Although the majority of modern office stock is concentrated in Poland’s largest metropolitan areas, companies are increasingly looking beyond the core markets for office space Cushman & Wakefield has prepared a report on 12 alternative locations for BSS tenants.

The fifth, 25,053 sqm building (Building F) of the Váci Greens office complex, already having a 67% occupancy rate, has received the occupancy permit. The first tenants are going to move in in June. Located in the heart of the Váci Corridor, the hand-over of the sixth and last building of the office campus, Building E will take place in September 2020. Thus, the development of Váci Greens will be finished by Belgian developer Atenor this year.

Marynarska Point 2, an office building in Warsaw owned by Bluehouse Capital, is currently undergoing refurbishment. As part of the work underway, its reception lobby will be fully remodelled. The building’s surroundings will also be redesigned.

Real estate developer Hagag Development Europe and Global Vision signed a collaboration agreement for the property management services of Hagag’s office building H Victoriei 109. Thus, Global Vision takes over the administration of the property located on Calea Victoriei.

Adventum International, a Malta-based boutique investment fund manager, has acquired yet another property in Poland. The 17, 000 sqm Centrum Orlat office building at Plac Lwowskich in Wrocław was purchased from seller EFL Service S.A. being part of the financial groups of the European Leasing Fund S. A. With this transaction Adventum’s Quartum Polish office portfolio grew to 63.000 sqm GLA.

Cushman & Wakefield won a double mandate for the property and asset management of the Nowogrodzka Square office building which was recently acquired by Amundi Real Estate from developer Yareal.

Immofinanz’s rental income in Q1 2020 rose by 13.4% to € 74.0 million, above all due to the expansion of the portfolio through acquisitions and completions as well as a growth of 1.9% in like-for-like rental income. The results of asset management increased by 18.1% to €59.5 million, and the results of operations were 18.0% higher at €43.5 million. However, the revaluation results of €-45.0 million from standing investments and goodwill reflect the adverse effects of the COVID-19 pandemic. Net profit for Q1 2020 was, therefore, negative at €-37.6 million.

In the current time of intense market changes, space in centrally located boutique office buildings might become a good option for companies migrating from large Warsaw facilities, according to consultancy firm Walter Herz.

Europi Property Group has acquired a 12.3% stake in Capital Park, an owner, operator and developer of office and mixed-use assets in Poland, predominantly Warsaw. While EPG had been tracking the company since late 2019, the opportunity to invest arose as a result of the market distress in March, enabling the acquisition at an attractive discount to the net asset value.

In Q1 2020, the total office stock of Poland’s nine largest markets (Warsaw, Krakow, Wrocław, Tricity, the Upper Silesian and Zagłębie Metropolis, Poznań, Łódź, Lublin, and Szczecin) reached close to 11.3 million sqm, up by 5% on the same period in 2019. Cushman & Wakefield summarised Q1 2020 on the Polish office market.