ARTICLES LABELLED WITH TAG office

Poland has seen record-breaking absorption on the office market. In the last year alone, companies occupied additional 800,000 sqm of office space. This translates into more than 80,000 additional job positions in modern office buildings, JLL reports.

Exchange Palace the former Budapest Stock Exchange building co-owned by Canadian developer Tippin Corporation and Luxembourg Optimum Fund Management, has received a final building permit and will commence reconstruction works in 2018. The owners appointed JLL & CBRE appointed as co-exclusive leasing agents.

Futureal Group signed a credit agreement of €34.2 million with K&H Bank in order to finance the realization of the Advance Tower office building located in Budapest, Hungary. The first phase of the office complex, receiving the international WELL Building Platinum Precertification, is expected to be handed over in the second quarter of 2018.

First Property Group unveiled its development plans at the Krakow Business Park (KBP) in Zabierzow, Krakow, which are focused on improving and repositioning the park to drive visitors and investment to it and the local area. This follows First Property Group’s acquisition of the park’s principal operating companies and the agreement of heads of terms for their refinancing with Pekao Bank SA.

Skanska has commenced construction works of the second office building in its Nowy Rynek complex, developed in Poznan in close proximity to both Dworzec Glowny railway station and Poznan's Old Town. Ultimately, the area of 3.8 ha will include buildings with various functions, an urban market which will be open to the public, and other areas that will promote recreation and entertainment.

GalCap Europe, a Vienna-based international investment and asset management company, acquired the Central Udvar mixed-use complex as its second property after the Merkur Palota in Budapest. The purchase was made on behalf of a separate account for a German pension scheme, administered by Institutional Investment Partners. CBRE has advised GalCap Europe to purchase the building in an off-market deal. The buyer and the seller agreed not to disclose any purchase price details. Legal advice to GalCap Europe was provided by CHSH Dezső & Partner.

Skanska has sold Nowa Fabryczna building in Łódź, Poland, to real estate fund manager Niam. It is the developer’s second office project in the city, and the seventh Skanska property Niam has acquired in the Polish regional markets since 2015.

Atenor’s new Polish affiliate has signed a preliminary agreement to acquire long-term lease rights on two 30,500 sqm office buildings in Warsaw. These office buildings are known as the University Business Center and are located in the Mokotów district. They offer approximately €3 million in annual rental income.

Office take-up in 2017 hit a record high of 674,800 sqm in Poland’s regional office markets, up by more than 16% on 2016’s level. The strongest leasing activity was recorded in Kraków, Wrocław and Tricity. Cushman & Wakefield has published its MarketBeat report.

According to data by JLL, the volume of office investment transactions concluded in Poland for 2017 was approx. €1.6 billion. A record-breaking €970 million of office investment deals was reported in major cities outside of Warsaw.