While Western European investment markets have peaked and investment volumes are going down, CEE markets are having a strong momentum with volumes going up. This growth is most visible in the Czech Republic which posted its strongest Q1 figures on record this year. Over 20 speakers and more than 100 visitors came together in the Czech capital for the first ever Prague Property Summit, organised by Property Forum and RICS, to analyse the potential of the market from a global perspective. 

Wing is transforming the Material Center building in Budapest, which until now has operated as a shopping mall, into an office building. The building, which has an area of over 20,000 square metres, will be fully converted and renovated to a high standard, to be reborn as the Skylight City office centre. The preparatory works have already begun, and offices are already available for rental in the building.

Plaza Centers N.V. announced that Belgrade Plaza opened to the public on 20 April. The completed centre is 97% let and expected to be fully leased in the coming months. Belgrade Plaza is the 34th shopping centre built by Plaza and its second scheme in Serbia.

Europa Capital and WX Management Services have completed the acquisition of the Radisson Blu Centrum Hotel in central Warsaw.  

Demolition is underway at the corner of Wenceslas Square and Opletalova Street in Central Prague, where a new mixed-used scheme will be developed by UK-owned Flow East. The new building, designed by Chapman Taylor, is to be called Květinový dům (Flower House, also known as VN47) and will comprise 19,500 sqm of office and retail space across nine floors. It will be constructed with the aim of achieving BREEAM ‘Excellent’ status. Flow East is expected to invest app. €37 million (CZK1 billion) into the project. 

The Czech Republic has long been one of the favourite destinations of investors looking for opportunities in CEE and their unwavering confidence is proof that the market’s outlook for the future remains positive. Jaroslav Kaizr MRICS, CTP’s Business Director talked to us about the office and industrial markets in the Czech Republic. 

Colliers International has announced the completion of its advisory role in helping Chassix, a global automotive supplier of precision casting and machining solutions, to establish a greenfield plant in the metropolis of the Moravian-Silesian region of the Czech Republic. 

From the beginning of April, BNP Paribas Real Estate Poland will take over the management of four IKEA Centers retail parks located in Poland on behalf of the landlord Pradera. The contract will increase the Polish portfolio of managed properties by more than 140,000 sqm. Ultimately, the international property management business line of BNP Paribas Real Estate will manage 25 properties in eight European countries.

The vacancy rate on the Budapest industrial market declined 2.2 percentage points q-o-q, reaching a record low of 5.9% at the end of Q1 2017. The Budapest Research Forum published its quarterly industrial market analysis.

Demand continues to be strong on the Budapest office market and with new supply still limited the vacancy rate decreased further in Q1 2017. It now stands at 9.2% which is the lowest rate on record. The Budapest Research Forum published its newest figures.