Futureal Group has started the development of the final office complex on Corvin Promenade in Budapest, Hungary. Corvin7 developed in two phases will offer nearly 30,000 sqm of gross leasable area (GLA) in the immediate vicinity of Corvin Offices.

What’s next for the office market? What do occupiers want? What effect would an economic slowdown have on development? Heads of the European offices of real estate advisory firm Cresa talked about business opportunities and risks, and the global political uncertainty at their annual conference in Warsaw.

Spaces, a global concept originating from the Netherlands and offering solutions in the area of ​​flex work and coworking spaces, has leased over 3,300 sq m of space in the historic Matejki 3 building, which was previously the headquarters for the Union of Silesian Insurgents. The opening of this new branch of Spaces is scheduled for the end of 2020 or the beginning of 2021. Experts from JLL advised Spaces during the process of searching for the office and negotiating lease terms.

The largest supply of modern office space in 15 CEE countries was recorded in Warsaw, Budapest and in Prague, while the biggest increase of new supply in H1 2019 was noted in Bucharest. The most active tenant sectors are IT, professional services, banking, and BPO/SSC. More and more office buildings can boast of prestigious certificates, modern technological and ecological solutions and innovatively designed space, according to Colliers International’s latest report.

Helaba, Berlin Hyp and pbb Deutsche Pfandbriefbank have jointly underwritten an investment facility totalling €230 million to refinance Warsaw Spire Tower. The asset is owned by Immofinanz. The financing transaction closed in September 2019. Helaba, Berlin Hyp and pbb are acting as joint lead arrangers providing equal portions of the funding, with Helaba acting as facility and security agent of the transaction.

It took 17 months for Avestus Real Estate to develop the construction of the Imagine complex at the intersection of Al. Piłsudskiego and Al. Śmigłego-Rydza in Łódź.

IMS Budownictwo has completed the sale process of Building A of the Zabłocie Business Park in Kraków. A company from the Austrian insurance group Uniqa became the office property’s new owner. The final agreement was signed on September 12th, with the transaction amounting to nearly €30 million. Knight Frank acted on behalf of the seller.

Ambitious revitalization plans, a thriving academic centre, nearly one million inhabitants living within its metropolitan area, as well as an increasingly improving infrastructure and extensive transport network are factors that are shaping the image of Łódź as a strong location for real estate investors. However, not only the office market is developing rapidly in the city. According to the report concluded by JLL, the City Hall of Łódź and HAYS Poland entitled "Łódź - Revitalizing a vibrant business and living hub", the residential and hotel segments are also achieving better results.

Bucharest’s modern office stock will increase by over 500,000 sqm in 2019 and 2020. According to Colliers International Romania, these dynamics of the office market could generate variations in the office buildings’ market values of plus or minus 5% during the indicated period. To measure these possible changes, three factors were considered: the average vacancy rate, the level of the incentives packages that owners offer to tenants and yield compression.

Warburg-HIH Invest Real Estate is about to acquire the River Garden 1 in Prague via a share deal. The office building with its gross lettable area of 19,000 square metres and another 1,300 square metres of patio space is earmarked for the individual fund of a German investor. In addition to flexible office accommodation on six floors, the property from 2012 offers around 2,200 square metres of retail area.