The hotel market in Romania could become more diverse throughout the next year as a result of new brands entering the market by means of leasing or partnership contracts with real estate developers as an alternative to the management or franchise contracts. Such a business model will lead to the relaunch of the hotel market and will offer, at the same time, the possibility for real estate developers to diversify their portfolio, according to Colliers International. 

GTC’s Polish flagship retail project was officially granted a final occupancy permit. Galeria Północna, comprising 64,800 sqm of leasable space, is the first major modern shopping and entertainment centre located in Warsaw’s Białołęka district. The investment was completed within 25 months after obtaining the construction permit.

Polish hotel group Orbis, the CEE partner of French group AccorHotels, has signed a management contract with local company Constructii Erbasu S.A. for an ibis Styles hotel in the northern part Bucharest.

According to CEO Thomas Kurzmann the first half of 2017 was dedicated to advance planning and permitting on development pipeline projects as well as acquisition of enew office locations in the fastest growing office markets of Budapest, Bucharest and Sofia. GTC published its financial results for H1 2017.

AFI Brasov has recently obtained the construction permit and will be the third shopping center AFI Romania is developing in Romania. The shopping center will offer a total gross leasable area of 45,000 sqm, 80% of which is already leased, that will be combined with two additional Class A office towers totalling 25,000 sqm GLA. The overall investment for the mall and first office building is estimated to be over €120 million. The entire project is developed to be LEED Gold certified as a green building.   

Skanska has launched the construction works of the Nowy Rynek office project in Poznan, Poland, A new city quarter, together with a market located in a complex of multi-functional buildings, will be developed on an area of 3.8 ha on the crossroads of Matyi and Wierzbięcice Streets. Furthermore, it will constitute one of the biggest urban enterprises in the history of Poznan as well as being Skanska's most complex developer project to date in Poland. During the first phase of construction works, the company will develop an office building offering 25,000 sqm of modern space. The first phase is expected to be delivered in Q2 2019.

Panattoni Europe launched the courier parcel distribution centre project for GLS Poland. This cross-dock facility will cover approx. 7,600 sqm and is being developed in the BTS and BTO formula in Janki near Warsaw. Execution of the project officially commenced on 20 July and the actual project start-up is scheduled for February 2018.

Construction cranes are a common sight when walking around Budapest, marking the rapid property development taking place. Soon, scores of office buildings will appear out of nowhere. The changes are especially dramatic on Váci Road. Just a few minutes’ walk north of the metro station on Dózsa György Road there are three adjacent construction sites. But there are developments in progress all over the city, paving the way for new business centres.  

Following the expansion in Budapest, Krakow and Warsaw, Cordia has re-entered the Romanian capital with a 400 apartment development. Futureal Group’s residential subsidiary acquired 13 plots with a total area of 15,336 sqm in Bucharest where the project will be developed.

Futureal Group has started the construction of the Corvin 5 office building in Budapest. The first phase of the building is expected to be handed over by the end of 2018. The complex valued at €90 million is also among the firsts to receive Well Building certification in Hungary since it has already been registered in the international process of the standard system.