Romanian developer One United Properties has purchased 5 hectares of land in Bucharest for a new mixed-use development in a deal worth €35 million. The company plans to develop One Cotroceni Towers, which will have a gross development value in the range of €400 million. 

The effects of higher interest rates have yet to cause too much distress within the likes of the Prague market, says Richard Britten-Long, Chairman of the Supervisory Board at Českomoravská Nemovitostní, in an interview for Property Forum. He also talked about key market drivers, including ESG.

While the overall value of land transactions in Romania totalled €450 million during 2022, two-thirds of the traded volume was generated in Bucharest, mostly in the residential segment, according to Colliers Romania. 

Romanian developer Genesis Property says it is committed to achieving zero carbon emissions for the buildings in its portfolio by 2030. This will be achieved by investments in energy efficiency and production from renewable sources.

Panattoni has fully commercialised another development – Panattoni Park Toruń. Stork, a company that provides logistics for clients from the food industry, has leased over 11,000 sqm and is to serve the Eastern European market from the centre. 

CPI Property Group has announced the completion of the modernization process of the myhive Victoria Park building in Bucharest. The building completes the myhive building portfolio in Bucharest, which includes 4 other properties, including myhive S-Park, myhive Metroffice, myhive IRIDE | nineteen and myhive IRIDE | twenty.

Transactions of new office rental, relocation and pre-rental in Romania’s regional cities reached 70,393 sqm during 2022, which was 22% more than in 2021. Almost 90% of the lease deals were closed in cities that are university centres such as Iași, Cluj-Napoca and Timișoara,  according to a report by Fortim Trusted Advisors.

The latest EBI Construction Activity Report, prepared by Eltinga, Buildecon, and iBuild, has found that after the weak Q3 2022, Q4 2022 saw a slight nominal expansion in activity-start in Hungarian construction. The value of started construction works was still very low; between October and December 2022 they totalled roughly HUF 650 billion.

CEE-based media and event platform Property Forum has launched a news portal, green-forum.eu, publishing stories on the topic of ESG with a geographical focus on Central and Eastern Europe. Designed to bring you the latest news and information from around the region in real-time, Green Forum’s goal is to provide its readers with the most accurate, up-to-date and unbiased news possible.

As for the whole of 2022, the annual new supply of office space represents approximately 75,400 sqm. Although the annual supply of newly-completed space increased by 34% year-on-year, total volume was again below the long-term average of approximately 130,000 sqm per year. 2023 is expected to bring about some changes and more extensive construction. This means the Prague office market should grow to the 4 million sqm mark by 2025. Also at the close of 2022, several consecutive quarters of rent price growth came to a halt. These findings come from a survey by Colliers.