BPO/SSC take-up totalled over 60% of all-sector office take-up in 4 key BPO cities (Wroclaw, Lodz, Krakow and Sofia) in H1 2017. Vacant stock is diminishing, due to this demand impulse and strong general economic conditions. Labour availability and employee tech knowhow uplift are significant factors which influence the demand for space, according to a report by Colliers International. The key findings of the report include:

The Warsaw office market maintains its strong momentum. This year’s total supply is expected to surpass 300,000 sqm, office take-up rose in the first three quarters of 2017 by 11.2% compared with the same period of 2016 and the vacancy rate is falling, shows the latest report by tenant-only advisory firm Cresa. The growth of the SSC/BPO sector and potential Brexit are likely to drive the Warsaw market going forward.

OTP Property Investment Fund has acquired the BSR Center office building in Budapest from a fund managed by GLL Real Estate Partners.

The Openville Timişoara development, the largest mixed-use project in the west of Romania will be opened in the fourth quarter of next year, upon completion of the first phase of development. The project that integrates the current Iulius Mall Timişoara will comprise office, retail, park and entertainment uses, and is developed by the IULIUS and Atterbury Europe companies.

Although demand slightly decreased on the Prague office market in Q3 2017, the vacancy rate further declined to its current level of 7.7%, JLL reports.

Atenor announced the forward sale of the fourth building on the Váci Greens complex in Budapest to a Hungarian private fund. Building D comprises 14,145 sqm of office space, 1,502 sqm of commercial units and underground parking for 260 vehicles. Scheduled for completion by the beginning of 2018, the building is already partially (25%) leased to Unilever and to retail traders. The purchase price is estimated to be around €44 million.

A new Class A office building in Budapest’s CBD is to be delivered this year. The former electrical transformer building will comprise 2,630 sqm of modern office space on five floors. According to the developer, Markó Irodák 9 (MI9) is tailored to meet the requirements of creative workshops, start-up companies and other undertakings taking an up-to-date approach in general.

River Development, part of Romanian SEMA Group, has announced the start of the construction works for The Light office building located in Politehnica area, on the grounds of the former Pumac factory in Bucharest. The building will have a gross leasable area of 21,000 square meters and will be delivered in the first quarter of 2018 following an investment of around € 33.5 million.

HB Reavis is simultaneously developing three buildings on the largest construction site in Warsaw city centre. The works on the diaphragm walls that will envelop the future basement storeys are nearing completion and a viewing platform has been opened for pedestrians to come and admire the spectacular excavation in progress.

Construction works on the modern office complex Podium Park in Kraków’s Czyżyny are under way. In connection with completion of the pre-lock-up stage in Building A, Podium Investment started to perform finishing works. Currently, according to the schedule, lock-up stage works in Building A are under way. Completion of the first building is planned for the end of June 2018.