ARTICLES IN Office TOPIC

10
Aug
2016

Adval attracts €6 million for refinancing Cascade Offices

by Ákos Budai
Adval Asset Management supported by JLL's Capital Markets team has successfully secured the refinancing of €6 million of Cascade Offices. Cascade Offices is a 4200 sqm office building delivered in 2005 and located on Buzesti Street, in the heart of the Central Business District of Bucharest. Among the main tenants, the project counts Procredit Bank, Enel and Taiwan TC.
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10
Aug
2016

Warsaw Spire secures a new tenant

by Ákos Budai
Norway-based Libertech Group has signed a lease on more than 700 sqm of office space in Warsaw Spire. The company intends to set up its headquarters for the CEE region in Poland. Cushman & Wakefield has advised the tenant in the lease negotiations. It will also coordinate and oversee the office fit-out.
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10
Aug
2016

C&W secures new tenant for Wroclaw office building

by Ákos Budai
XL Catlin has signed a lease agreement for office space at UBM’s PEGAZ complex in Wrocław. The tenant was represented by Cushman & Wakefield.
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03
Aug
2016

Developers complete a record amount of office space in Poland

by Ákos Budai
At the end of the H1 the total supply in the nine major markets in Poland reached 8.6 million sqm. Developers completed a record amount of modern office space – almost 572,000 sqm. Over 1.4 million sqm of office space is under construction and the capital accounts for 609,000 sqm of new offices. The vacancy rate for Poland is 13.4 percent according to Colliers’ report „Market insights | Office market H1 2016“.
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26
Jul
2016

Full house in Krakow’s B4B building E

by Ákos Budai
With two companies recently signing a lease agreement in Building E, the fifth building in Krakow office complex Bonarka for Business (B4B) has reached 100% occupancy level. Gerda Broker Sp. z o.o. leases 301,91 sqm GLA on the ground floor of Building E, while Skelia Poland Sp. z o.o. takes 511,21 sqm GLA on the 4th floor. B4B adds approx. 10 000 sqm GLA new office space to Krakow’s office market each year and TriGranit, the developer of the B4B buildings plans to go on with this trend. 
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22
Jul
2016

Budapest office vacancy rate continues to decline

by Ákos Budai
Vacancy rates reached a record low level 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.
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19
Jul
2016

Immofinanz sings new leases in Budapest

by Ákos Budai
Immofinanz has signed several lease agreements since the beginning of the calendar year 2016 accounting for approximately 40,000 sqm of its Hungarian portfolio. Of this figure, prolongation of leases accounts for more than 25,500 sqm, and new and expanded contracts sum up at 14,500 sqm.
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15
Jun
2016

BBH expands in Krakow

by Ákos Budai
Global financial services firm Brown Brothers Harriman (BBH) has signed a lease for an additional 7,500 square meters of office space in the Brown Brothers Harriman building at Kraków’s Orange Office Park. Now in Phase III of its building expansion, BBH will occupy over 14,500 square meters. Cushman & Wakefield represented BBH in the negotiations. Wardyński & Partners provided legal advice.
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10
Jun
2016

Warsaw office development boom continues

by Ákos Budai
The total modern office stock in Warsaw reached 4.75 million sqm at the end of Q1 2016. As much as ca. 75% of this space is located in the central Core and Fringe zones, as well as Upper South and South West. Cushman & Wakefield has published the sixth edition of their Skyline Tracker report, outlining developers’ activity in the Warsaw office market.
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02
Jun
2016

HB Reavis announces its third Budapest project

by Ákos Budai
International real estate developer HB Reavis has announced the acquisition of the BEM Palace in Budapest from Europa Property Fund. Located in the heart of Buda, BEM Palace is the company’s third development site purchased in the Hungarian market and their first redevelopment project across all markets. 
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