Although the pandemic has suspended some investments in the capital, Warsaw still enjoys great interest among companies, especially those offering business services.
Last year, this segment benefited from the fact that Poland was able to switch to remote work quickly and efficiently. The investment potential of the city also depends on the access to qualified staff and – despite the common home office – to modern office space. Despite some development stagnation in 2020, the office market should return to the level of pre-pandemic demand, and investors are still eager to focus on this segment.
The capital primarily attracts modern business services, incl. processes from the IT sector, but also from finances.
- We have brands such as JP Morgan or Goldman Sachs, with which we are in touch on an ongoing basis. They not only located in Warsaw once, but expanded their activities here over the next few years and even in the time of the pandemic, we saw a clear increase in employment in these companies – says Piotr Paradowski, of the City of Warsaw. – While the pandemic brought obvious losses for the economy, it was a kind of plus for the business services sector in Warsaw. Compared to the centers located in Southeast Asia, remote work appeared in our company very quickly and the headquarters were very pleased with the way the whole process ran in Poland.
The capital’s advantage is the high quality of the available qualified staff. As indicated by the third edition of the Business Environment Assessment Study, Warsaw is a leader in this respect. The local labor market offers access to a wide range of employees with various qualifications. The assessment of the employment potential increased compared to 2.019 – from 7.2 to 7.3 points. The authors of the report also observed similar trends in other large cities. Potential investors also pay attention to the background of higher education (i.e. the number of universities and the quality of education), as well as vocational education. The number of students in the capital reaches nearly 220,000, and the number of graduates – over 50,000. annually. For example, Warsaw has the largest IT staff resources (over 11,000 students) compared to other Polish cities.
According to the latest report by the consulting company Savills, so far only once, in 2016, more office space has been added than in 2020. Approximately half of the new supply was made up of facilities put into use near the Daszyńskiego roundabout in Wola. The largest projects are The Warsaw HUB B and C, Mennica Legacy Tower and Varso I and II. At the end of December 2020, approx. 559 thousand sq m was under construction. (including the Skyliner, put into operation in January this year), i.e. the least for 10 years. Over 90 percent of this area were projects started before the pandemic.