According to a new report published by Newmark Polska, the first three months of 2023 saw no new office completions in Warsaw as occupier activity weakened and the capital’s vacancy rate remained flat compared to the previous quarter. Developers are, however, commencing or planning new office projects in the city.

The Polish Chamber of Commercial Real Estate (PINK) has published figures summarizing office market in eight major regional markets in Poland (Kraków, Wrocław, the Tri-City, Katowice, Poznań, Łódź, Lublin, Szczecin) for Q1 2023. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers, Cushman&Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on existing modern office stock, new completions, take-up volumes and vacancy rates.

Ghelamco has become a member of the Partnership for Climate program initiated by the City of Warsaw.

Hungarian investment fund Adventum Group has achieved the Excellent rating in accordance with the BREEAM In-Use standard for green buildings certification for its Hermes Business Campus (HBC) office project based in Bucharest.

IWG, the owner of the Regus brand, has secured 1338 sqm of commercial space in the newest large residential complex in Hungary’s rapidly developing regional city, Szeged. Regus Cédrus Liget Offices will offer serviced spaces for smaller and startup companies.

Developer activity in the Prague office market in Q1 2023 was still below the pre-pandemic level. As a result, only about 145,000 sqm of office space is under construction and no new construction has even started in recent months, according to the latest report by the Prague Research Forum, whose members include CBRE, Colliers, Cushman & Wakefield, JLL, Knight Frank and Savills.

No new office completions were noted in Warsaw during the first quarter of 2023, with office take-up falling by 40%. Key challenges facing office tenants hoping for an economic turnaround, as forecast by real estate advisory firm Savills, include a substantial increase in service charges which are expected to rise by 30-60%, depending on the type and class of an office building. 

Codic Hungary, a subsidiary of the Belgian developer Codic International, has launched its new office project called Modiano in downtown Budapest. It will offer 13,500 sqm of office space with 450 sqm of retail and the handover is scheduled for Q4 2025.

The owner of the former Radetzky-barracks, Market Group has topped out the development of this mixed-use property. The 19th-century building will be transformed into a high-class hotel and office complex, portfolio.hu reports.

The Polish Chamber of Commercial Real Estate (PINK) has published figures on the office market in Warsaw for Q1 2023. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers, Cushman & Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.