Panattoni is currently celebrating an important milestone – 20 years since the company was founded. How exactly did the company come to be?
It all started twenty years ago with the meeting of two people—at the right time and in the right place. Carl Panattoni was attending an industry conference in Prague and was planning to enter the European market. He knew he needed partners familiar with the local landscape and was looking for the right people. A representative from a real estate agency suggested that he meet me. At that time, I was already working in the industry and had a stable job, but without much future prospect. I was looking for new challenges and space to grow.
Carl came to Warsaw, and we met three days in a row—intense discussions about everything—and… there was an instant connection! It quickly became clear that we thought alike about business. On the third meeting, he offered me a partnership—tasking me with establishing the company’s European business. He provided the initial capital—which at the time was an unimaginable sum for me—gave me full freedom… and then returned to the United States. I was left alone in an empty office.
I remember when my mother and brother visited. I hosted them sitting on a printer box I had just bought—there was no furniture yet. My mother asked, “Kid, what have you done?” She was terrified—from their perspective, I had left a good job to throw myself into the unknown and start from scratch.
We have followed your journey to becoming a major player in the industrial real estate market, both regionally and beyond. What did you expect to achieve at the beginning?
At the start, no one thinks about building an empire or being number one. I was focused on getting everything in order and determined to succeed. I evaluated situations rationally, knowing that the Polish market had enormous potential. It was just after Poland joined the European Union, when funds and investments in infrastructure began to flow. I wanted Panattoni to become a significant player in modern industrial real estate. And it must be said, the modern market was just emerging then—most halls were simple structures without advanced installations or certifications, and sustainability was hardly even considered.
What were the first projects you were involved in? Were they very different from the ones you work on today?
I jumped straight in at the deep end—I started with two large projects for international companies: H&M in Poznań, covering 52,000 sqm, which at the time was the largest project in Poland, and Coty Cosmetics in Bielsko-Biała, covering 16,000 sqm. These investments were a huge success, which was very important for a young organization. It was a strong start, and then the business began to grow rapidly.
What was the size of your team back then, and how has it grown since? How has the scale of operations expanded, and what made it possible?
For the first H&M transaction, I worked almost entirely alone—from A to Z. I collaborated only with a few suppliers. I had nothing—no infrastructure, no support—yet I was competing with corporations with years of experience and history. That success came at a cost—after signing the contract, the adrenaline dropped, and I literally spent two weeks recovering.
Then we started operating as a small team. After three years, I employed 120 people, and by 2018, 300 people across six countries. Now we have 600 employees, have completed nearly half of Poland’s industrial real estate volume, and operate in 20 countries.
What were the key milestones for Panattoni Europe along the way?
Milestones undoubtedly include partnerships with market giants like H&M and later Amazon. These projects opened the door to major contracts and confirmed that our team could deliver investments at the highest international level. In Europe, we began to be seen as capable of providing complex and demanding facilities for market leaders in a short timeframe.
Breakthrough moments were also linked to international expansion. In 2007, we opened our first office in the Czech Republic; a year later, the first tenants moved into D5 Logistic Park. In 2009, we began operations in Slovakia, and in 2015, we entered Germany—one of the toughest and most competitive markets in Europe. Two years later, we started in the UK, another mature and demanding market that carries huge prestige. Subsequent offices opened in the Netherlands, Spain, Portugal, France, Sweden, and Italy. In 2022, our entry into India marked the start of our expansion into Asia.
Was the growth of the Polish warehouse market since 2005 surprising to you? Was it more or less challenging than today?
The growth of the Polish warehouse market since 2005 has been impressive, though not entirely surprising. Poland had and has every reason to be a key logistics hub in Europe. Initially, the market was challenging due to immature infrastructure and lack of experience with modern industrial real estate, but it also offered huge opportunities for creation. Today, the challenges are different—the market is more mature, with strong competition. We now have excellent infrastructure and, contrary to many opinions, good investment conditions. Yet still, only a small portion of global capital is invested in Poland, and the geopolitical situation remains a challenge.
Were there periods when the market was especially demanding, and how did you handle those?
Over the years, many challenges emerged—we went through the global financial crisis, periods of high inflation, the pandemic, and recently, the war on our eastern border.
When the 2008 crisis hit, most companies cut back or froze operations. We were only three years into the business and naturally had to slow down. Many questions arose: was our management style correct? Were we moving in the right direction? But it turned out that what was a weaker moment for us was catastrophic for many competitors. We not only stayed active but were able to increase our share of the Polish market, emerging as a leader in Poland and later in Central Europe.
The same happened during the pandemic—the first weeks brought huge uncertainty, but the market quickly exploded with the growth of e-commerce. Companies needed modern logistics centers, and we had the know-how and experience to scale appropriately. It was a period of rapid acceleration.
Being a private company helps us. We have access to flexible financing and can make quick decisions. As a result, it’s during crises that we strengthen our position.
Has the warehouse and logistics real estate market reached a more mature phase, or is there still room for significant growth in certain locations or project types?
The market is more mature than it was a decade ago, but there is still room for growth—both in selected locations and for specific project types. Trends like nearshoring and shorter supply chains are driving new factories and logistics centers in Central Europe, including Poland, the Czech Republic, and Hungary. Traditional retail and e-commerce continue to generate demand for modern warehouse space. Post-pandemic, there have been some corrections, which is natural after years of rapid infrastructure growth. At the same time, new segments like data centers are emerging. Our goal is to define market opportunities and seize them.
Can you believe how much Panattoni Europe has grown over these two decades? Do you ever “pinch yourself” to make sure it’s real?
I don’t like looking back; I prefer looking forward. But of course, I’m proud of where we are today, our clients, our investors, and our amazing team—entrepreneurial people are the foundation of the company and its values.
Is the company planning a more diversified development approach in the future? You’re already active in the data center sector…
Where is Panattoni Europe headed now? Has the company achieved everything?
Panattoni has never been a company that stops after achieving success. Continuous development is in our DNA, our philosophy. Today, we are the largest industrial space developer on the continent, but we see this not as a final destination, but as the next stage. We are still looking for areas where we can create something from scratch, enter new markets, or build new business categories. We want to expand in Asia—we are in India, in Saudi Arabia, and plan to enter Japan and Australia. Our activities are far more diversified than years ago—alongside classic industrial development, we are expanding into data centers, currently the most promising and exciting part of the business. We are always looking for opportunities the market presents. Continuous creation drives us.
What are your personal plans for the future? Do you intend to remain at the helm for the next two decades?
At Panattoni, we are creating something unique—there is no other company like this globally—and I am confident that in the next twenty years, it will be much bigger. Even small moves now create a snowball effect, with huge growth due to synergy and scale. I intend to continue guiding the company, fine-tuning it so the business operates according to the same principles, while expanding geographically and across new product lines.
I would like to be around it without getting in the way – that’s my new motto. I want to stay close to the business, to oversee and guide, but without interfering with the people who make things happen every day. My role is to ensure the company continues to grow according to our principles, while exploring new geographies and business opportunities.
Looking ahead, I see myself continuing to shape Panattoni’s strategy, mentoring the next generation of leaders, and making sure that the company maintains its entrepreneurial spirit. The goal is not just to be bigger, but to remain innovative, flexible, and capable of taking advantage of opportunities as they arise.
In short, Panattoni’s journey is far from over – we are constantly creating, expanding, and evolving. And I want to be part of that evolution for as long as I can, helping ensure that the company thrives for many more decades to come.
