Our sub-consensus view that Polish GDP growth will slow to about 2.5%y/y in 2012 might suggest that the recent surge in commercial property investment activity could lose momentum. However, even if our cautious view on the economy plays out, Poland’s occupier markets should fare relatively well compared to the rest of Europe. Combined with yields which still look high relative to most mature markets, we think that investment demand for Polish property will remain pretty strong.
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