There is growing interest in mixed-use projects in the Czech Republic. These are spaces that combine offices, shops, housing, and various forms of social activities. Unfortunately, the construction of such spaces in the Czech Republic still lags behind that in neighbouring countries. The main reason for this is the very long building permitting processes. In Poland, for example, it takes only a few months to get a building permit, whereas here it usually takes years.

Real estate decision-making and people-centric strategies are becoming more integrated, according to CBRE’s 2023 European Occupier Survey. For the first time, CBRE carried out the same survey for global companies having an operation in CEE to point out major differences in workplace culture across the various geographies.

Despite the COVID-19 pandemic and the introduction of hybrid working, the office market in Sofia has been developing extensively in recent years. Demand continues to increase, mainly due to IT and outsourcing sector representatives, and supply still cannot fully meet it. However, property developers in regional markets are still exercising caution when initiating new investments. These are some of the main conclusions of Colliers' latest report on offices in regional cities in Bulgaria.

The scale of the destruction suffered by Ukraine as a result of the war is difficult to comprehend. The housing stock has been severely damaged, with Ernst & Young's research indicating that the scale of damage to Ukrainian real estate exceeds the volume of all new housing commissioned over the past seven years. No wonder that speaking about the Ukraine Recovery Program, Prime Minister Denys Shmyhal noted that it will be the largest reconstruction project since World War II. The Ukrainian Real Estate Club and Property Times summarised what is known about the program in an article prepared for Property Forum.

Older buildings are making way for new ones, and the trend of redeveloping plots in the centres of large cities in Poland is intensifying. Furthermore, the plans include not only new development projects that arise after demolitions but also transforming existing office buildings into residential projects, including those in PRS (Private Rented Sector) formula, says Avison Young Polska. 

Brokers report a 30% drop in inquiries for purchasing a new home in Sofia. On an annual basis, the decrease in concluded deals is 15 %.

Sierra Balmain has published its first ESG report. Among its achievements, the company highlights e.g., reducing electricity consumption by 40% in managed facilities, implementing projects designed to benefit local communities, as well as an effective equal opportunities policy in its own organization.

Green certificates were something sufficient years ago, but in the present market reality, they fail to cover the social and governance parts of the ESG principles. Some of them are also seriously outdated – this is how one can summarize a panel discussion on developments at last month's European ESG Property Forum 2023 in Warsaw.

The Prague City Council has approved the intention to launch a tender for a contractor to be entrusted with the transformation of the unfinished torso of the Prague 8 City Hall building. The Nová Palmovka Centre will become the new European Space Research Centre (EUSPA). The city is preparing this project for the Ministries of Transport and Finance, with which it is cooperating intensively.

Avison Young presented the results of the investment market in Poland for the first 5 months of 2023. The volume of closed transactions announced to the public from the beginning of this year to the end of May amounted to only around €800 million, while in 2021 and 2022 in the same period, its value amounted to over twice as much. There were no large transactions, which in the first quarter of 2022 accounted for 75% of the total volume. Many buyers are trying to take advantage of the market situation and are bidding well below property valuations, hoping to get a good deal, but owners are taking their time to sell. Avison Young experts - Paulina Brzeszkiewicz-Kuczyńska (Research and Data Manager) and Marcin Purgal (Senior Director, Investment) - expect that in the second half of this year, the commercial real estate market in Poland will be dominated by opportunistic and value-add assets in every sector.