While the first results show that the GDP grew by 5.2% q-o-q in Q3 in the Czech Republic, the second wave of COVID-19 has forced the government to re-impose strict containment measures to curb the spread of the virus. Retail sales grew during the summer as they reached pre-pandemic levels. However, consumer confidence fell for a second consecutive month in September, while a worsening labour market outlook and a resurgence of new infections will mean households keep more precautionary savings as well as denting income. On the other hand, industrial production resumed growth in September and is likely to underpin economic growth as it is less exposed to the pandemic. Cushman & Wakefield summarised the situation in each market segment.

Polish developer Capital Park has concluded a preliminary agreement for the purchase of two plots in Gdańsk with a total area of 1.3 ha on the Polski Hak part of Gdańsk’s port area. At the site, Capital Park is planning a residential development with retail and services functions, as well as public recreational space. The seller and the transaction price have not been disclosed.

AFI Europe Serbia is launching on the construction of the Skyline Omnia office tower on Belgrade’s Kneza Milosa. The project, worth €73 million, will see the completion of 132-metre high office tower with 31 floors, covering nearly 40,000 sqm.

Echo Investment has gained a loan for the construction of three office buildings included in the multifunctional Fuzja project in Łódź. Bank Pekao S.A. provided financing for the investment.

The Tei Group, which includes the Farmacia Tei network of pharmacies and Bebe Tei stores, leased approximately 10,000 sqm in the Metav industrial park in northern Bucharest, to build a semi-automatic warehouse, a transaction intermediated by Cushman & Wakefield Echinox.

VGP announces the start of development of its new multitenant business park in Brașov, Central Romania. With the groundworks started beginning of November, the first building with a surface of 9,400 sqm is planned to be delivered mid-2021 and will be partly occupied by pharmaceutical company Fildas Trading Srl. VGP Park Brașov is being developed on a land plot of approx. 390,000 sqm and will have a total potential of about 180,000 sqm lettable area.

The Flow Building, Flow East’s development on Wenceslas Square, has become the first building in the Czech Republic to achieve a BREEAM “Outstanding” rating – the highest possible rating – under the latest assessment scheme version.

CTP has changed the structure of its finance department. The company is responding to the success of CTP B.V.’s debut green bonds issue and the shift towards bonds as a means of financing of the CTP Group. A new position of CTP Group Treasurer has therefore been created. The position has been taken up by Zdeněk Raus.

According to a report published by Cresa Poland, the vacancy rate on Poznań’s office market stood at 13.3% at the end of Q3 2020, down by 1.2 pp on the second quarter. It is the only office market in Poland to have recorded a quarterly fall in vacancies.

Wrocław Business Park has been acquired by Panattoni from Aviva Investors, the global asset management business of Aviva plc. The seller was represented by the Avison Young investment team throughout the transaction.