One United Properties continues to develop its Bucharest-based office portfolio which has reached an estimated value of almost €400 million. Property Forum spoke with Mihai Păduroiu, CEO of the Office Division of One United Properties, about the transformation in the office market triggered by the pandemic and the drivers of demand going forward.

Czech investment company REICO investiční společnost České spořitelny, a.s. (REICO IS ČS) as of February has appointed Savills as property manager for its Prague office complex Bořislavka. Savills will work in cooperation with Active Retail Asset Management (ARAM) who will manage the retail scheme within the asset.  

Europa Capital and ConvergenCE have announced the new brand identity of the recently acquired Akadémia Business Center in the heart of Budapest. Alongside the launch of the refurbishment works, the riverside building will be rechristened Academia, as a vital part of its transformation and repositioning.

Area Ingatlan Kft and its co-investor have acquired BC 91 Offices located on Budapest's Váci Road office corridor.

Fortenova Group has signed a contract with Agram Group for the sale of the  Cibona Business Tower in Zagreb. The asset comprises office premises on 16 floors as well as garage areas amounting to 6,700 square meters overall. In accordance with the contract, the pruchase price is not being disclosed.

With six new office buildings slated for delivery this year, the leasable stock will grow by 135,700 sqm, which is the lowest level since 2017, according to real estate consultancy CBRE.

Lincoln Property Company (LPC), an established investor, developer, and provider of management services, active in the US and European commercial real estate sector, has resumed its operations in Poland. Damian Grzywacz was appointed Managing Director of Lincoln Property Company in Poland following LPC’s acquisition of The Form in Warsaw last year, and has been tasked with identifying further investment projects in the region.

S IMMO has recently made major commitments towards building a fully ESG-compliant office portfolio in Budapest with a large acquisition and an ambitious green energy initiative. Géza Barabas, Country Manager of S IMMO Hungary talked to Property Forum about upcoming investment plans and the company’s ESG strategy for the Hungarian market.

More than half of the 1.24 million sqm of office space leased in 2021 was located in Warsaw. Renegotiations accounted for nearly 45% of the total transaction volume.  However, the main regional cities now account for three times more square metreage under construction than the capital city.

Development margins in Poland have been under pressure in recent years which is taking effect in a smaller number of projects under construction with planned occupancy dates in 2022 and 2023. Property Forum talked to Mariusz Frąckiewicz, Country Director at Avestus Real Estate Poland about the post-Covid office market in Poland, the impact of inflation and surging land prices.