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Prome headline rents are between USD25 and USD28 per sq m per month in the CBD, USD19 and USD22 per sq m per month in the City Centre and USD14 and USD 18 per sq m per month in Non Central locations.
Prome rents for a 100 sq m retail unit stood at USD50 (EUR48) per sq m per month. Service charges are between USD5.00 and USD7.00 per sq m per month including a merketing fee of USD1.00-2.00 per sq m per month.
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In December 1999 work was completed on the conceptual plan for Warsaw's further development. The first cohesive city plan in many years has been drawn up for the next 10 to 20 years. This concept, called the News Spatial Policy, divides the city into zones by function and development possibilities, it specifies plans for the expansion of the road and transportation system and engineering infrastructure, designates sites for new construction, and precisely defines limitations on building height and density.
Warsaw has large reserves of land, which makes planning for new construction much simpler. Some of the areas that will undergo major changes in the next few years are Defilad Square, Port Praski, Łuk Siekierkowski, and the region around Gdański Train Station.Brisk growth in the service sector, the expansion of banks and the influx of foreign companies are all factors encouraging investors to concentrate on office space.
The detailed conditions for the development of sites acquired either in perpetual usufruct, by right of prescription, or leased, are established by the indywidual boroughs.
Brisk growth in the service sector, the expansion of banks and the influx of foreign compagnies are all factors encouraging investors to concentrate on office space.
Soon, the largest building site is for Złota Centre, located between the Palace of Culture and the Central Raiway Station. It will include a giant car park, a modern bus station, hotel, congress centre, shopping and office space.
Important institutions from abroad are present on the Warsaw property market, like ING Real Estate, ETC, Skanska International Building AB, Bouygues, FIM , Mahler International and Ilbau, Reform Company, ITT Sheraton. Increasingly often Polish sources of investment, banks like PKO BP, PKO SA, BRE, BGŻ or insurance companies like PZU SA and Warta, contribute to large-scale projects. These domestic financial institutions are building their own offices here, and are olso organising consortia to finance the operations of other Polish companies. Others, for whom the property market may not be the cornerstone of their business but who need a central office in the capital, are also participating in development.The rate of return is around 11 percent.
Investors hitherto involved in office construction are now turning their interest to residential projects. The larger and more luxurious the flat, the shorter the period of return on the investment in purchase or construction. There is much demand for luxury apartments, since many foreigners hold temporarily positions in the representative offices of overseas companies and international organisations. Sale prices go as high 1,000 dollar per sq m and up.
There is a great demand for stores and retail spaces in Warsaw, as well. Warehouses are focused in the south of Warsaw with a particular emphasis on the Poznań and Katowice highways.
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