Poland July 2020
JLL is pleased to present the latest report analysing regional office markets in Poland.
The outbreak of the COVID-19 pandemic has redefined the vast majority of economies, at least for the moment. The ensuing global recession has had a direct impact on office markets around the world. However, Poland is forecast to weather the storm in some style. The country’s GDP is forecast to contract by 3.5% in 2020 (far less than the 7.9% contraction predicted for the Eurozone), and is set to rebound by an impressive 5.8% in 2021 (Oxford Economics, July 2020). Moreover, Poland may even benefit and come out stronger from said crisis.
At the beginning of the pandemic, most companies rapidly switched to remote working. Now, after a few months, employees are gradually returning to their offices. However, firms are understandably cautious, and in most cases, do not allow all of their employees back at the same time. This understandable and responsible approach ensures seamless business continuity. This continuity may become one of Poland’s major strengths against competing locations from Asia. We expect some corporations to open new business centres in Poland in order to search for stability and business reliability, as some of the less expensive locations outside Europe have not or are not in a position to do this. With a large cost-effective market, Poland may well be a major beneficiary of any changes in outsourcing locations.