White Star Real Estate has sold the 17,000 sqm Krisztina Plaza office building in Central Buda. The name of the buyer was not disclosed.

According to a report published by Newmark Polska, the vacancy rate held firm in Poland’s regional city office markets throughout the third quarter of this year along with moderate occupier and developer activity. The need to look for savings due to high inflation and rising service charges is set to be a major challenge facing the office market in the coming quarters.

Savills forecasts that rising energy prices will be a major challenge for commercial property landlords, managers and tenants in 2023. In response to market expectations, Savills has launched an interdepartmental service line dedicated to improving energy performance and helping identify ways to reduce annual energy consumption in buildings by up to 14%.

The volume of investment transactions recorded in the hotel sector on European markets in the first half of 2022, reached a similar level to last year's. The UK remains the most active market, followed by France, Italy, Spain and Germany, says Walter Herz.

Antracit Property will be building in two locations in the Czech Republic simultaneously. In Ostrava-Poruba it is preparing an industrial building for long-term lease, while in Pilsen it will also build a rental project on a brownfield site near the railway station.

Czech real estate funds are attracted to invest abroad, and not only in Poland. ZDR Investments is now heading to Austria to acquire a retail park in Voitsberg, Austria, for the second time. It is now investing €12.3 million. In total, the group has already invested six times in Austria, writes E15.cz.

CEE-based flex office operator New Work continues to expand in its key markets. In Budapest, the company opened the second phase of its business centre in the Science Park office building in South Buda, adding 2,000 sqm of high-quality flex office space to the local market. In Warsaw, New Work opened a brand location, offering 1,135 sqm, in the Tulipan House office building in the city’s Służewiec district.

Homes buyers in Romania are increasingly asking for the 15-minute city, while prices of apartments will fall only in specific cases, concluded speakers of the residential market panel during SEE Property Forum 2022, which took place in Bucharest.

In Q3 2022, some companies in the Prague office market experienced problems with convincing employees to return to the offices. Therefore, the experts are expecting that the companies will reduce their existing leased space after their leases come to an end. Despite this expectation, 18,200 sqm of modern office space was completed and the premium rents grew and there was a decline in the vacancy rate, says a new Knight Frank report.

The third quarter of 2022 completes the dynamic new supply period observed in the Polish office market in recent years. Between January and September 2022, developers delivered 39 new investments, which increased the sector’s total stock by 560,100 sqm to over 12.7 million sqm. The period under review also registered intense activity on the demand side. At the end of Q3 2022, more than one million sqm was leased across Poland. However, the office market, like other sectors of the commercial real estate market, faces many challenges, including rising energy costs or the expected supply gap and rising rents. AXI IMMO presents data summarizing Q3 2022 in the Polish office market.