Codic International, a Brussels-based developer, announced that construction has commenced on the office component of Green Court, their latest mixed-use development to be realized in partnership with the Hungarian Pesti Házak and the Austrian Venta Group. The project is located in Budapest on the Váci office corridor. The project incorporates Green Court Office, a 21,000 sqm GLA premium office development, and Green Court Residence, comprising two residential buildings with 275 apartments. The apartments will be occupied by the end of this year, and the office project is scheduled to be handed over in Q4 2020. Colliers International and Jones Lang LaSalle have been appointed co-exclusive leasing agents for the office development.

In last 10 years, student housing has evolved into a highly appealing asset class, now ranked fourth for development and investment by over 200 investment managers. With student numbers growing and revenues delivering as promised, even during economic downturns, it is regarded as a crisis-resilient asset class, good for investment in 2019, according to a new study released by student housing research specialist StudentMarketing.

Total demand on the Budapest industrial market amounted to 105,070 sqm in Q4 2018, marking a 51% decrease from the figure noted in the same period last year. The Budapest Research Forum published its quarterly industrial market analysis.

Total demand on the Budapest office market reached 171,490 sqm in Q4 2018, representing a 19% growth year-on-year. The office vacancy rate stands at 7.3%, representing a 90 basis points increase quarter-on-quarter and a 20 basis points reduction year-on-year. The Budapest Research Forum published its latest figures.

MLP Group commenced the construction of its first logistics park in Romania. Work on a 12,000 sqm facility is currently underway. In total, over 22,000 sqm of modern warehousing space will be constructed at this stage of the project. Ultimately, 95,000 sqm of space will be available to tenants in MLP Bucharest West. Sagex Construct has been selected as the general contractor.

Construction and assembly output generated by Polish construction companies in foreign markets has hit an all-time high of €1.55 billion, but this is still below the potential of domestic contractors. Importantly, a considerable change to the structure of companies engaged in foreign orders took place in recent years – the centre of gravity has shifted from the biggest construction groups to smaller companies with a specialised focus.

CTP is starting 2019 with the announcement of ambitious development plans in three of its markets, the Czech Republic, Serbia and Hungary.

Catalyst Capital, a European real estate investment and fund management firm, has completed the acquisition of €194 million of high-quality retail assets in Sweden, Germany, Poland and an office development in Paris for its new Catalyst Core Plus European Property Fund (CCPEPF), a €1 billion “evergreen” real estate fund. Catalyst has acquired Galleria Center Syd in Malmo from Baring Real Estate, the Rathaus Center Dietzenbach near Frankfurt from Hahn Group, the Zielony Targówek retail park in Warsaw from Credit Suisse Asset Management and agreed to forward fund an office development by VINCI Immobilier in Saint-Denis, Paris.

Bluehouse completed the acquisition of Novodvorska Plaza shopping centre in Prague. CBRE represented the buyer in the off-market acquisition of the 25,000 sqm shopping centre.

The Polish commercial real estate market is in the best shape it has ever been, posting a record-high investment volume that exceeded €7 billion in 2018. Office and industrial sectors, in particular, are setting new highs with last year’s trading volumes at nearly €2.6 billion and nearly €1.9 billion, respectively.