Vacancy rates have further declined on the Budapest office market as a result of modest development activity and strong demand from tenants. The Budapest Research Forum has published its quarterly office market analysis.
Wizz Air Hungary Kft., the largest low-cost airline in CEE moved its Budapest headquarters to Laurus Offices in mid-March 2016. Wizz Air is renting nearly 3,200 square meters of office space in building B of the complex, which was developed by Erste Group Immorent Kft., an affiliate of Austria-based Erste Group.
HARMAN International and BASF Hungária Kft. has signed lease agreements with Skanska. The Swedish developer’s Nordic Light office building in Budapest now has preliminary lease agreements for 26% of its total leasable area. Colliers represented the tenants in the transactions, while CBRE takes exclusive responsibility for leasing Nordic Light.
Nile House, part of the office project River City Prague in Prague 8 – Karlín owned by CA Immo, has received the first Platinum “LEED for Existing Building: Operation and Maintenance” certification in the Czech Republic. JLL´s Property Management team provided all the necessary support, managed the materials for this certification and coordinated the process.
Demand for office space in Budapest grew significantly in Q4 2015, while the vacancy rate reached a new record low of 12.1%. Development activity was low in the last quarter of the year, the annual supply in 2015 was 50,885 sq m, 25.4% lower than in 2014.
The Prague Research Forum announced the office market figures for the fourth quarter of 2015. Gross take-up amounted to 161,800 sq m, representing an increase of 78% compared to the previous quarter and the strongest quarterly result ever recorded on Prague office market. Also on a positive note, the vacancy rate decreased by 1.8 percentage points to 14.6% when compared to the previous quarter.
Europe’s prime office market vacancy rate is expected to fall back to its 2009 level by the end of 2016 and then to continue declining over the rest of the decade, according to global real estate advisor, CBRE. In Europe’s major cities, office development is not keeping pace with growing demand driven by improving employment trends and almost all key office markets are expected to show falling vacancy rates and accelerated rental growth over the next five years.
Rents on the Budapest office market are set to rise according to Cushman & Wakefield, involved with leasing more space than any other agent in the market. The continued recovery is driven by sound economic, demand and supply fundamentals.
Ghelamco Poland has signed a record-breaking agreement for the lease of office space at Warsaw Spire. The new tenant will take nearly 22,000 square metres in the A-class building whose occupancy rate has now soared to over 50%.
The Aura Centrum Olsztyn shopping centre saw the opening of the largest Ochnik brand store in the Warmia and Mazury region in Poland. The shop occupies an area of 433 sq m and is located in the modernised passageway of the gallery on level +2.
Zwieger, a brand selling small household appliances for the kitchen, has joined the ranks of tenants at Designer Outlet Sosnowiec (southern Poland). The newly opened showroom has 105 sqm.
Aviareps will lease almost 187 sqm of office space in the newly modernised LIFE Building in Warsaw, formerly the Atrium Tower, owned by Austrian company VIG FUND. JLL Polska is responsible for the full commercialisation of the LIFE Building, while Biuro Na Miarę represented the tenant, Aviareps, in the negotiation process.
Axi Immo is developing its Capital Markets Department. As of November 2023, Jakub Grabara was appointed as Associate Director in the Capital Markets Department. He will be responsible for transactional services, i.e., acquiring, purchasing, and selling commercial real estate.
Romanian developer ARQA has named Alexandru Rădulescu as Chief Sales Officer. During his career, he has overseen the sale of 17 residential and mixed-use projects.
Multi Corporation appoints Ola Zajac as New Business Ventures Manager. Ola will be looking for new business expansion strategies and venture capital investment opportunities across Europe and will be based out of Lisbon.
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