According to the new report published by Newmark Polska, key themes defining the Warsaw office market in the first half of 2023 included waiting for new office completions and adjusting occupied space to widely popular hybrid working models. Despite new supply constraints and relatively muted development activity, the city’s vacancy rate edged down marginally in the second quarter of this year. Leasing activity reached a similar level to that of the first three months of 2023.
Office leasing in Bucharest totaled 128,915 sqm in the second quarter of 2023, up 48% compared to the same period of last year, driven by large deals closed by retail, financial and technology firms, according to a report by Fortim Trusted Advisors, a member of BNP Paribas Real Estate Alliance.
At the end of Q2 2023, the office market vacancy rate in Warsaw reached 11.4% (down 0.2 pps compared to the previous quarter and decreased by 0.5 pps in relation to the comparable period in 2022). The Polish Chamber of Commercial Real Estate (PINK) has published figures on the office market in Warsaw for Q2 2023.
IWG, the world’s largest provider of hybrid working solutions with brands including Spaces, Regus, HQ and Signature, is expanding its Hungarian portfolio with four new openings, adding a total area of 5,944 sqm to its footprint. The openings are being delivered in partnerships with different locations that have chosen the IWG flexible workspace platform and have entered into a management agreement with the Regus and HQ brands.
More than three-quarters (76%) of office stock across Europe will be at risk of obsolescence by 2030 according to the latest report from Cushman & Wakefield. One of the reasons is the increased level of legislative action around sustainability requiring investors to modernise real estate to ensure ESG compliance. To take one example, commercial property landlords are required in a growing number of cities across North America and Europe to install green roofs that help increase urban biodiversity, optimise energy costs and improve the user experience.
MBH Bank, a newly established Hungarian player in the local financial market, will launch a huge development project aiming to build its new headquarters in the most important office destination. The handover of the first phase is scheduled for Q1 2026.
"We have recently come across Steelcase's recent survey of 58,000 individuals from 11 countries, which has uncovered intriguing insights into what it will take to entice employees back to the office. The findings, both expected and surprising, shed light on the importance of selling rather than imposing a return to the workplace in the current competitive labour market," writes Darren Allen, Director at Genesis Property, for Property Forum.
Viking Shared Service Center Cluj has relocated its Cluj-based offices in Record Park, which is owned by AYA Properties Fund and developed by Speedwell. The lease deal was brokered by Griffes.
Asian restaurant Sagakura has signed a lease agreement in America House for a retail space with an area of 103 sqm and a terrace with an area of 130 sqm. Meanwhile, beverage operator Royal Bubble has leased 31.76 sqm and an additional terrace space of 26 sqm in the same building. FruFru, a healthy food & drink option, reopened following a location change in the office project. The lease deals were brokered by Chain Trust.
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.
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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