Warsaw, Poland

Tech rush in Warsaw

By Andrzej Tokaj, Penteris

This piece was researched several weeks ago during “peacetime”. Although we are tackling the newest real estate trends, the spotlight is now on the war in neighbouring Ukraine. It will pervade society and the economy here in Europe as well as globally, and it will have a major effect on the real estate market, but that is for another article. Now back to our main theme of the tech rush in Warsaw.

Poland has recently been considered a successful location for core and traditional businesses. Various production and services industries, particularly auxiliary corporate services, have been moving to Poland’s capital for at least a decade. This trend has translated into a booming offce segment within the real estate economy.

Now, particularly during and after the pandemic, we are seeing new trends emerging. Among the sectors developing most intensively in Warsaw are IT companies, responsible for 32% of offce demand (while business services account for 16%, and production and energy for 14% of demand).

Tech companies have identified five good reasons why they are moving their tech hubs to Warsaw:

  1. Affordable software development recruitment
  2. Poland has the most skilful IT workforce in the world
  3. Poland’s engineers are ambitious
  4. Large-scale consulting is available
  5. Language proficiency matches technical expertise

Google, Microsoft, Nvidia, and Activision Blizzard have invested heavily in Warsaw and other Polish cities, running R&D centres filled with top-quality talent. Many of them are female employees, which is not that common in California’s Bay Area or other US-based tech centres.

And more is coming. NYSE-listed Snowflake recently announced the opening of a programming centre in Warsaw. Google alone leases a 14-storey offce in Warsaw’s business district and has recently announced that it will buy the entire “Warsaw Hub” offce complex. The price is expected to be around EUR 583 million, which will be a record high singleasset price for a property in Warsaw.

Andrzej Tokaj

Andrzej Tokaj

GGI member firm
Law Firm Services
Warsaw, Poland
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Penteris combines in-depth expertise, robust advice, and a pan-regional reach. With a focus on long-standing relations with well-respected firms around the globe, we are committed to keeping clients ahead of the market with hard skills, legal acumen, and service-minded know-how.

Andrzej’s focus on building and maintaining trust has been a benchmark throughout his career. Active, interactive, and pro-active, Andrzej’s eye for detail is valuable in finding, creating, and seizing opportunities.

Real Estate Newsletter, No. 14, Summer 2022 l Photo: patrick - stock.adobe.com

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