ARTICLES LABELLED WITH TAG Cushman&Wakefield

According to the latest report from Cushman & Wakefield, 2023 saw the second-highest supply level and the third-highest take-up figure in the history of the Polish industrial market. The sector continues to enjoy strong fundamentals supporting its steady growth despite the rapidly changing macroeconomic environment.

The development pipeline of logistics centres is still powerful around Budapest but some of the players seek other opportunities near regional industrial cities. However, landlords need to adapt to market changes while adjusting their rental conditions. Property Forum asked Gábor Halász-Csatári, Head of Industrial & Logistics Agency at Cushman & Wakefield about the latest trends in meeting demands and the pivotal role of fulfilment services in Hungary.

In 2024, the Polish commercial property market will be largely impacted by growing ESG regulatory pressure, says Cushman & Wakefield in its latest report. Following the entry into force of the EU reporting standards and the revised EPBD, investors will be required to place an increasing emphasis on implementing practical sustainable solutions for their property portfolios.

The Prague Research Forum – CBRE, Colliers, Cushman & Wakefield, iO Partners, Knight Frank and Savills – has shared an updated Prague office market insight. Figures and data for Q4 2023 have confirmed a cautious approach both from developers and tenants.

The supply of modern retail space has reached 3.93 million sqm in the Czech Republic. Retail parks or shopping parks are taking a portion of 31% of this total according to Cushman & Wakefield's analysis of the Czech retail park market data. Traditional shopping centres account for about 67%, and the remaining 2% are outlets.

Cushman & Wakefield has summarized the situation in the Polish retail market in 2023, which saw heightened development activity, with about 450,000 sqm of new retail space delivered. The Polish retail sector continued to recover, as confirmed by the number of debuts – 29 new brands entered Poland in the last 12 months, marking the highest figure since 2017. Meanwhile, the slower price growth bolstered consumer sentiment, leading to higher retail turnover levels.

Uncertainty and volatility have been the two dominant trends shaping the commercial real estate market and buyer sentiment in recent months. However, according to the latest report from Cushman & Wakefield, the Polish market, whose fundamentals remain strong, is broadly expected to regain equilibrium. Change is being seen in the number and types of real estate transactions taking place – due to the constrained availability of safe prime assets for sale on the office market and high financing costs, investors seeking higher returns are turning their focus to higher-risk transactions. With retail footfall figures for large schemes back at satisfactory levels after the pandemic and attractive asset pricing, the retail market has become an interesting sector for bargain hunting. The warehouse and logistics sector continues to feature prominently on investors’ radars.

A record number of new brands entered the Czech retail market last year. In the past ten years, since Cushman & Wakefield has been closely monitoring this activity, none equalled the 2023 list of 39 new retail brands.

According to Cushman & Wakefield’s latest report, the Polish hotel market is seeing a steady increase in demand and key performance indicators. These positive trends are expected to continue into 2024, with a recovery in the number of international guest nights in Polish hotels. In the long term, the market will increasingly focus on hotel retrofitting and implementing modern technological and ESG solutions.

UX (user experience) has in recent years been a buzzword in discussions about attracting retail customers. However, nothing puts consumers’ emotions and well-being to the test more than the pre-Christmas frenzy and visits to shopping centres. According to Cushman & Wakefield’s retail customer experience survey, 42% of Polish respondents say that their shopping experience is impacted by sound and music, with 41% and 38% citing the interior design and lighting in a shopping centre respectively. Over 40% of the surveyed respondents say that they are irritated by crowds and noise when shopping. These are important insights for property landlords and managers responsible for creating optimal conditions that will drive positive shopping experiences.