Ghelamco's Nova will comprise 40,000 sqm of office space Courtesy of Ghelamco

Belgian developer Ghelamco has begun realization of its Mokotów Nova office project in Warsaw, which will bring some 40,000 sqm of class-A office space to the market in Q3 2011. The development, located on ul. Wołoska in Warsaw’s Mokotów district, will be composed of three connected buildings ranging from seven to 12 storeys.

“Mokotów Nova is now the largest office investment being built in this part of Warsaw,” said Jarosław Zagórski, commercial and business development director of Ghelamco Poland.

The building’s ground floor will host retail and service space, including a restaurant and a newsstand.

According to the developer, the ul. Wołoska location will ensure good access to major roads and public transport and is close to both Warsaw Fryderyk Chopin Airport and the Galeria Mokotów shopping center.

“Warsaw’s Mokotów is a district which for many years has raised particular interest among clients seeking high-class, well-localized office space,” Mr Zagórski said.

According to Mr Zagórski, analysts say demand for office space in the area will not decrease. Close to two years after the significant slowdown of the economy, the Polish real estate market is emerging from a stagnation in investments, he said.

“This fact is indeed confirmed by the huge success of this location not only among tenants but also investment funds interested in the purchase of Warsaw office buildings,” he said. “For example the Trinity Park III office building in the area, realized by Ghelamco, was sold in Q1 to SEB ImmoPortfolio Target Return Fund for €93 million.”