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.

While Bucharest’s office stock totaled 3.3 million sqm at the end of the third quarter of 2022, there were only five new office buildings completed and just another one will be delivered by year-end, which would make it a 5-year low for the market, according to real estate consultancy CBRE. 

The City of Prague plans to improve conditions for real estate developers by lowering the number of mandatory parking places in residential and office buildings. Thanks to a new legal amendment, they will no longer have to build a mandatory garage space for each apartment. The amendment, which will now be open for 45 days for comments, would help real estate investors and developers, as well as those who want to do extensive reconstruction, writes E15.cz.

In Q3 2022, the volume of new supply in Budapest's office market increased significantly compared to the previous quarter, marking the highest volume since Q2 2020, the Budapest Research Forum (BRF) reports.

ESG is rewriting the rules of office leasing with the attitude of landlords, tenants and service providers gradually changing. During a panel discussion recently organised by CEE-based flex space provider New Work at Science Park in Budapest, market experts discussed the topic in detail.

Iris office building, located in Warsaw at 9 Cybernetyki Street has been sold by the entity being a part of CPD Group to DL Invest Group. Avison Young brokered the transaction and represented the seller in the disposal process.

PINK has published figures on office market in Warsaw 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, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.

Ghelamco officially presented its latest project in the business centre of Warsaw. The office complex named VIBE will comprise of two buildings located next to the other project of the Belgian developer, the Warsaw HUB.