Despite the lack of significant changes in credit availability, high inflation and rising prices, residential property sales in the last quarter of 2022 bettered the previous quarter’s performance. Sales growth was recorded in each of the six major markets with an average q-o-q of 29%, says JLL advisory agency. 

A 44% higher demand for offices in Prague was recorded year-on-year in Q4 2022. Renegotiations accounted for 58%, the remaining transactions included new leases, expansions, and subleases. By 2025, an additional 400,000 sqm of new office space, currently in different stages of preparation, is due to come online in Prague, says JLL.

The Czech industrial real estate market in 2022 was again remarkably successful. It reached the highest annual new supply in the history of the market on the back of record-low vacancy and all-time high prime rents, JLL reports.

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.

A key challenge facing many real estate corporates, who historically have been reliant on the bond markets, is the quantum of near-term maturities. This includes the Nordics where JLL estimates circa 32% of real estate corporate bonds are due to mature within the next 2 years. 

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.