The third quarter on the Warsaw office market saw record-breaking demand and closed with an impressive 284,000 sqm. This means that nearly 690,000 sqm has been leased since the beginning of the year. At the same time, the vacancy rate is gradually decreasing with companies increasingly choosing pre-let contracts.JLL summarised the Warsaw office market at the end of Q3 2019.

ExxonMobil’s Global Business Services Center has signed a lease, agreeing to occupy GTC’s entire Pillar office building, which is currently under construction and due for delivery early Q1 2022. This is the largest deal in an office building that is already under construction in the history of Hungarian office transactions. CBRE represented ExxonMobil in this record-breaking transaction.

In Q3 2019, 66,000 sqm of new modern office buildings were handed over in Bucharest and there are big chances to break the 300,000 sqm threshold by the end of the year, according to Colliers International. The higher vacancy and infrastructure discrepancies will likely support a more thorough segmentation of the market, with the gap between well-located buildings and those at the opposite spectrum likely to increase over the medium term.

ATAL SA – a Polish developer – selected Knight Frank as its exclusive agent to commercialize the Krakowska 35 office property in Wrocław. The consultancy will also manage the property. The edifice with a total area of ca. 14,000 sqm will be handed over for use in Q1 2021.

CBRE studied the status of the city lying on the shore of Someș from the Romanian office market point of view, concluding in reconfirming the leader position of Cluj-Napoca among the regional cities.

Total demand on the Budapest office market in Q3 2019 reached 191,235 sqm, representing a 41% growth compared to the same period of last year, according to BRF’s latest figures.

Work is well underway on site at Forte Partners’ U Centre, a new, eight-floor office development in the Bucharest. The investment is valued at €200 million.

Futureal Group has started the development of the final office complex on Corvin Promenade in Budapest, Hungary. Corvin7 developed in two phases will offer nearly 30,000 sqm of gross leasable area (GLA) in the immediate vicinity of Corvin Offices.

What’s next for the office market? What do occupiers want? What effect would an economic slowdown have on development? Heads of the European offices of real estate advisory firm Cresa talked about business opportunities and risks, and the global political uncertainty at their annual conference in Warsaw.

Spaces, a global concept originating from the Netherlands and offering solutions in the area of ​​flex work and coworking spaces, has leased over 3,300 sq m of space in the historic Matejki 3 building, which was previously the headquarters for the Union of Silesian Insurgents. The opening of this new branch of Spaces is scheduled for the end of 2020 or the beginning of 2021. Experts from JLL advised Spaces during the process of searching for the office and negotiating lease terms.