Billa Bulgaria announced an investment of BGN 28 million (around €14 million) to open 12 new stores in the country and create 250 new jobs.

Panattoni has been granted financing for Panattoni Park Lublin II with an area of around 84,000 sqm. The €48 million loan was granted by Bank Pekao SA.

7R completed the expansion of 7R Park Kielce halls. The current tenant, myBOX Logistics, leased additional space and will thus occupy over 30 800 sqm in the project.

The office vacancy rate increased to 12.2%, representing a 0.9 pps increase quarter-on-quarter and a 2.4 pps increase year-on-year. Total demand reached 76,660 sqm, which is 24% lower than the value registered in the previous quarter, Budapest Research Forum reports.

New demand for offices in Bucharest fell by almost half in the first quarter of 2023 compared to the same period of last year, while total demand also declined by about 25%, according to data from real estate consultancy Colliers. 

High inflation and rising interest rates seem to have bitten in overall consumption. And although Serbia is likely to avoid recession in the short run, its real GDP growth is estimated to be a moderate 2%-4% this year and next with a downside risk being the looming recession in the EU. The rental housing market has been supported by the Russian and Ukrainian citizens settling down in Serbia, keeping rent rates high. Housing construction is still strong and although the volumes in building construction are already consolidating, big infrastructure projects could sustain civil engineering on all-high levels in the mid-term, according to Dejan Krajinović (Beobuild Core d.o.o.) at EECFA which conducts research on the construction markets of 8 Eastern-European countries, including Serbia.

In Q1 2023, the Greater Budapest speculative stock increased by five buildings, totalling 111,330 sqm, while in regional Hungary, four new buildings were handed over, totalling 45,835 sqm. As a result, the vacancy rate has risen sharply from 3.8 to 5.9%, Budapest Research Forum (BRF) reports.

Benjamin Bettoun, Group Head of Asset Management at NEPI Rockcastle, talked to Property Forum at MIPIM about the company's investment strategy in CEE and the trends that are shaping the future of shopping centres. He also talked about the increasing demand for retail space in the company’s new mall in Craiova, Romania, slated for delivery at the end of 2023.

After 13 years of operation, Eurovea will become the largest shopping centre in Slovakia as its extension is set to open on May 25th. The centre reports an occupancy rate of 95% and promises to bring new brands and innovative concepts. The developer J&T Real Estate is now completing work on most of the buildings in the second phase of the Eurovea project.

The Prague office market has experienced a decline in the construction of new office buildings over the last three quarters which has also been reflected in a decline in speculative construction. Whereas a year ago almost 80% of offices under construction did not have a secure tenant, this share has now fallen to 52%. Tenants were looking for office space in established office locations in the vicinity of Karlín in Prague 8 and Pankrác in Prague 4 in the first quarter. A quarterly analysis by international consultancy JLL shows that 7.5% of modern office space in Prague is currently vacant, which corresponds to 289,100 sqm of space. However, the supply of so-called subleases, which are not included in the official vacancy register, is also growing. According to JLL's latest analysis, there could be around 80,000 sqm of sublease space.