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Owners are focusing on redevelopment



“Taking into consideration that in several cities we have an enormous supply of retail space, it is evidently a tenant’s market.” said Anna Oberc, associate, retail agency, Cushman & Wakefield.

“This means that tenants have higher requirements, they are optimising their portfolios, opening and closing stores, making them bigger or smaller, and this represents a challenge for developers and owners. At the same time, it means our work is more challenging and we have to be more flexible. Now, most owners are focusing on redevelopment and are modernising existing malls, especially those that are over ten years old. Naturally such centres need changes. What we are mainly doing on the market is focusing on existing projects: prolonging existing contracts, making tenant mix changes and so on. I think that the malls that are being built or are currently being planned, such as Galeria Północna by GTC in Warsaw, Galeria Młociny, maybe Jupiter and Wroclavia, will probably be the last significant malls to be built in Poland. Of course, something might happen in the meantime, but everybody is now focusing on their existing projects and on re-leasing.” said Anna Oberc, associate, retail agency, Cushman & Wakefield.

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