During the third quarter, three new office buildings were completed with a total area of 39,570 sqm – reports JLL in their latest Budapest Office Market Pulse. The increasing development activity has had an effect on the vacancy rate as well: the Budapest office market’s vacancy rate made a slight increase to 10.9% as a result of the vacant space in the newly completed buildings and in the buildings from where the tenants moved out.
The Polish unit of Swedish IT company Cybercom has leased over 2,500 sqm of space in the Nowa Fabryczna office building developed by Skanska in the city of Łódź. JLL advised Cybercom on the leasing process.
In H1 2016, a total of 3,350 apartments in 47 new residential schemes were completed in Prague. For the second half of the year, another 3,200 units are estimated to be completed in the Czech capital. In total, JLL expects 6,500 units to be completed in Prague, which is the highest figure since the real estate crisis in 2009.
After a calm Q3, the Polish retail market is set to pick up momentum. In Q4 developers may deliver up to 276,000 sqm of modern shopping centre space. JLL has published its Q3 2016 report on Poland's retail market.
HB Reavis has selected JLL as the property manager of West Station I in Warsaw. JLL will be responsible for maintaining relations with tenants and supervising the technical, operational and administrative aspects of the building.
According to the latest report by JLL, High Street Retail in Prague 2016/2017, the Czech capital is the most attractive destination for expansion of international retailers in CEE and is being considered as the gate when entering this region. Demand for quality space on Prague’s high streets, Pařížská and Na Příkopě, is outstripping supply which is reflected in the current rent rate of up to €190/sqm/month for a notional unit of 100 sqm in a prime location.
This year has witnessed new players entering Central and Eastern European markets which, when combined with investments from the region's traditional players, has further increased CEE investment activity. Colliers, Skanska and JLL has released a joint report that analyses the region’s potential as an investment location.
Global law firm White & Case has signed a lease agreement for 2,500 sqm of modern space in the Q22 office building. The firm will relocate to its new office by the end of 2017 and will occupy floors 37-38 as well as part of floor 39. JLL represented White & Case during the process of selecting a new office and negotiating the lease terms.
Neinver, a Spanish developer, investor, property and fund manager, has entered into an agreement with Carrefour Polska to manage the Metropolitan Outlet in Bydgoszcz. The outlet centre, scheduled to open in spring 2018 will be the first and only retail centre of this kind in the Kujawsko-Pomorskie province.
The United Kingdom’s decision to leave the European Union dominated property news cycles over the summer. After the initial shock things have somewhat cooled down but it is still uncertain to what extent will London loose its position as the capital of the European real estate market. The first figures show that although investors have started acting a bit more cautiously they are just as hungry for yields as they have been before the referendum took place. Benjamin Perez-Ellischewitz, Head of Capital Markets at JLL Hungary has talked to us about the potential effects of Brexit on European property markets.
FitFabric will open a fitness club in the WIMA Widzewska Manufaktura mixed-use complex, developed by Cavatina Holding on al. Piłsudskiego in Łódź.
Stokrotka, Polish grocery chain has leased almost 3,000 sqm (including 125 sqm of office space) in 7R Park Bydgoszcz I warehouse complex.
German healthcare services provider doctari group has opened a technology hub in Iulius Town, the mixed-use project based in Timișoara. The company plans to hire 30 tech specialists in the new office.
Nikola Ristivojevic has started a new position as Director of Capital Markets at Coreside Savills in Serbia. He previously worked as Senior Consultant at CBS International, a member of Cushman & Wakefield Alliance.
Victor Răchită has been appointed Leader of the Industrial & Logistics department of real estate consultancy CBRE Romania. He has more than 20 years’ worth of experience in the property industry, working for more than a decade for CBRE.
JLL Hungary is launching a business development division in order to maximize synergies between its existing departments and to increase the operational efficiency of its services. The new business unit, responding to rapidly changing market and client needs, will be led by Tamás Pál MRICS, who has more than a decade and a half of experience in the commercial real estate market.
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