ARTICLES LABELLED WITH TAG office

The third quarter of the year brought Echo Investment €8 million (PLN 36 million) in net profit, which is the result of handing over 301 apartments to clients, the value increase of office buildings under construction, as well as the apartment rental platform – Resi4Rent. The developer increases its focus on the residential sector – both for sale and for rent – which today accounts for about a quarter of the company's assets. Echo Investment intends to carry out most of its projects as part of multi-functional projects, called "destinations".

GTC’s profit before tax and fair value adjustments increased to €21 million in Q3 2020 from €15 million in Q3 2019. For the January-September period, 2020’s results were slightly weaker at €52 million compared to the previous year’s €53 million.

Ghelamco has begun the construction of the Craft office building in the centre of Katowice, near the Silesia City Center shopping centre.

While the first results show that the GDP grew by 5.2% q-o-q in Q3 in the Czech Republic, the second wave of COVID-19 has forced the government to re-impose strict containment measures to curb the spread of the virus. Retail sales grew during the summer as they reached pre-pandemic levels. However, consumer confidence fell for a second consecutive month in September, while a worsening labour market outlook and a resurgence of new infections will mean households keep more precautionary savings as well as denting income. On the other hand, industrial production resumed growth in September and is likely to underpin economic growth as it is less exposed to the pandemic. Cushman & Wakefield summarised the situation in each market segment.

AFI Europe Serbia is launching on the construction of the Skyline Omnia office tower on Belgrade’s Kneza Milosa. The project, worth €73 million, will see the completion of 132-metre high office tower with 31 floors, covering nearly 40,000 sqm.

Echo Investment has gained a loan for the construction of three office buildings included in the multifunctional Fuzja project in Łódź. Bank Pekao S.A. provided financing for the investment.

The Flow Building, Flow East’s development on Wenceslas Square, has become the first building in the Czech Republic to achieve a BREEAM “Outstanding” rating – the highest possible rating – under the latest assessment scheme version.

According to a report published by Cresa Poland, the vacancy rate on Poznań’s office market stood at 13.3% at the end of Q3 2020, down by 1.2 pp on the second quarter. It is the only office market in Poland to have recorded a quarterly fall in vacancies.

Resolution Property has completed the acquisition of a ca. 37,200 sqm office portfolio in Budapest, Hungary. The portfolio is comprised of two fully let, recently refurbished, Class A office buildings, Margit Palace and Buda Square, acquired from CEE-focused Hungarian fund manager Adventum Ltd.

Warburg-HIH Invest Real Estate GmbH has kicked off the process of converting its European real estate portfolio to green energy. The Hamburg-based investment manager successfully implemented the new energy supply for the LEED Platinum-certified White House office building in the Hungarian capital of Budapest in partnership with operating costs expert Westbridge International AG. The move will cut the building’s carbon emissions by just under 2,700 tonnes within the next three years. The fully let building is part of an open-ended special alternative investment fund (AIF) managed by Warburg-HIH Invest.