The Polish Chamber of Commercial Real Estate (PINK) has published figures summarizing office market in eight major regional markets in Poland (Kraków, Wrocław, the Tri-City, Katowice, Poznań, Łódź, Lublin, Szczecin) for Q3 2022. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers, Cushman&Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on existing modern office stock, new completions, take-up volumes and vacancy rates.

PPF Real Estate has announced the launch of the first stage of the ARC office project in Bucharest by clearing the existing structures on the site. The planned ten-story class A office building is due for completion in 2025.  

The Warsaw office market registered a minor uptick in the vacancy rate and a constrained development pipeline during the third quarter of 2022, reveals real estate advisory firm Newmark Polska in its latest report.

Property Forum sat down with Piotr Trzciński, Head of Poland and Andrew Allen, Global Head of Research, Product Strategy and Development at Savills Investment Management, to talk about the company’s investment strategy in Europe and Poland in particular. They also talked about Savills IM’s ambition to become net zero by 2040 and the way ESG is shaping future developments in the European commercial real estate sector.

Interest in office space in Prague is not slowing down. Office demand is growing by tens of percents year-on-year, the vacancy rate is slightly decreasing and over 190,000 sqm is under construction, according to the latest office market analysis for Q3 2022 by the Prague Research Forum.

The office market is going through a period of stagnation, recording demand values similar to those of 2021, while new deliveries amounted to 105,000 sqm by September 2022, compared to 154,000 sqm in the same period of last year, according to real estate consultancy JLL Romania.

Globalworth has announced the appointment of Dennis Selinas as the new CEO starting January 2023, replacing Dimitris Raptis, who will step down from the executive role and the position of board member at the end of this year. 

Property developer GTC has completed the refurbishment of its City Gate Complex office project in Bucharest following an investment of €3.5 million.

Wing has sold the Máriássy office complex in Budapest to GRAWE Immo AG, part of the GRAWE Group. Wing purchased the plot and developed the office buildings in 2003-2005. Financial details were not disclosed about the deal.

The next few months will show the extent to which the increase in the costs of renting office space and property maintenance will affect further development of the office sector. Higher costs of running a business will force companies to verify their budget plans, says Robert Pastuszka, Director, Office Agency at Avison Young Poland.