Warsaw

Warsaw is Poland’s most developed city in terms of infrastructure. A network of trams and buses efficiently connects the two banks of the Vistula River. Chopin Airport, located in the Włochy district, is the largest airport in Poland and the main base of LOT Polish Airlines. It offers a wide range of connections to major European capitals. A flight to Berlin or Vienna takes about 1 hour and 25 minutes. Warsaw-Modlin Airport is the second international airport in the vicinity of Warsaw and has been operating as a regional public airport since June 2012, complementing Chopin Airport. The airport serves international short- and medium-haul flights. Work is also underway on the Central Communications Port, a planned hub between Warsaw and Łódź that will integrate air, rail and road transport. This investment will make Poland a place to do business, but it will also create around 150,000 new jobs.

Marcin Miazek

Associate, Office Department, Cushman & Wakefield

Expert commentary

Warsaw is the largest and most important venue for academic, scientific and business events. In 2022, more than 2,300 events were held in the city, an increase of 48 per cent on the previous year and a recovery of the industry after the pandemic. The development of business tourism is made possible by a wide base of hotel facilities, with over 30,000 beds in 100 listed hotels. Another advantage of Warsaw is the presence of Chopin Airport with more than 140 flight connections. In 2022, almost 14.4 million passengers passed through the airport, representing more than 35% of total passenger traffic in Poland and an increase of more than 90% compared to the previous year.

Thanks to the network of roads and motorways (A2 or S7, S8 and S17), Warsaw is very well connected to the rest of the country and to foreign markets. The opening of the last section of Warsaw’s southern ring road in December 2021 has improved transit traffic in the city.

Among the planned infrastructure investments, the city’s priority is the expansion of the underground. In 2022, 5 new stations of Line 2 will be opened, and the last 3 stations of the western section will be completed by 2026. According to the city’s preliminary concept, a total of five lines will be built by 2050.

Kacper Remiśko

Associate, Office Agency, Cushman & Wakefield

Expert commentary

In Warsaw, which has half of the country’s modern office stock, we are seeing a marked reduction in developer activity. This is due to the pandemic and the current economic situation with high financing and construction costs. High interest rates in the global economy have also resulted in reduced investor activity and rising yields. Only 66,000 sq m of GLA will be delivered to the Warsaw market this year. GLA – the lowest level in over 25 years, with the supply gap expected to persist until 2026. In turn, due to ever-increasing tenant activity, the building vacancy rate continued its downward trend in H1 2023 and stood at 11.4%.

It is worth noting that the market parameters for properties in central locations are diametrically different from those in other districts, especially for older, lower-standard buildings. The vacancy rate is 9.9% in the centre, 12.7% on average outside the centre and 20.6% in the Służewiec area.

The observed upturn, especially from the developers’ point of view, is due to the perception of Poland by foreign investors as an economically and geopolitically safe country. Demand for office space is being boosted by the rationalisation of the concept of remote working. The return to office (RTO) policy, initially implemented by companies and public institutions, now covers most of the market.

Entrepreneurs can count on the support of many business-related institutions. They provide entrepreneurs with economic and commercial information, including information on foreign markets, and foreign investors with information on the conditions and legal regulations for doing business in Poland.

These institutions include:
• Polish Investment and Trade Agency
• Warsaw City Office for Economic Development
• Smolna Business Centre
• Warsaw Chamber of Commerce
• Polish-German Chamber of Commerce and Industry
• French-Polish Chamber of Commerce (CCIFP)
• Polish-Balkan Chamber of Commerce
• Polish-Ukrainian Chamber of Commerce
• Scandinavian-Polish Chamber of Commerce
• Polish Chamber of Commerce
• Polish-Spanish Chamber of Commerce
• Polish-Dutch Chamber of Commerce
• Polish-Spanish Chamber of Commerce
• Belgian Chamber of Commerce
• Italian Chamber of Commerce and Industry

Warsaw is a strong academic centre, educating almost 250,000 students a year. The University of Warsaw is the largest and one of the two best universities in Poland. The annual ranking of higher education institutions by the monthly magazine “Perspektywy” places it among the top two in the country; in the 2023 edition, it tied for first place with the Jagiellonian University. In the QS World University Rankings, it is ranked 110th in Europe and 262nd in the world. The University of Warsaw is also a member of the 4EU+ alliance, which received a grant in the European Universities competition.

Each university has business-related units. One example is UWRC sp. z o.o., a special purpose vehicle established to commercialise the results of research and development carried out at UW. Among other things, UWRC supports the creation of spin-off companies such as Amerlab (medical and veterinary diagnostics), Biotemist (biotechnology), Microanalysis (medical diagnostics). Business units include the Expertise Office of the Centre for Forensic Sciences and the Centre for Political Analysis of the University of Warsaw.

The Warsaw School of Economics has international accreditations such as: European Quality Improvement System, The Association of Chartered Certified Accountants. It is also a member of prestigious international networks and organisations – International Project Management and Partnership In International Management. SGH cooperates with partner universities from all over the world, enabling students to participate in exchanges and academic cooperation.

Fabian Pietras

Business Unit Director, IT Services Antal

Expert commentary

As the capital of Poland, Warsaw is distinguished by its huge educational potential, attracting students, investors and entrepreneurs from all over the country and abroad. The city is the cradle of many prestigious universities, including the University of Warsaw, Warsaw University of Technology and the Warsaw School of Economics, which are gaining recognition both at home and abroad. The growing number of private universities and business schools is also worth mentioning, increasing the variety of educational programmes available.

