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The coronavirus pandemic has had a relatively benign effect on the Q1 2020 Warsaw office market figures, according to the latest Savills research. However, tenants already started to optimize costs which soon may increase the number of lease renewals and subleases. Companies will look for more flexible lease terms and cost-effective locations.

During the first three months of 2020, demand on the Warsaw office market was nearly 139,000 sqm, which almost matched the Q1 performance of last year. The vacancy rate fell by 0.3 pps, while 770,000 sqm is under construction. JLL summarised the Warsaw office market in Q1 2020.

Penta Real Estate completed the Business Centrum Tesla 2 office building project in Košice by selling it to the Austrian company European City Estates. The BCT 2 provides 14,600 square meters of office space. The largest tenants include the companies T-Systems Slovakia, Deloitte, Diebold-Nixdorf and Colonnade. On the seller side, the transaction was advised by JLL and the purchase price was not disclosed upon agreement between the parties.

The Polish Commercial Real Estate Chamber (PINK) is hereby publishing figures on the office market in Warsaw for Q1 2020. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers International, Cresa, Cushman&Wakefield, JLL, Knight Frank, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.

Appetite for the acquisition of office buildings and industrial parks, less rented offices and shopping centres with postponed openings, this is how this quarter could be described regarding the real estate market in Romania, according to the quarterly report of CBRE.

Yareal has signed a contract to sell the Nowogrodzka Square office building to a French fund managed by Amundi Real Estate. The transaction includes a Class A office building covering an area of 11,000 square meters, as well as an underground garage with 148 parking spaces. Nowogrodzka Square was opened in the fall of 2018.

The first three months of the year were closed with promising figures on the Romanian property market. CBRE published its Q1 2020 overview of the main commercial real estate sectors.

Penta Real Estate has sold the D48 office building in Warsaw’s Służewiec district to fellow Slovak company IAD Investments for an undisclosed sum.

Cushman & Wakefield has formed the Recovery Readiness Task Force (RRTF) to lead the development of best practices, products and partnerships to prepare clients for post-COVID-19 recovery and the eventual return to the workplace. Additionally, Cushman & Wakefield has launched a new office design concept on its website, showcasing a new social distancing program developed by the firm and being piloted in The Netherlands.

OKAM Global Commercial, a new commercial real estate company founded by residential developer OKAM Capital, has appointed Savills as property manager for its recently acquired office building at 16 Lindleya Street in Warsaw.