines had already been operating here for eight years. It was a remarkable time for the company, as the previous year saw the completion of the Metropolitan, a flagship office project in Warsaw. In 2004, it won the top MIPIM Award for Business Centres, marking the first such distinction for a CEE property in the history of the contest. In the following years, consistent economic growth and the accompanying increase in demand for commercial and residential space created favourable conditions for the development of the Polish real estate market. Hines Poland played its part in this. We opened offices and executed a number of projects in Gdańsk, Łódź and Kraków. In Warsaw, we constructed Proximo, an office complex that defined the modern landscape of the Wola district in 2016. At that time, Hines Poland Sustainable Income Fund was already in operation. Ahead of today’s trends and regulations, Hines was one of the first in Poland to launch an investment fund focused on improving the ecological efficiency of buildings. Responsible and sustainable development is one of Hines’ fundamental values. In this spirit, we aim to achieve net zero operational carbon emissions in our global portfolio by 2040. The past 20 years of EU membership have allowed Poland not only to spread its wings after the transformation period but also to mature and grow in strength. Hines Poland has matured in this environment as well, building a team of over 50 experienced and committed experts. The opportunities and challenges faced by the Polish real estate market today are different from those in 2004, but we remain ready and excited about the prospects ahead.

MARCIN WIELGUS

Chief Operating Officer Hines Poland