ARTICLES LABELLED WITH TAG office

Tenant requirements have changed significantly which means that offices need to be maintained at the highest quality in order to retain the workforce. Panellists discussed the future of the office market at the Portfolio FM & Office 2018 conference that was held in Budapest last week.

JLL helped with the sale of an office building in Chodov, Prague. The project on Roztylská with an area of over 9,000 sqm was sold at the purchase price of €9.47 million (CZK 240 million). The seller was PSN and the buyer was Vinton Development s.r.o. It is the largest transaction ever provided by S&MI (Small & Medium Investments) department under the leadership of Pavol Bak. 

Colliers International will provide property management services to the Europejski multifunctional project in Warsaw - former Hotel Europejski. The historic building at Krakowskie Przedmieście will house high-class office, retail and service space, in addition to a luxury hotel.

JLL's Office Agency has obtained an exclusive mandate to lease Argentinská Office Building owned by SUDOP Invest in Prague 7. A lucrative office building of almost 10,000 sqm is due to be built in the second quarter of 2019 and offers its potential tenants over 6,000 sqm of offices in 7 floors.

Romanian real estate developer Genesis Property will invest €1.5 million in building an outdoor swimming pool within West Gate Business Park in Bucharest. A running and rollerblading track will also be included.

Belgian developer Atenor is starting its latest large-scale project, Aréna Business Campus which is located in the 8th district of Budapest. The real estate developer, listed on Euronext Brussels, bought the 19,000 square meters site under 30 Hungária Boulevard last September, on which a Class A+ office complex of nearly 72,000 square meters will be built.

JLL has been selected as the exclusive leasing agent for Infinity - an office scheme in Wrocław which will offer over 22,000 sqm of space. Avestus Real Estate and Tristan Capital Partners are responsible for the execution of the investment.

The office vacancy rate has decreased to 7.3%, representing a 0.2 pps reduction quarter-on-quarter - the lowest rate ever recorded on Budapest office market. The Budapest Research Forum published its latest figures.

Vaclav Jonas has been appointed Managing Director of the Prague office and is thus responsible for all asset and property management activities of CA Immo in the Czech Republic, including tenant support and retention. Vaclav Jonas will be supported by Jan Baxa, who took over the role of Head of Asset Management in the Czech Republic from April 2018, and Radek Poulicek, who joined the company as a Leasing Manager in March 2018.

Companies have rented almost 70,000 square meters of office space in Bucharest in Q1 2018, according to JLL. One-third of the demand came from companies that formerly had their headquarters in old, small buildings or in other different from modern buildings (non-competitive stock). This segment of demand increased compared to last year when it accounted for only 7% of the total take-up.