CIT Group, a Romanian retailer specialised in IT equipment, has acquired the Nokia building in Timișoara for €6.2 million which marks the company’s entry into the real estate business. The property will be managed by CIT’s Imobiliare division.

In mid-2018, Wrocław’s office stock reached 1.01 million sqm, which represented a 16% increase on the same period last year, according to Cresa. Eight new office buildings providing a total of 104,000 sqm were delivered to the market between January and June 2018. The largest office completions included Echo Investment’s 24,900 sqm Sagittarius, which was delivered in Q2, followed BZ WBK’s 17,000 sqm office building and Echo Investment’s 13,900 sqm West Link.

About 10 years ago, Lehman Brothers’ bankruptcy would mark the peak of the global financial crisis and would be followed by a deep recession in several parts of the world, including Romania. However, Romania has come a long way in the last decade, with the economy seeing some radical transformations, as well as in real estate; the real estate consultancy company Colliers International Romania sees the next 10 years offering an attractive risk/reward profile.

K&H Bank concluded a financing agreement with the developer concerning BudaPart GATE, the first office building of the largest multi-functional real estate development of Budapest. The first office building of BudaPart is a 20,092 sqm and 11-storey building with an occupancy soon reaching 40%.

The office stock in the major regional cities of Romania - Cluj-Napoca, Timisoara, Iasi and Brasov – has doubled over the past five years and will continue to grow at an accelerated pace, being expected to exceed the 1 million sqm threshold in 2019, according to the Cushman & Wakefield Echinox Office Market Regional Cities study.

1.16 million sqm of modern office stock, demand hitting 77,200 sqm and 300,000 sqm of space under construction – this is the current situation on the office market in Kraków at the end of H1 2018. The market has grown nearly fourfold in the last decade, according to JLL.

Hines, on behalf of the Hines Russia & Poland Fund (HRPF), has today announced the sale of the Proximo II office building for CS nemovitostní fond (CSNF), managed by REICO investment company of Česká spořitelna (REICO IS ČS).

Skanska is commencing the construction of its Parkview office building, designed by architectural studio Richard Meier & Partners. The nine-storey building, that will offer nearly 16,000 sqm of office space is scheduled for completion in Q1 2020.

HB Reavis received a building permit for a new office campus in Warsaw. Office buildings with open ground floors, a public square and green areas the size of two football pitches may be built at Burakowska 14, at the intersection of the districts of Wola, Śródmieście and Żoliborz.

Despite the anticipated large wave of new office supply, the Łódź market is well-balanced. Rents hold firm and tenants continue to target office buildings in the city centre.