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Warsaw remains an attractive market for investors

• Whereas the overall transaction volume in the CEE markets shrunk over this period, Warsaw managed to remain liquid with several large and medium-sized transactions in the first eight months of 2008, underlining the confidence of international institutional investors in the future development of the Polish capital and especially the office market. However this is not the only encouraging signal for the market. Take-up remained high, vacancy rates fell even further and prime rents and average rents remained at the same levels as in 2007.

The positive development of the real estate market is a result of Poland's continuing appeal to foreign investors. Direct foreign investments in the European Union's 8th largest economy remain high and are this is set to continue into 2009 as well. In addition, several large infrastructural projects will provide further support to the Warsaw office market in both current and new locations. Traditional locations such as the Central Business District and Mokotów will continue to be popular, but there will also be opportunities for new areas to establish themselves as office locations.

Facts

• Take-up clearly above supply. Despite a strong increase in deliveries, demand for office space still exceeds supply. From 2007 to 2009, take-up will be significantly higher than deliveries. The demand / supply ratio for this period is almost 1.5.

• No vacancies in top locations. With average vacancy rates falling significantly below three percent, top locations such as in the Central Business District and large parts of Mokotów are virtually fully let and potential new tenants are experiencing difficulties in finding large units to let there.

• Rents stable at a very high level. Prime and average rents have risen to record highs in 2008, making Warsaw the most expensive CEE office market. Due to continually high demand, rents will remain at these high levels.

• Good chances for new office districts. Developers are actively searching for alternative locations due to several important infrastructural projects opening up the north and east side of Warsaw.

• Yields remain stable despite financial crisis. As investors appreciate the strong development of the office markets interest in properties in Warsaw remains high keeping yields largely unchanged despite the global financial crisis.

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