This document provides an overview of the commercial real estate markets in Warsaw, Poland in February 2010. It summarizes data on office, retail, industrial and hotel space as well as key market trends. For offices, it notes that Warsaw had over 3 million square meters of stock in 2009 with prime rents and vacancy rates varying between the central business district and other areas. Several major new development projects are highlighted. The retail, industrial and hotel markets are also summarized with relevant statistics and notable current or planned projects. In conclusion, forecasts are given for how the supply, demand, rents and vacancy rates may evolve in different sectors.

1. Market
Warsaw
Presentation
real estate
February 2010
market

2. Warsaw
- basic data
2

3. About Warsaw
Capital of Poland, business center
The largest city of Poland:
1,7 mln inhabitants (metropolitan area: 2,8 mln)
city area: 516.9 km² (metropolitan area: 6,100 km²)
Warsaw
Central
Business
3 District

4. Warsaw commercial real estate market in figures
(4Q 2009)
3 248 000 m²
of office space
1 600 000 m²
of retail space
2 483 000 m²
of industrial space
20 680
accommodation places
in 10 650
hotel rooms
4

5. Warsaw
office
market
5

6. Warsaw Office Market
Warsaw stock in 2009
3 248 197 m² Rents and Vacancy Rates in CBD and NCL in Warsaw
€ 35,00 21%
€ 30,00 18%
Stock in Warsaw (in m²) € 25,00 15%
4000000 3404197
3 248 197 € 20,00 12%
2 978 904
2 707 819
3000000 2 376 769 2 557 136
€ 15,00 9%
2000000
€ 10,00 6%
1000000 € 5,00 3%
0 € 0,00 0%
2005 2006 2007 2008 2009 2010* 2005 2006 2007 2008 2009 2010*
forecast
forecast
Prime rents CBD Prime rents NCL
Vacancy rate CBD Vacancy rate NCL
6

7. Key Office Projects in Warsaw
Wolf Marszałkowska, Warsaw Business Garden, Warsaw Marynarska Business Park, Warsaw
Developer: Wolf Immobilien Developer: Inter IKEA Group – SwedeCenter Client: Aberdeen
Total space: 14,400 m² Total space: 90,000 m² Total area: 86,600 m²
Platinium Business Park, Warsaw Metropolitan, Warsaw Wilanów Office Park, Warsaw
Developer: GTC Client: Aberdeen Investor / Developer: Polnord Warszawa
Total space: 45,000 m² Total space: 69,300 m² Total space: 169,000 m²
7

8. Warsaw
retail
market
8

9. Warsaw Retail Market
Shopping centres in Warsaw (in m²)
73500
80000
60000
52 650 Warsaw stock in 2009
33 000
1 600 000 m²
40000 17000
7000 12 000
20000
0
2005 2006 2007 2008 2009 2010*
forecast
Prime rents in shopping centres in Warsaw
(EUR/m²/month)
90 83 81
80 75 75
70 65
60
50
4Q 2007 2Q 2008 4Q 2008 2Q 2009 4Q 2009
9

10. Key Retail Projects in Poland
Galeria Katowicka, Katowice IKEA Port Łódź, Łódź Złote Tarasy, Warsaw
Developer: Neinver/PKP Developer: Inter IKEA Centre Polska Developer: ING Real Estate
GLA: 52,000 m² GLA: 100,000 m² GLA: 63,500 m²
Galeria Malta, Poznań Galeria Słoneczna, Radom Wola Park, Warsaw
Developer: Neinver Developer : AIG / Lincoln Developer: Wola Park
GLA: 53,000 m² GLA: 40,000 m² GLA: 72,846 m²
10

11. Warsaw industrial market
11

12. Warsaw Industrial Market
Warsaw stock in 2009
2 483 000 m²
Supply and demand in Warsaw (in m²)
500 000
450 000
400 000
350 000
300 000
250 000
200 000
150 000
100 000
50 000
0
2005 2006 2007 2008 2009 2010* forecast
Annual supply - Warsaw city Annual supply - Warsaw region
Annual demand - Warsaw region Annual demand - Warsaw city
12

13. Key Industrial Projects in Poland
ProLogis Park Błonie II, Błonie ProLogis Park Sochaczew, Sochaczew
Europolis Park Poland Center,
Developer: ProLogis Developer: ProLogis
Piotrków Trybunalski
Tenant: Antalis Tenant: Procter & Gamble, DHL
Developer: Europolis Tenant: FM Logistic
Size: 52,000 m² Size: 100,390 m²
Size: 35,000 m²
ProLogis Park Wrocław IV, Wrocław Panattoni Park Wrocław, Wrocław Panattoni Poznań, Poznań
Developer: ProLogis Developer: Panattoni Developer: Panattoni
Tenant: NG2 Tenant: Hemmersbach Tenant: Hennes&Mauritz, Hellmann, Piotr i Paweł
Size: 10,800 m² Size: 8,000 m² Size: 127,000 m²
13

14. Hotels
14

15. Warsaw Hospitality Market
Key development factors:
organisation of the European Football Championships in 2012 –
expected increase of tourists over 2 to 4 years period after championships
business concentration – demand generated mainly by corporate clients
potential niche in the economy class hotel sector
potential in the construction of hotels near airports and railway stations
20 680 accommodation places
30000
Hospitality market in Warsaw
90
10 650 hotel rooms
number of rooms and accommodation places
80
25000
70
20000 60 Number of hotels in Warsaw in 2009
number of hotels
50 25 22
15000
40 20 16
10000 30 15
9 10
20 10 6
5000
10 5
0 0 0
2005 2006 2007 2008 2009 2010* 2011* 2012*
1-star 2-stars 3-stars 4-stars 5-stars
forecast forecast forecast
numebr of accommodation places number of rooms number of hotels
15

16. Key Hospitality Projects in Poland
Mikołajki Project Hotel, Mikołajki Łeba Hotel, Łeba Sheraton, Poznań
5 stars, 152 rooms, 3 stars, 73 rooms, 5 stars, 181 rooms,
304 accommodation places 186 accommodation places 360 accommodation places
Wioślarska Hotel Project, Warsaw Mercure Jelenia Góra, Jelenia Góra Hilton Garden Inn Project, Kraków
4 stars, 100 rooms, 3 stars, 188 rooms, 4 stars, 154 rooms,
200 accommodation places 364 accommodation places 300 accomodation places
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17. Investment
17

18. Investment Market
Office investment deals 2005 - 2009 Cushman & Wakefield key transactions in Poland
7 2500
6
Transactions annually (mln EUR)
2000
Total cumulative (bn EUR
5
1500
4
3
1000
2
500
1
0 0
2005 2006 2007 2008 2009
Total cumulative Warsaw CBD 115,00 Warsaw NCL Other cities
Real estate property
portfolio of Simon
Ivanhoe – selling 5
Prime yield 2005 - 2009
shopping centres
11,00%
10,00%
9,00%
8,00%
7,00%
6,00%
5,00%
4,00%
2005 2006 2007 2008 2009
industrial retail office CBD office NCL
Real estate property portfolio of Casino Group –
selling 339.686 m² of space
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19. Conclusion
19

20. Warsaw real estate market forecasts
supply demand rents vacancy
office market
CBD
NCL
retail market
industrial market
hospitality market
price level
20

21. Thank you!
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