ARTICLES LABELLED WITH TAG JLL

Commercial property investment in Romania totaled €1.25 billion in 2022, up 40% compared to the previous years, of which the biggest single deal was Pavăl Holding’s acquisition of CA Immo’s office portfolio for €600 million, according to real estate consultancy JLL România. Last year's result was the biggest since 2008.

The past year has been an extremely intense one for the housing market. A series of events from another Covid-19 wave, the outbreak of war in Ukraine and the ensuing influx of refugees, to the acceleration of inflation, a tightening of credit scoring criteria, the increase in interest rates and the coming into force of the Law of the Developer's Guarantee Fund, have significantly affected the market. These changes will certainly continue to resonate in 2023. JLL experts summarize what the coming months may have in store for the housing market.

ICT service provider Atman sp. z o.o. has purchased an investment site of nearly 6 hectares in Duchnice, in the municipality of Ożarów Mazowiecki. The transaction process for the Warsaw-based company, including engineering support and the preparation of administrative and legal formalities, was provided by JLL Poland.

The Managing Director of JLL Czech Republic expects a fairly quiet year in 2023 in the investment market. But in the industrial market, next year should be a strong one due to continued steady demand, says Andrew Peirson in an interview with Property Forum.

High energy prices and rising inflation are affecting market conditions across Europe. According to economists' forecasts, the most difficult period will be the coming winter. However, Poland is in a more favourable situation despite rising inflationary pressures, as JLL experts argue in their latest report on the retail market in Poland for Q3 2022. According to Oxford Economics, Poland's GDP will grow by an average of 3.0% per year between 2022 and 2026, well above the average for the EU as a whole and the eurozone (1.8%). In addition, Poland is projected to see the greatest increase in retail spending until 2026. Oxford Economics also reports that retail sales, in real value terms, are expected to grow by 4.6% per annum until 2026, placing Poland among the top European countries.

JLL Romania advised Euroest Car, a company specialising in the import and distribution of original car parts, in leasing 9,500 sqm in CTPark Bucharest Chitila, a Class A industrial park owned by CTP Romania in the northwest of Bucharest.

Over the last few quarters, a new office space supply gap in Warsaw, caused by record low levels of space under construction and predominantly forecast for 2023, has been widely discussed. This appears to also be the case with Poland's largest regional markets albeit slightly lagging behind Warsaw, says JLL. 

Q3 2022 saw up to a 30% q/q drop in the number of flats sold on the primary markets of Warsaw, Kraków, Wrocław, the Tri-City, Poznań and Łódź. The total number of flats sold in these markets was only 6,600. JLL experts emphasise that the last time such low demand for real estate occurred in Q2 2020 when sales offices were closed due to the COVID-19 pandemic wave.

Q3 2022 in the Warsaw office market saw record-low developer activity. At the end of September, only 160,000 sqm of space was under construction. As a result, new supply is expected to drop significantly in 2023, with only 60,000 sqm of office space coming to the market, JLL reports.

Prague's residential market is seeing record construction this year, with more housing starts, but demand for apartments is slowing down. On the other hand, however, the growth of housing prices is slowing and mortgage interest rates are rising. This is also why the share of vacant flats supply in the Prague residential market has increased too, says JLL's regular report.