ARTICLES LABELLED WITH TAG office

Budapest’s certified green office stock of 630,000 at 2015 year-end had increased to over 1,500,000 sqm by the end of 2019, more than doubling the amount of green office space. This represents 40% of the total modern office stock in the Hungarian market. There have also been doubles in the number of certified office buildings or office fit-outs, which increased from 46 to 105, according to the latest green building infographic analysis of Colliers International.

Demand on the Warsaw office market reached 880,000 sqm with 225,000 sqm in the form of pre-lets. JLL summarised the situation on the Polish office market at the end of 2019.

The Spanish Azora Europa I Fund has closed the disposal of Aquarius Business House office complex in Wrocław, which has been acquired by the international fund CBRE Global Investors. Avison Young’s investment team represented the buyer.

The Expoziției Area attracted almost 15% of the total demand for office spaces registered last year in Bucharest, thus entering the top 5 areas preferred by companies to locate their offices, at a very short distance from Center - West, the most dynamic area in the last 3-4 years, according to JLL:

Optima Investment Ltd., which manages the assets of the Central Bank of Hungary’s Pallas Athené Foundation, has sold the majority stake of its Budapest development project, located on the Váci Road office corridor, to internationally-based Chi Fu Investment Group.

KGAL, an independent investment and asset manager, has bought a second office building in Warsaw. The acquisition of the Prosta Office Centre (POC) from Cromwell Property Group follows the 2018 purchase of the Spark office complex. Both assets were acquired for a Europe-wide special real estate AIF.

Total demand on the Budapest office market in Q4 2019 reached 202,510 sqm, representing an 18% increase from the corresponding period in 2018, according to BRF’s latest figures. The vacancy rate has decreased to a record low of 5.6%, representing another 0.3 pps reduction quarter-on-quarter.

EPAM Systems, a global product development, digital platform engineering, and digital and product design agency signed a 2,100 sqm new office lease contract in Debrecen’s newly developed Forest Offices in December 2019. EPAM Systems will be moving to the first floor of the five-storey office building in February 2020. Cushman & Wakefield advised Capstone Befektetési Alapkezelő Zrt representing, Garda Ingatlan Fejlesztő Befeketetési Alap the owner of Forest Offices, in the lease negotiations.

Savills has been appointed as sole adviser to M7 Real Estate for the fund’s entire office portfolio. Savills will be responsible for office space leasing and property management. The portfolio comprises a total of approximately 73,500 sqm across seven buildings located in four cities: Warsaw, Krakow, Wroclaw and Katowice.

The stock of modern office space in Bucharest reached 3.16 million square meters at the end of the third quarter of 2019, in the context of a population of 2.11 million inhabitants and an unemployment rate of 1.3 %, according to the Romania Office Destinations report, conducted by CBRE Romania.