Cordia Group announced that Tomasz Łapiński stepped down as a CFO of the company and he is succeeded by Péter Bódis, who has over 20 years of experience in capital markets and investment fund management in international organizations.

A survey, prepared by Cushman & Wakefield in partnership with FIHR, targeting Romanian hoteliers was launched in April 2020 to understand the impacts the COVID-19 pandemic holds on the commercial lodging industry. The survey asses the ways in which business have been affected while identifying the critical factors to prevail from the crisis. Cushman & Wakefield and FIHR remain committed towards ensuring that the industry receives appropriate support by collecting and analysing available data and appealing to authorities.

The lockdown period and the uncertainty of the economic impact of the coronavirus pandemic pushed some tenants to temporarily withhold their decisions in pending lease negotiations. Gross take-up climbed to 334,800 sqm in H1 2020, representing a 17% decrease on the same period in 2019, with most transactions having been commenced in the pre-pandemic environment. Cushman & Wakefield summarised H1 2020 on the Warsaw office market.

Over the second quarter, Prologis turned in a strong result both globally and in Europe, despite ongoing uncertainty due to the COVID-19 pandemic. The logistics sector remained resilient during the period with robust take-up levels and declining vacancy thanks to tight supply and sustained and growing demand.

Despite the COVID-19 pandemic, the sentiment on the Polish office market appears to be optimistic. Total office stock currently amounts to just over 11.3 million sqm, with Warsaw the undisputed leader, followed by Kraków. During the first six months of the year, tenant activity reached approx. 667,800 sqm, with new contracts accounting for more than half of take-up. Despite limited new supply (275,700 sqm in H1 2020), the vacancy rate increased to 7.9% (+40 bps Q/Q) in Warsaw and 10.2% (+70 bps Q/Q) in regional markets as at the end of Q2. Axi Immo summed up the first half of 2020 on the Polish office market.

A company from Chariot platform, managed by Griffin Real Estate, a private equity investor operating in the real estate sector, signed an agreement with Auchan Poland to extend the lease of its six retail properties totalling 83,000 sqm. The lease agreement was signed for a period of over 12 years. The transaction is certainly one of the largest retail leases that has been closed in Poland.

The hotel investment market in Poland is still relatively immature. In an average year, the city of Berlin alone receives twice the number of hotel transactions than Poland as a whole. However, Poland has developed a strong track record in other commercial real estate sectors and, as a result, has an even stronger brand for investing. This has laid down the foundations for global capital to enter the hotel sector, and, indeed, there has been an uptick in the number of international hotel investors actively pursuing opportunities in Poland.

Speedwell has launched sales for the second phase of Triama Residence, the residential compound developed in Bucharest, so a new stock of apartments is now available. The developer is starting a new building, after selling more than 90% of the apartments built in the first phase, which will be delivered at the end of this year.

Panattoni has signed its latest lease with Terg, the owner of the Media Expert consumer electronics chain. The tenant is to occupy more than 12,000 sqm at Panattoni Business Center Łódź III in the city’s Widzew district, which it will be taking up in September 2020. Colliers International advised the tenant for this transaction.

At the end of Q2 2020, total modern office stock in the eight regional Polish cities amounted to 5.6 million sqm. The largest regional office markets are Kraków (1,483,300 sqm), Wrocław (1,186,100 sqm) and the Tri-City (868,400 sqm).