Price and yield moves on the Romanian property market will be influenced in the near future by both the availability and the cost of capital, while the overall volume of deals is likely to fall this year after reaching a 15-year high during 2022, suggest Colliers’ consultants.
Lease transactions in the Bratislava office market in the fourth quarter of 2022 reached a total area of 54,532 sqm, which represents around a 41% increase in leasing activity compared to the previous quarter, the Bratislava Research Forum reports.
Despite many negative factors, Q4 2022 showed that the economy in Slovakia should grow by 1.8% in 2022. Energy prices were stabilized, inflation peaked and we could see the increase in yields. The Slovak industrial sector remained once more the most resilient real estate segment and experienced very solid performance in 2022. In the same period, the lack of new supply resulted in lowered vacancies in offices. Overall retail park projects dominate both this year’s new supply and future retail development with limited space for larger retail schemes due to high saturation. Cushman & Wakefield published its market reports for Q4 2022.
The number of property deals and the volumes transacted plunged in Q4 2022 in comparison to the final quarter of 2021 in major EMEA markets due to higher interest rates and financing costs amid surging inflation. However, property investment will resume its growth path this year, as the inflation and interest rates become more stable, says Colliers.
The Roztyly Plaza office building in Prague 11 has progressed to the above-ground construction phase. Completion is planned for 2024, yet more than half of the offices are already leased, developer Passerinvest announced.
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 Warsaw office market saw a shrinking volume of space under construction and increasing pressure on rents in 2022. However, according to the latest report by Cushman & Wakefield, the capital's market could see a significant tenant recovery as contracts signed in the record period of 2018-2019 come up for renewal.
The office vacancy rate in Budapest increased to 11.3%, representing a 0.3 pps increase quarter-on-quarter and a 2.1 pps increase year-on-year. Net absorption has remained positive by the end of the fourth quarter, amounting to 53,480 sqm and reaching 158,510 sqm year-to-date, the Budapest Research Forum (BRF) reports.
Face2Face Business Campus, an office complex in Katowice with a combined area of close to 50,000 sqm, has a new property manager. Its owner, a joint venture of the Czech fund INVESTIKA realitní fond and Luxembourg-based private equity investor Bud Holdings, has instructed Savills to provide property management for the complex.
According to a report published by Newmark Polska, in 2022 Poland’s regional city markets overtook Warsaw in terms of total modern office stock. Their overall vacancy rate held firm amid moderate development activity.
A popular brand joins the ranks of tenants at Galeria Bemowo in Warsaw. The Tchibo shop opened on Thursday, February 2nd. The store, with an area of over 155 sq m, is located on the ground floor.
Emons is expanding its network of logistics centres in the Czech Republic. As of February 2023, Emons opens a new logistics centre in Ostředek, leasing over 6,000 sqm of warehouse space in the Sázava Logistics Park.
OmniOffice, a serviced office provider, is joining the tenants of Warsaw UNIT. The company has leased 3090 sqm of office space in a Ghelamco high-rise building in the Polish capital.
New appointments
Daniel Cateliu has been appointed as Director in the Industrial & Logistics department of real estate consultancy CBRE Romania. He is currently pursuing an EMBA at the University of Sheffield in the UK. Cateliu is a graduate of the Faculty of Political Sciences within the SNSPA, subsequently following a master's program and earning an Erasmus scholarship at the University of Trieste in Italy.
Oscar Kazanelson - the current Chairman of the Supervisory Board of ROBYG - has been appointed Chairman of the Supervisory Board of Vantage Development. This is related to the decision to build synergies within the TAG Immobilien Group.
Piotr Chemperek has joined the experts of the Office Space Department at Colliers Poland, taking the position of Associate Director. He will be responsible for advising companies in the medical sector.
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