A developed educational infrastructure plays a key role in the region’s investment attractiveness. Access to a skilled workforce is crucial for entrepreneurs and investors, and Warsaw offers access to educated graduates in various fields. The proximity of universities to business centres and technology parks encourages innovation and knowledge transfer between universities and businesses. A number of post-graduate courses are being created to keep pace with business and economic developments. These include cybersecurity, big data, AI, business analyst, digital media and agile management, etc..

Warsaw’s educational potential is an important part of the region’s development, attracting investment, educating future business leaders and fostering innovation. The city is becoming not only the educational centre of Poland, but also a key player on the international stage, attracting talent and capital from around the world.

Michał Borkowski

Business Unit Manager, Finance & HR, Antal

Expert commentary

As a key business centre in Central and Eastern Europe, Warsaw is highly regarded by business representatives, as evidenced by the city’s 7.4/10 rating for its potential for recruiting professionals and managers. It is home to many global company headquarters, and its developed business and innovation ecosystem is characterised by its multidimensionality and dynamism.

The city attracts talent from home and abroad, offering attractive living conditions and extensive infrastructure. The development of sectors such as fintech underlines Warsaw’s innovative nature. The high level of expertise of local professionals fosters a culture of sharing knowledge and experience. The flexibility and efficiency of recruitment is another asset of the capital. The diversity of human resource skills enables companies to adapt quickly to changing market conditions. The rich educational and research environment supports the development of a highly skilled workforce.

Warsaw is definitely a place where the employment potential of human resources is one of the highest in this part of Europe. The diversity of industries, the international character of the city and the dynamic development of new economic sectors provide a solid basis for the further growth and attractiveness of Warsaw as a business centre in the region. Taking all these assets into account, Warsaw not only offers attractive business conditions, but also guarantees access to human capital, a key element of any successful business. Fast and effective recruitment, access to advanced skills and the ability to build diverse and multicultural teams are just some of the advantages Warsaw offers when it comes to recruiting specialists and managers.

Katarzyna Siemienkiewicz

Labor Law Expert, Employers of Poland

Expert commentary

Warsaw is the second Polish city with the highest employment potential. With its well-developed infrastructure, Poland’s largest academic centre and geographical location, both companies and employees are putting Warsaw at the centre of their expansion and investment plans. Poland’s capital city continues to offer the highest salaries in the country for both unskilled and highly skilled workers. Not only IT specialists, but also transport and trade workers can find employment in the capital. Its highly developed residential base makes Warsaw a centre for both internal and external migration, particularly of Ukrainian citizens. In turn, the abundance of office space allows many companies to expand their infrastructure, especially during the reverse trend of returning to offices and changing work organisation to a hybrid mode.

Some 50,000 graduates leave the city’s 67 universities each year. They adapt very well to the local labour market and find employment. Even if they decide not to work in the profession they have learnt, they can easily find employment in another profession.

Warsaw’s labour market is still very open and receptive to new employees. The IT and financial sectors have the greatest employment potential. Employment in these sectors will continue to grow, according to the companies participating in the survey.

Warsaw has been recognised four times in the FDI 2023 ranking, which ranks European cities in terms of foreign direct investment. In the overall ranking of European Cities of the Future 2023, Warsaw came sixth, ahead of Berlin and Stockholm, among others. The capital was highly ranked in the European Business Friendly Cities category, coming second, just behind London. It ranked eighth in Europe for economic potential and ninth for cost efficiency.

In the global Brand Finance City Index 2023, based on a survey of 15,000 respondents, Warsaw ranked 62nd. Warsaw’s position was only weakened by lower awareness among respondents, placing it below Prague (49th) and Budapest (51st). However, respondents who were familiar with the city rated it higher than its regional competitors in terms of governance, education and science, business and investment.

Agnieszka Zielińska

Managing Director, Scandinavian-Polish Chamber of Commerce

Expert commentary

As the capital and the largest city in Poland, Warsaw naturally attracts investors. From the point of view of entrepreneurs, the mature office real estate market plays an important role. As of the 2Q of 2023, the total stock of office space in Warsaw amounted to 6.25 million square metres. It also includes high-end, ESG-certified buildings, which are increasingly sought after by the tenants.

For Scandinavian investors, the ‘green’ aspects of an investment play an essential role in the decision-making process. The strategy of achieving zero carbon footprint is simply an integral part of business strategy. Therefore, sustainable development initiatives undertaken by the City of Warsaw, such as the cooperation with C40 and the European Bank for Reconstruction and Development within the EBDR Green Cities project, are good signs. The green vision of Warsaw as a carbon-neutral city, closely related to the idea of a 15-minute city, is attractive both to investors and its residents.

Warsaw is an attractive place to live. The abundance of cultural events, theatres, cinemas, concerts and games gives residents plenty of choice. The city is growing rapidly, demonstrating its advantages. Warsaw’s overall image ranks among the top cities surveyed. This is evidenced by the city’s strong online presence as well as its good business image (economic activity of residents). The modern Vistula boulevards, numerous parks, sandy beaches and cycle paths offer attractive opportunities to spend time outdoors. Green areas cover almost half of the city. Warsaw is ranked first in the country for the quality of higher education – the city’s universities have the highest combined score in the rankings. The secondary school exam pass rate is also one of the highest in the country.

Warsaw in numbers
• 4.2 million tourists, of which 29.7% are foreign tourists
• No. 1 tourist destination in Europe
• 170 tourist accommodation facilities (July 2022)
• 101 hotels in Warsaw out of 261 hotels in the Mazovia region
• Over 60 museums
• 96 parks, squares and green areas
• 20,000 hectares of green areas