ARTICLES LABELLED WITH TAG office

Master Management Group is developing the tallest building in Łódź. The 19-storey building will be a part of the Piotrkowska 155 mixed-use complex, currently under construction. 

The Octava FIZAN fund is in the process of acquiring a portfolio of 11 office and retail assets in Poland, including Onyx in Kraków and Centrum Krakowska 61, Renaissance Tower and Eureka Park in Warsaw, from two BPH FIZ funds. Savills is advising the buyer on the transaction, which is expected to be finalized by the end of H1 2017. The parties did not reveal the value of the acquired assets, but the estimated value significantly exceeds €100 million.

2017 will deliver only 17,000 sqm of new space to the Brno office market. When considering the size of the market, together with Budapest, this is the lowest increment of new offices in Central and Eastern Europe – 3.3%. A lack of new office space may cause rental prices to increase. These figures are based on an analysis made by Cushman & Wakefield, which compares the office markets across 12 cities in Central Europe.

Futureal Group’s Advance Tower is getting closer to becoming the first office building in Hungary obtaining the Well Building Standard (WELL) certification. The International Well Building Institute’s system examines buildings’ impact on human body, health and environment and rates them based on 7 categories – air, water, nourishment, light, fitness, comfort and mind. The pre-qualification process of Advance Tower that will be built on Váci Road has already started. All further office projects of Futureal Group will be realized in line with the requirements of the Well Building international standard. 

Atenor announced the sale of the third building of its Váci Greens campus in Budapest to Hungarian real-estate fund OTP Prime Ingatlanbefektetesi Alap. Building B contains 25,300 sqm of office space and 399 basement parking spaces. The structure was completed in March 2016 and is currently 65% leased. 

Immofinanz rented approx. 80,000 sqm of office space in Bucharest during the abbreviated 2016 financial year. That represents more than 40% of the total standing office portfolio in Romania. These transactions are expected to increase the occupancy rate in the office sector in Romania from roughly 88% to more than 94%. New rentals and expansions accounted for roughly 47,000 sqm or 60% of the rented space, while the remainder represents contract extensions. 

Warsaw office building Wspólna 47/49 has been awarded a BREEAM IN-USE International certificate. It received an “Excellent” rating in Asset Performance and a “Very Good” rating in Building Management. The scheme is owned by CA Immo and Cushman & Wakefield is the property manager.

City Space, an operator of serviced offices, is to open new business centres in Wrocław, Katowice and Gdańsk in the next few weeks. So far the office operator was present in Warsaw and Kraków, its dynamic expansion is an effect of joining forces with Echo Investment. 

The supply of office space in Warsaw at the end of last year exceeded 5.18 million sqm after the stock increased by 410,000 sqm. BNP Paribas Real Estate Poland experts signal that 650,000 sqm of office space under construction and more than 1,000,000 sqm of additional pipeline projects constitute a vital argument for tenants either searching for new locations or planning to renegotiate their leases.

Arco Real Property Holdings, a joint venture between Arco Capital and Deutsche Asset Management's DB Private Equity & Private Markets group, has decided to develop and construct a new office building in Business Park Sofia (BPS). The investment volume for this new building will be around €30 million.