From January to the end of September 2023, the total demand for modern office space in Warsaw amounted to nearly 0.5 million sqm. Tenants often choose two contract options, i.e., they relocate to a new space or decide to renegotiate existing terms. The vacancy rate is decreasing, standing at 10.6% at the end of September 2023. On the supply side, developers delivered just over 20,000 sqm to the capital's office market in January-September 2023, indicating a supply gap period in Warsaw. Nevertheless, more than 240,000 sqm is under construction, most of which will be completed by the end of 2025, says Axi Immo. 

Hagag Development Europe has kicked off the construction works for the consolidation and repurposing of Știrbei Palace on Calea Victoriei. The building will be transformed into H Știrbei Palace, the company's first retail project in Bucharest.

Romanian developer Akcent Development has started the construction of the Akcent City project, consisting of 723 apartments, in northern Bucharest. The company is investing around €90 million in the project expected for delivery in H2 2025.

A real estate bond sale in Slovenia worth €9.5 million was announced by Slovak property developer Corwin and Czech investment company Hartenberg operating in CEE.

Arkadiusz Rudzki, Executive Vice President, Leasing & Sales for Skanska’s commercial development business unit in CEE, talked to Property Forum about the duration of the supply gap in the Warsaw office market, the current interests of investment funds and Skanska’s Scandinavian approach to implementing the ESG principles.

According to the newest report by Newmark Polska, in the third quarter of 2023, office take-up in Poland’s regional city office markets reached nearly 200,000 sqm, while the development pipeline was below 400,000 sqm. High vacancy rates in existing office buildings mean that tenants have a wide choice of options. Both developers and tenants remain focused on ESG, functionality, flexibility and optimisation of office usage and lease costs.

GLP has started construction of a new warehouse in Niepołomice near Kraków. The sole tenant of GLP Kraków III Logistics Centre will be MCG EastBridge, a new brand from the Maszoński Logistic portfolio, marking the largest lease transaction in terms of square footage on the Polish warehouse market in H1 2023. 

Food retailer Ahold Delhaize, the owner of the Mega Image supermarket chain in Romania, has purchased the Profi supermarket chain from MidEuropa private equity fund, in a deal worth €1.3 billion.

A CZK 4 billion (€162 million) real estate deal is set to take place in the Czech Republic in 2024, which will undoubtedly be one of the biggest in the next year. Development group Portin is set to sell a set of around ten retail parks whose main tenants include Billa, Penny Market, DM Drogerie and Datart, writes online daily e15.cz. 

A new premium-quality privately-owned student residence has been launched as part of the Student Depot chain. Offering a total of 540 rooms and located at the junction of Modzelewskiego Street and Wilanowska Avenue in Warsaw, the facility was constructed on a turnkey basis by Kajima Poland.