The COVID-19 pandemic caused chaos across the global economy. Within the commercial real estate market, logistics has weathered this storm better than other sectors, allowing planning of new developments to gradually resume following price corrections. Changes in financing conditions for real estate development may alter the new supply structure, with a likely increase in demand for BTO (build to own) and BTS (build to suit) development projects and a decline in speculative schemes, according to advisory firm Axi Immo.

Savills has been appointed property manager of Posejdon, a €78 million (PLN 350 million) office, conference and hotel complex in Szczecin. The building is entering an operational phase, with more office tenants moving in and the first retail stores now open. The opening of two hotels (four- and three-star hotels) is scheduled for the second half of 2020.

DIY retail group XLMX, the company that controls furniture stores KIKA, Möbelix and XXXLutz, has leased 25,000 sqm in P3 Lovosice, located between Prague and the Czech-German border. The new hall will serve as a central warehouse for stores in the Czech Republic and other European markets.

The first quarter of the year 2020, mostly starting with mid-February, was marked by ominous economic forecasts. Thus, some decline in construction activity was to be expected, and indeed newly started construction projects dropped to just over €1.3 billion in Q1 2020. This amounts to a 14% decrease compared to the equivalent period of 2019, according to the latest edition of the EBI Construction Activity Report for Romania.

Developer NEPI Rockcastle completed the construction of the 39,800 sqm Shopping City Targu Mures project in Romania in Q1 2020. The opening was, however, rescheduled from the end of March to Q3 2020. The company is not launching new constructions until there is further clarity on the impact of COVID-19 on its operations.

Futureal Group has launched the construction of Corvin Innovation Campus. The office complex equipped with contactless technology will offer nearly 30,000 sqm of gross leasable area (GLA) in the immediate vicinity of Corvin Promenade in Budapest. The new-generation building is being developed under Futureal’s Stay Safe initiative designed to respond to the changing market demand due to the COVID-19 epidemic. The first phase of the building is expected to be handed over in the autumn of 2022.

According to Cresa Poland, the office market in Poznań is heading towards achieving supply-demand balance. Within one year, office stock in Poznań increased by almost 11% and amounted to over 580,100 sqm by the end of March 2020. The average annual growth rate for this market in the years 2012–2020 was at the level of 11%.

Australian investor RF Corval has pulled out of a planned joint buyout of Polish industrial and office park developer Buma, Polish fund manager Reino Capital announced in a statement to the Warsaw Stock Exchange. The proposed €287 million (PLN 1.3 billion) takeover was originally announced in November.

TTB Partners, a Hong Kong-based investment and advisory firm, announced the acquisition of a minority stake in M7 Real Estate.  The investment is the latest step in a wider collaboration between the two companies, as they seek to capitalize on the continued appetite from Asian investors for European real estate.  TTB will utilize its own network of contacts in the region to access new capital pools looking to invest in the UK and pan-European real estate, either through joint ventures or through investment funds.

Real estate developer Hagag Development Europe has completed the structure of the first three buildings related to the first phase of the large-scale residential project H Pipera Lake. Construction works for buildings 4 and 5 reached the ground floor. Out of the total number of apartments available in the first three buildings, 60% have already been sold