ARTICLES LABELLED WITH TAG office

The Romanian office market registered a 36% decrease in 2020 from the record level of 470,000 sqm recorded in 2019 to 300,000 sqm, JLL data shows.

At 230 metres full roof height Varso Tower is now officially the tallest building in Poland. Works continue at the top of the building where a 80-metre tall spire is to be assembled in upcoming weeks. Upon its completion, Varso Tower - developed by HB Reavis - will be the tallest building in the European Union with its architectural height of 310 metres. The construction is set to complete in Q1 2022.

Yareal closed the final agreement for the sale of the first phase the LIXA complex in Warsaw, which opened its doors to tenants in November. The price has not been disclosed. 

According to experts of Cushman & Wakefield, this year’s total volume of transactions is expected to reach €9.4 billion in Central Europe, which will represent a one-third decrease on last year’s figure. Poland’s share in the total transaction volume - albeit down by one-fourth compared with last year - will hit approximately 60%.

The changing structure of demand for offices, and the increasing amount of space aimed at subtenants, raises the question of whether the office sector in Poland is facing the imminent prospect of oversupply.

The spread of the hybrid model of working, fast-tracked digitalization of business processes, combined with increased awareness about the importance of employee well-being are the main trends that shaped the office market in Poland in 2020. An indirect effect of the Covid-19 pandemic was an increase in lease renegotiations, as well as a rise in the amount of space available on a sublet basis. AXI IMMO presents a preliminary analysis of the key trends in the Polish office market this year.

Real estate asset and investment manager GalCap Europe has acquired the Koszykowa 54 office building in Warsaw. The seller is a mutual fund managed by UBS Real Estate GmbH. The office building was acquired under the mandate of a German pension fund and complements the existing CEE component within the investor's individual fund structure, which is managed by 2IP Institutional Investment Partners.

J&T Banka has acquired the eight-story Rustonka office complex in Prague 8 from Gramexo, which is part of a group of companies affiliated with the J&T Group, for €80 million (CZK 2.1 billion).

Delta Real Estate has secured the resources and the technical documentation for the construction of the Delta Center business complex in New Belgrade. The complex will include the 26,000 sqm Hotel InterContinental Beograd, in addition to 26,000 sqm of office space. The project will also include an exclusive shopping area and restaurants, as well as a large underground car park.

Belgian real estate developer Atenor entrusted the Budapest History Museum with the archaeological excavation of the plot of 68-84 Bécsi Road in Óbuda, on which it is implementing one of its latest projects, the 15,000 sqm RoseVille office building. The archaeological research carried out on the plot is significant as it was finally possible to examine the large, connected area of the Roman time cemetery of the military town of Aquincum.