Total demand for offices in Warsaw during Q1 2019 was more than 140,000 sqm. Approx. 750,000 sqm of space is under construction. Tenant activity is expected to grow, and the market is waiting for spectacular projects to be finalized. JLL summarised the Warsaw office market in Q1 2019.

The Bucharest office closed Q1 2019 with decent numbers: a gross take-up of 105,000 sqm, out of which the net take-up was 29,000 sqm, and 93,000 sqm of deliveries. Data from Colliers International Romania show that the demand came mostly from IT&C companies, despite the tight labour market.

Following the recent takeover of the Sugarmaker Palace, UBM Development is preparing another large project, namely the Astrid Garden multifunctional complex, consisting of two parts – Astrid Offices and Astrid Residences. In the first stage, a five-storey office building will be constructed, followed by a residential complex of about 110 units the sale of which will be launched in the third quarter of 2020. The architectural form was designed by Bogle Architects, emphasising not only the modern look, lightness and airiness, but also the sensitive setting in the typical character of Holešovice.

Total demand in the first quarter of 2019 reached 79,980 sqm on Budapest’s office market, representing a 12.2% decrease year-on-year. New leases accounted for 45% of the total leasing activity, according to BRF’s latest figures.

CBRE has taken over the management of the NEPI Rockcastle office portfolio in Bucharest, totalling 70,580 square meters. This is the first time when NEPI Rockcastle outsources the management of the properties. CBRE Romania now manages 770,000 sqm of offices and retail assets.

The increased interest of global corporations in coworking spaces was a notable trend that impacted on the office markets of the four largest capital cities in Central and Eastern Europe (CEE) in 2018. The total flexible office stock of Budapest, Moscow, Prague and Warsaw stands at 286,000 sqm, accounting for approximately 1% of the combined office market of these cities (29.9 million sqm). Demand generated by coworking operators in 2018 made up 5% of the overall office take-up in the CEE capital cities.

Spaces has leased 2,700 sqm in the mixed-use Wroclavia centre. Experts from JLL advised Spaces on the negotiation of lease terms. The developer - Unibail-Rodamco-Westfield - was represented by Knight Frank.

The Romanian office market started promising in 2019, given that in the first quarter, approximately 124,500 square meters were leased nationwide, almost 41% more than in the first quarter of last year.

JLL has been chosen by the White Stone group to manage two office buildings on Cybernetyki St. in Warsaw. Since taking over the management of Cybernetyki 7 and 7a St., JLL is now responsible for a wide range of services in the management of the properties, which includes maintaining relationships with tenants as well as supervising technical, operational and administrative issues. The company began managing the two office buildings shortly after they were bought by the White Stone group.

AFI Europe Romania will soon start works on the second phase of the €37 million AFI Tech Park Business Campus project in Bucharest.