In 2022, the Polish office market recorded a strong performance in terms of demand for office space which came predominantly from the financial, IT and business services sectors. Meanwhile, development activity slowed down amid rising construction costs and the deteriorating economic backdrop. This will result in a ‘supply gap’ in the largest regional city office markets and Warsaw alike, says Cushman & Wakefield in its latest report.

The Polish branch of Cushman & Wakefield advisory agency is reorganizing and expanding its service in the field of defining, achieving and reporting ESG objectives. Its ESG Hub of experts from various business lines will be led by Katarzyna Lipka, Head of Strategic Consulting and Research, in partnership with Ilona Otoka, Senior ESG Consultant. The ESG Hub will deliver and expand its services for Cushman & Wakefield’s clients in cooperation with the firm’s global network of ESG and sustainability specialists.

Cushman & Wakefield has taken over the management of a portfolio of three shopping centres and one retail park in the Czech Republic. Hungarian investment group Adventum Group bought this portfolio from Tesco last year in a unique transaction involving 18 retail projects across the CEE region. Cushman & Wakefield assisted its long-standing client Tesco in the sale and is now managing and exclusively leasing 50,000 sqm of retail in the Czech Republic space for Adventum.

Victoria's Secret's first "real" Czech store - so far an outlet has only operated at Prague's airport - is to open in Prague’s Westfield Chodov shopping centre in May this year, Cushman & Wakefield announced.

Despite many negative factors, Q4 2022 showed that the economy in Slovakia should grow by 1.8% in 2022. Energy prices were stabilized, inflation peaked and we could see the increase in yields. The Slovak industrial sector remained once more the most resilient real estate segment and experienced very solid performance in 2022. In the same period, the lack of new supply resulted in lowered vacancies in offices. Overall retail park projects dominate both this year’s new supply and future retail development with limited space for larger retail schemes due to high saturation. Cushman & Wakefield published its market reports for Q4 2022.

The Warsaw office market saw a shrinking volume of space under construction and increasing pressure on rents in 2022. However, according to the latest report by Cushman & Wakefield, the capital's market could see a significant tenant recovery as contracts signed in the record period of 2018-2019 come up for renewal.

According to a Cushman & Wakefield report, the retail real estate sector saw the continued expansion of retail parks in 2022, accounting for 70% of new supply delivered to the market. Despite many challenges related to inflation and general economic uncertainty, 14 new brands made their debut in Poland during the year. However, the next few months may experience a downturn in consumer sentiment, with lower retail sales, and in turn, reduced turnover for retail tenants.

Cushman & Wakefield has taken over the management of the Atrium Flora shopping centre in Prague Vinohrady, owned by G City Europe (formerly Atrium European Real Estate), as of 1 January 2023.

As of Q4 2022 in the Czech industrial market, the extremely low vacancy of around 1% persists. The share of speculative construction has grown to 40% and the modern, developer-led warehouse stock reached almost 10.8 million sqm, so experts expect that it will surpass 11 million sqm by the end of Q1 2023, the Industrial Research Forum announced in their report.

In 2021, Cushman & Wakefield Prague established a dedicated Residential Valuation & Advisory capability, in response to the growing demand for specialist services in the Czech residential market. In line with the further development of this service offer, the firm is delighted to announce Erik Müller as Head of the Residential Advisory Services team. Erik brings together a background in the operation of rental residential products, data analysis and residential appraisal, Cushman & Wakefield announced.