ARTICLES LABELLED WITH TAG Poland

Total demand for office space on regional markets in the first half of the year was similar to last year’s level, but there were more vacant offices in all major markets, except Warsaw. Warsaw recorded a 30 percent decrease in demand for offices, and yet the vacancy rate decreased. Only a few office projects are being implemented across Poland, says Walter Herz. 

7R has finalised the sale of 7R City Flex Gdańsk II. The new owner of the warehouse is GLP Europe. The facility comprises 11,000 sqm of space – currently fully leased by leading brands from the food and FMCG sectors. The price has not been disclosed.

According to the latest research from Savills and its flexible office specialist Workthere, London City remains the most active flexible office market in Europe with the sector accounting for 13% of all office take-up in H1 2023. This is followed by Prague (8%), Amsterdam (6%), Madrid (5%) and Warsaw (4%).

7R has started work on 7R Park Wrocław West II. This is the company's first development made in accordance with its new decarbonisation strategy. In this case, carbon dioxide emissions will be reduced by more than 50%.

Panattoni has completed space within Panattoni Park Kraków West I tailored to the needs of biotechnology firm SyVento BioTech, which is to use the space for advanced pharmaceutical production. The park in Skawina has now been fully leased with space in the park also used by companies from the retail, electronics and logistics industries.

OKAM City, located at ul. Jagiellońska 88 in Warsaw, the former Żerań FSO car factory, has a new property manager. The owner and developer OKAM Capital instructed international real estate advisory firm Savills to provide property management for the site.

A logistics service provider has renewed and expanded its lease in GLP Pomeranian Logistics Centre. Under its new contract the tenant will occupy approximately 22,000 sqm of warehouse and office space in the complex. Real estate advisory firm Newmark Polska was instructed to negotiate the terms of the lease.

Hillwood Polska has signed credit agreements with Bank Pekao S.A. for the construction of three warehouse projects: in Częstochowa, near Rawicz, and in Łazy near Warsaw, with a combined value exceeding €89 million.

According to AXI Immo, more challenging economic situation and a ‘wait and see’ approach adopted by market players have been the key factors affecting the Polish industrial real estate sector in H1 2023. Gross take-up amounted to 2.24 million sq ]m (-39% y/y) between January and June. A soft patch was also visible on the supply side. Although a relatively large amount of space was added to the market in H1 2023 (2.6 million sqm, marking a 9% y/y increase) and total stock increased to 30.6 million sq \m, there was only 2.13 million sqm under construction as at the end of June 2023 – 50% less compared to a year earlier. The vacancy rate climbed to 6.7% at the end of Q2, marking a 3.3 p.p. increase on Q2 2022.

Law firms are among the most active office tenants. They have for years shown a strong preference for central HQ locations, trophy offices and a high standard of finish, reveals the latest research from Savills.