The story of Mokotów is one of the prominent bright spots in the history of how the commercial property developed in Poland. The former industrial district of Mokotow, Służewiec Przemysłowy has rapidly been transformed into Warsaw’s ultimate office hub, where fully-leased projects from leading developers are regularly snapped up by leading investors. In fact, Colliers International claims that investor demand has intensified so much over the past 12 months that that along with being the hottest office district in Central Europe, Mokotów can actually be considered one of the most liquid markets anywhere in Europe. Is this just marketing overkill from the Polish office of an international agency? After all, with just over 900,000 sqm, Mokotów is hardly among the biggest on the Continent. But according to Neil Gregory-Eaves, Colliers’ international director of CEE investment services, one shouldn’t look at total stock, but instead at how much of it has changed hands in the last 12 months.“Over the past 12 months, Moktów has had six major office investment transactions which represent approximately 18 percent of the total gross lettable area. The total volume of these transactions is approaching €500m. These kinds of figures mean that Mokotow has easily been the most active office investment sub-district in all of CEE both in terms of the number of transactions and total investment volume,” says Gregory-Eaves.BCE, Citigroup, Comisia Europeana, FMI, Federal Reserve, Germania, Grecia, Irlanda, Marea Britanie, PIB, Rusia, SUA, Spania, Standard and Poor's, Ungaria, Uniunea Europeana,
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The number of big businesses that went bust in Ireland in 2010 was five times that seen at the peak of the Celtic Tiger.
Four in ten business failures were in the construction sector, which is on its knees following the property crash.
Accountancy firm FGS, which compiled the figures, says the uncertainty is going to continue through 2011. It is one of Ireland's biggest insolvency practices and was recently appointed to handle the collapse of building giant Michael McNamara Construction.
"The ongoing reduction in house prices, a virtual cessation in the number of new units being built, uncertainty regarding the availability of credit for small to medium type developers and purchasers, all indicate that much uncertainty is likely to prevail in the short term.
"The uncertainty is likely to be further compounded as the transfer of toxic loans to The National Asset Management Agency nears completion," it said.
Figures FGS compiled for the year show that just over 1,700 firms were forced into receivership, liquidation or examinership by creditors and the courts.Poor old Ireland is still shackled to the high-value euro though. Being unable to devalue against the German currency (as it effectively is) it's hard to see how Ireland can ever repay its debts, or get out of near permanent recession.
A Japanese-style "lost decade" awaits, unless it defaults and leaves the euro.
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