ARTICLES LABELLED WITH TAG CEE

Cushman & Wakefield presented the findings of its survey conducted among executives representing over 30 leading international hotel operators in its latest report. The survey was completed in December 2021 by hotel operators with a presence or interest in entering the CEE region.

Savills has signed an association agreement with Modesta Real Estate, located in Vienna, to support its continued expansion across Europe and the Middle East. Modesta Real Estate will collaborate with Savills to service existing clients whilst liaising with Savills offices and other partners in CEE to build relationships across the wider region. Modesta Real Estate also has an office in Bratislava and will be collaborating closely with Savills’ Czech office to ensure further service delivery in Slovakia.

CPI Property Group is continuing its efforts towards the takeover of Immofinanz. It has increased its holding in Immofinanz to 35.5% and subsequently also increased its offer price.

The Executive Board, Supervisory Board and Works Council of Immofinanz issued statements in which they indicate that the offer price of €21.20 per share is viewed as not attractive and recommend that investors not accept the offer by CPIPG for Immofinanz’s shares and convertible bonds.

Christie & Co’s annual business outlook for 2022 notes the hotel sector’s different developments in Germany, Austria, the Nordics and the CEE region. The key challenges were caused by the correlation and dependence of destinations with their source markets and the varying Covid-19 numbers. 

Newmark Group announced an agreement with Budapest-based VLK Consulting, which will become Newmark VLK Hungary. The announcement follows a recent agreement with a leading Polish commercial real estate firm operating as Newmark Polska.

In Q3 2021, the Czech Republic registered the strongest house price growth within the EU, both in a year-on-year (22%) and a quarter-on-quarter (7.3%) comparison, well above the EU average of 9.2% and 3.1%, respectively, according to Eurostat’s House price index.

Yovav Carmi, President of GTC’s Management Board, has announced that he steps down from the current position by mutual agreement. He has served the company for over 20 fruitful years, performing various functions, including a post on the Management Board.

The change in the office market which we witnessed in 2021 was only the warmup for what is to come in 2022 and forward. The sharing economy and digitization are driving the disruption in the office industry and the adaption of hybrid work models from international corporations are acting as a booster. New Work’s annual Flex Office Market Report 2022, presented in Warsaw and broadcasted internationally, provides some insights.

Despite almost all European office employees working from home last year the empty workplaces did not lead to a reduction in the expenditure that companies had to fulfil had the workforce been in the office. The average costs per FTE fell by only 2% and amounted to €9,468. These findings have been published by Colliers, Occupier Cost Index (OCI), which comprises data from 29 countries, 3,990 buildings, 26.1 million square meters of office space and 1.96 million FTEs.