From Q1 to Q3 2017 companies in Poland signed lease agreements for over 1 million sqm of modern office space while nearly 548,000 sqm was delivered to market. Furthermore, 1.8 million sqm of is under construction. JLL summarised the situation on the Polish office market at the end of Q3 2017.

Real estate developer AFI Europe Romania announced the start of the leasing campaign for the AFI Park Brasov Class A office project. The company is already in advanced discussions with two potential tenants to occupy 4,000 sqm GLA in the first office tower developed in AFI Park Brasov.

Cushman & Wakefield selected Budapest as the location of their Portfolio Services Centre (PSC) solution. The new 1,300 sqm PSC is located in the Studium Office Building, close to Corvinus University and many cultural venues and sights. The team is being led by Byron Tudor who has joined from Goldman Sachs International.

The construction of building H, the eighth element of Bonarka for Business (B4B), an office complex in Krakow, has recently started. At completion, the office building will provide approx. 10,000 sqm GLA and 209 parking spaces for the tenants, extending the B4B complex to a total of 75,000 GLA. Meanwhile, GlobalLogic, an existing tenant in B4B since 2016, signed a lease agreement for an additional 1,274 sqm GLA.

The Bulgarian property market is booming with the total transaction volume expected to exceed €1 billion in 2017. The outlook for the future is highly positive: strong demand, underpinned by solid economic growth, encourages developers to start new projects in all segments of the market.

The office markets of Central European capitals are growing dynamically with the number of new leases on the rise and vacancy rates hitting record lows in several cities. In light of all this it is no surprise that development activity is also heating up on the most popular markets of the region.

Continued growth in the investment attractiveness of Warsaw has resulted in high demand for modern office space and is matched by tremendous developer activity. JLL summarised the situation on the Warsaw office market at the end of Q3 2017.

At the beginning of this month the owner of Kupiec Poznański has signed an agreement to modernise the office part of the building. The scope of works includes a creation of reception area dedicated to office space that will be independent from the shopping centre part. Moreover new modern lifts will be introduced and common areas on the office floors will be rearranged according to design project provided by Kostka&Kurka architectural studio. The concept and scope of changes have been prepared by BNP Paribas Real Estate Poland who is the exclusive leasing agent of the building and its property manager. The works are scheduled to finish in February 2018.

In Q3 2017 gross demand on the Warsaw office market reached 198,600 sqm, which brought the 2017 YTD total to 589,500 sqm. The Polish Office Research Forum has published its figures for Q3 2017 for the office market in Warsaw.

One United Properties, a Romanian residential developer has entered the Bucharest office investment market by purchasing the North Gate office building in Pipera. The property was bought at a public auction for €16.8 million. The developer of the complex, Creativ Invest Grup, filed for insolvency earlier.