The Specter of the Bulldozer
So far, demolitions have been carried out (or are planned) for buildings such as the Galeria Plaza in Krakow, the Philips office buildings in Lodz, or the Atrium International in Warsaw. High land prices, lack of space for new constructions, low energy efficiency of old buildings, as well as high costs of renovations and monthly maintenance – all of this influences property owners’ decisions.
Prospects for Cities
The urban tissue, especially city centers and surrounding areas in the largest Polish cities, will undergo dynamic transformations in the near future. Large, outdated office buildings cease to be relevant in the era of remote work. Along with them, local catering companies, restaurants, but also many other service points decline. Many older shopping malls face the same fate. The increase in the number of cars in cities also affects consumers’ expectations, including the possibility of using above-ground or underground parking spaces. In comparison to Western Europe or the United States, office buildings, hypermarkets, and shopping centers in Poland already have many improvements and new solutions. This problem is still fresh and young in our country.
Opportunities and Risks
Before making difficult decisions, it is worth considering the average price per square meter of land in a given area, the level of sales of services or products generated by companies located in that location, as well as many other parameters, including maintenance costs and energy efficiency. Maximizing investment potential also matters.