Polish companies providing digital technology for the real estate industry are set for rapid growth, as they benefit from increasing demand for IT solutions from the vibrant property market and the skilled workforce in central Europe’s biggest economy, according to experts gathered at a forum held by Wolf Theiss in Warsaw.
The forum, Poland’s first media-moderated debate on the prospects for the PropTech sector, brought together executives of real-estate services companies, developers and construction firms, as well as several high-tech startups. During the debate, Tomasz Stasiak, Partner and Head of Real Estate & Construction at Wolf Theiss’ Warsaw office, and Birgit Kraml, Counsel and a member of the same team in Wolf Theiss’ Vienna office, discussed the potential legal risks related to PropTech solutions, including data and consumer protection regulations, as well as the allocation of legal responsibility.
“In Poland we are experiencing incredible growth of the PropTech sector, which is transforming an already booming domestic real estate market,” Stasiak said. “One of the major challenges for all market players will be to apply existing regulations to these innovative solutions, and to determine the legal responsibilities for each project as different people build software, implement it, and operate the systems. Another issue is the impact of license agreements on exit possibilities.”
Ms. Kraml added: “Data security and other legal questions arise, for example in relation to 3D visualization: does the visualization reflect reality; is everything represented; has anything been left out, e.g., potential sources of noise. As regards blockchain, it will be interesting to see how swiftly politics will react and whether other countries will follow Sweden’s model of land registry using this new technology.”
Poland’s commercial real estate market has seen robust growth over the past two decades as the country’s rapidly expanding economy, increasing affluence and competitive workforce attract heavy inflows of foreign investment and boost demand for office buildings, warehouses and shopping and leisure centres.
Participants of the PropTech forum included representatives from Cushman & Wakefield, Jones Lang LaSalle, Ghelamco, Skanska, Adgar, HB Reavis, Logicor, Segro, Mayland Real Estate, Propcandy, ProperGate, SpaceOS, ShareSpace, SkyConcept, Sense Monitoring, and PwC Austria. The debate was moderated by Polish business daily Puls Biznesu.