Commercial real estate market comes out with new opportunities
With the ongoing situation on global markets and in Poland, now is a time to reflect on the new economic order that will emerge once the social and economic restrictions related to the coronavirus crisis are eased and the ultimate response of the commercial real estate market is fully known, according to Cresa. Office landlords now have an opportunity to retain their current tenants through lease renegotiations with an option to extend lease terms. Some new office projects may attract tenants from rapidly growing sectors, particularly IT and e-commerce. Developers will have to step up their efforts to gain new tenants and come forward with more attractive rental rates or additional discounts wherever permitted by construction costs. Whether smaller tenants will revert to using coworking spaces more, thereby helping coworking providers maintain an appropriate level of profitability, remains in question. There is no doubt that coworking spaces are still the best option for tenants looking for a prestigious address, according to Cresa.