ARTICLES LABELLED WITH TAG Newmark

Hungary's office market has slowed down, tenants are more cautious. Sadly, it often results in drawn-out decision-making as tenants focus on safe solutions, fearing the unpredictability of the future. In consequence, there are more renewals and fewer relocations. However, demand for experienced advisors providing high-added value is ever-growing, as the alternative – rectifying a poor lease contract after it is signed – is difficult and expensive, says Valter Kalaus, Managing Partner of Newmark VLK Hungary.

According to the latest report published by Newmark Polska, tenants in the Warsaw office market continue to carefully review their needs, including potential office locations, while landlords are actively adapting the standard of office space to occupier requirements. New leases, including pre-lets, accounted for more than half of all deals recorded in the third quarter, but renegotiations still represented a large proportion of total take-up. At the same time, there is still a strong interest in ESG solutions and their implementation.

A logistics service provider has renewed and expanded its lease in GLP Pomeranian Logistics Centre. Under its new contract the tenant will occupy approximately 22,000 sqm of warehouse and office space in the complex. Real estate advisory firm Newmark Polska was instructed to negotiate the terms of the lease.

Anna Szymańska, Head of the Office Department at Newmark Polska, summarised how to renegotiate a lease to profit from it throughout its term, what to focus on, what not to miss, how to tackle costs and why it makes sense to engage professional advisers in renegotiations.

According to the newest report prepared by Newmark Polska, in the second quarter of 2023, the total warehouse and industrial stock in Poland surpassed 30 million sqm. Both tenants and developers exhibited caution in decision-making, which resulted in a decline in leasing activity and construction volumes. Meanwhile, warehouse availability in existing facilities increased.

According to a report published by Newmark Polska, occupier activity in Poland’s regional city office markets remains stable, but tenants are increasingly shifting their focus towards making efficient use of office space and looking for better quality offices.

Regesta, a specialist provider of road transport, forwarding and logistics services, has renewed its lease for more than 17,000 sqm of warehouse, office and social space in Park Tychy DC1. The tenant was represented during the lease negotiations by Newmark Polska.

Subcarpathia continues to gain importance and is likely to become a leading east-west transshipment hub supporting the rebuilding of Ukraine. Its potential has also been recognized by industrial developers who are building warehouses and securing land for future projects in the region, say Michał Kozar, Senior Associate, and Janusz Dudek, Senior Advisor, Industrial and Warehouse Department, Newmark Polska.

According to the new report published by Newmark Polska, key themes defining the Warsaw office market in the first half of 2023 included waiting for new office completions and adjusting occupied space to widely popular hybrid working models. Despite new supply constraints and relatively muted development activity, the city’s vacancy rate edged down marginally in the second quarter of this year. Leasing activity reached a similar level to that of the first three months of 2023.

New multinational companies are leasing warehouses in Upper Silesia while taking advantage of comprehensive logistics services. Developers have secured plots of land in the region and will launch new projects once they pre-let 30-50% of the floorspace of a building as part of meeting banks’ lending requirements. According to the latest market data, Upper Silesia is the fastest-growing region, say Michał Kozar, Senior Associate, and Janusz Dudek, Senior Advisor, Industrial and Warehouse Department, Newmark Polska.