New office supply in the first three months of 2023 totalled 68,100 sqm and was delivered in three cities only: Kraków, Wrocław and Tricity. According to Savills, at the end of March, over 1 million sqm of office space was vacant, equating to an average vacancy rate of close to 16%.

BNY Mellon, an international company from the banking and finance sector, has leased all office space in the second phase of Skanska’s Centrum Południe complex located in Wrocław. The tenant’s employees will occupy approx. 20,300 sqm of office space. The opening of the new office is scheduled for April 2024. This is the largest lease transaction in Wrocław since 2020.

JLL Poland has been selected as the exclusive agent responsible for the commercialization process of the Unity Centre complex, the largest business complex in Kraków. The project is owned by UNIQA Real Estate Management and GD&K Group.

Flexible workspaces are going like hotcakes in Poland and companies are enquiring about them in all large cities, but not only there. Serviced offices are also in demand in smaller towns, says Nemwark Polska.

JLL Poland has been selected as the exclusive agent in charge of the commercialization process of the LIFE Building office building - formerly Atrium Tower, which belongs to the Vig Fund, a group company of Vienna Insurance Group AG Wiener Versicherung Gruppe.

According to a report published by Newmark Polska, during the first three months of 2023, occupier demand on Poland’s regional city office markets remained strong amid increasing office availability and a further drop of development activity. The markets continue to adapt to the new standard created by the rise of the hybrid working model and the growing focus on flexibility in office layouts and uses.

In the first quarter of 2023, developers focused on regional markets in Poland. Kraków, Wrocław, and Tri-City have been enriched with new office spaces. Meanwhile, no new office buildings were built in Warsaw. Current interest from tenants remains at a fairly high level. Demand recorded in Q1 2023 was distributed proportionally to the Warsaw market and regional cities. Tenants attach importance to ESG issues and the comfort of working from the office for their employees. The challenge facing the office sector is rising service charges. AXI IMMO presents data summarizing Q1 2023 on the office market.

CA Immo has successfully signed and closed the sale of the Vizivaros Office Center in Budapest. The building is located in the Central Buda office submarket in the western part of Budapest, comprises around 14,200 sqm of total lettable space and was 96% let with annualized gross rental income of around €2.5 million as of 31 December 2022. The buyer is the FLE SICAV FIS real estate fund managed by FLE GmbH.

The first phase of Futureal’s Corvin Innovation Campus was built as the extension of Corvin Promenade and is home to IBM Hungary's new head office. The global technology company has already moved into the building equipped with almost completely contactless solutions.

The office vacancy rate increased to 12.2%, representing a 0.9 pps increase quarter-on-quarter and a 2.4 pps increase year-on-year. Total demand reached 76,660 sqm, which is 24% lower than the value registered in the previous quarter, Budapest Research Forum reports.