Genesis Property is investing €50 million in YUNITY Park, a mixed-use project in Bucharest with co-working and co-living components. Darren Allen, Development Director of Genesis Property spoke to Property Forum about the office market amidst the adoption of hybrid working and investing in campuses with complex facilities for a new work and play experience.

The vacancy rate of the Prague Office market has not changed in Q2 2022 and remained at the same value as in the previous quarter. Nevertheless, the rents and service fees continue to rise and the volume of net take-up is the highest since the end of 2019, says Colliers.

The first phase of the Millennium Gardens office building has opened its doors with an occupancy rate of over 90%, following an investment of €150 million from Revetas Capital for the development of the North Tower. Millennium Gardens is part of the portfolio of assets of Revetas Capital in Hungary, the pan-European real estate investment advisor that also manages 12 retail parks across the country. The project is being developed by TriGranit, which has more than 20 years of experience and has successfully implemented more than 50 landmark projects.

Immofinanz has successfully closed the sale of the BBC Gamma office building in Prague to Passerinvest Group. The transaction was concluded at a premium to the book value as of 30 June 2022, the seller announced.

Krajowy Ośrodek Wsparcia Rolnictwa (KOWR) has renewed its lease agreement at the Karolkowa Business Park office building, owned by the Menora Group, Shikun&Binui Group and M&A Capital. According to data from the Polish Chamber of Commercial Real Estate, ​the renegotiation of the 10,000 sqm contract is one of the largest transactions in the Warsaw office market for Q2 2022.

DBH Group, a Dutch-based international corporation, focusing on venture capital, flexible infrastructure & corporate services, has leased office spaces in two buildings owned by Skanska in Romania and Hungary. 

Advance Tower, located on Budapest’s Váci Road office corridor, has become the latest office building to receive a WELL certification. With the International WELL Building Institute’s (IWBI) recent acknowledgement, two out of the three already WELL-certified office complexes in Hungary were developed by Futureal. Since 2020, Advance Tower has been part of Erste Open-Ended Euro Real Estate Investment Fund’s portfolio.

According to Savills latest research, take-up in the European office market in H1 2022 reached 4.3 million sqm, 11% above the five-year H1 average.

Simona Șchiopotă, Managing Partner at Hitch&Mosher spoke to Property Forum about the potential of Timișoara and the western part of Romania to attract new real estate investors and the expansion of the agency’s portfolio with propert management services and commercial projects.

LaSalle Investment Management (LaSalle) launched the development of a new premium retail and office centre, 100YARDS on the iconic Na Příkopě street in Central Prague. The project will transform three separate buildings into one mixed-use complex which will feature a landmark new shopping destination and premium office space. The opening is planned for the second half of 2024, the company says.