Investment transactions in Romania’s commercial property market totaled €120 million in Q1 2023, which was almost double compared to the same period of last year. The deal volume was driven by industrial and office projects, according to a Colliers report.
Colliers released its third annual Impact Report, highlighting progress towards realizing a more sustainable and equitable future for all. This report includes information on how Colliers is delivering resilient buildings, inclusive workplaces, and spaces that promote health and well-being.
Modern office buildings are an important part of ESG strategies for many companies. However, the real estate market in the Czech Republic is not yet fully prepared for the new ESG-related requirements. Even construction projects planned over the next few years will not resolve this issue, since meeting strict standards and certification requirements is both procedurally and financially demanding, Colliers reports.
Colliers has introduced a new Design and Build business line to complement its existing Workplace Advisory services. Together, these two areas can provide comprehensive one-stop solutions for tenants, from the idea of relocation to the handover process.
A growing number of office developers in Romania are beginning to deliver to tenants unequipped, ”cold shell” space without fixtures and finishes. Meanwhile, tenants are investing at least €30 per sqm of their development budget for demolition and reconfiguration to adapt the space to specific needs and strategic plans, according to Colliers' data.
In Q1 2023, the Czech industrial real estate market hit record numbers and passed the 11 million sqm mark. The five-year average has broken when the total volume of newly completed industrial grew to 217,900 sqm, according to Colliers’ quarterly survey.
Q1 2023 saw a recovery in the Prague office space market. Growing demand may be met with lower availability of new premium space in the coming years, as only a smaller number of new projects are currently under construction. This may affect the currently stabilized price level of rents. Serviced office centres and ESG-compliant projects are on the rise. These findings come from a quarterly market survey conducted by Colliers.
Colliers Poland has launched a new Energy Advisory service designed to provide clients with comprehensive advice on optimizing their electricity purchasing processes, selecting renewable alternatives, and building energy independence using their own sources. The practice will be led by Dariusz Chrzanowski, an expert with 15 years of experience in the energy market.
The uncertainty that prevailed in the Czech commercial real estate market in the second half of 2022 has been reflected in Q1 2023. Although the market is already calmer, according to Colliers' experts, it is still awaiting a relatively long period of stabilization.
Basecamp Student has signed a facility agreement for refinancing their student housing project in Wrocław with a loan in the amount of €36 million, Colliers announced on LinkedIn.
The Polish office of the international legal network Eversheds Sutherland will occupy the 18th and partly the 17th floor of the Widok Towers office building in the centre of Warsaw. It will take an area of over 1,400 sqm in the building, owned by Commerz Real fund.
The office space in Warsaw's PZO Factory (owned by White Star Real Estate) has been fully leased. The tenant of approximately 380 sqm on the ground floor of the PZO II building has become the medical company Affidea.
Cuponation GmbH will lease more than 200 sqm in the LIFE Building (formerly Atrium Tower) in Warsaw, which is owned by Austrian company VIG Fund (a part of Vienna Insurance Group). JLL is responsible for the commercialization process of the building. Tenant was represented by CBRE.
New appointments
DLA Piper’s Prague office has appointed a Corporate partner with a focus on technology Tomáš Ščerba, Real Estate partner Michal Hink and Banking, Finance and Restructuring counsel Leo Javorek.
Following Magdalena Sekuła's resignation from the Supervisory Board of LPP, and the reduction of the number of Supervisory Board members below the statutory minimum, the Supervisory Board appointed Jagoda Piechocka as a Supervisory Board member.
Florin Suicescu has been named COO of Forty Management. With over 30 years of management experience, he has held senior positions in real estate and hotel developments.
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