Vacancy rates reached a record low level on the Budapest office market as a result of modest development activity and strong demand from tenants. The Budapest Research Forum has published its quarterly office market analysis.

In one of the largest single office deals in the City of London market this year, international real estate developer HB Reavis is selling 33 Central to Wells Fargo, the third largest bank in the U.S. by assets. Upon completion in Q3 2017, 33 Central, which is HB Reavis’ first London development, will allow Wells Fargo to consolidate all of its London-based team members in a single location.

Immofinanz has signed several lease agreements since the beginning of the calendar year 2016 accounting for approximately 40,000 sqm of its Hungarian portfolio. Of this figure, prolongation of leases accounts for more than 25,500 sqm, and new and expanded contracts sum up at 14,500 sqm.

Award-winning UK architecture practice Make Architects has been appointed to design a state-of-the-art office building in Bratislava’s Central Business District. HB Reavis has been chosen as the development manager of the new mixed-use scheme which will be developed on the site of the current Apollo Business Centre I.

The sharp rebound of the Hungarian real estate investment market witnessed in H2 2015 has gained further momentum during the first half of this year. According to JLL the transaction volume of the first semester reached more than EUR 910 million, already more than during the full 2015 year, highlighting the increasing weight of capital targeting Hungarian assets.

GTC has announced the acquisition of Neptun Office Center and Sterlinga Business Center, located in Gdańsk and Łódź respectively. These two Class A office buildings, featuring modern design and a total GLA of 30,000 sqm and 364 parking places, will enrich the Group’s Polish investment portfolio.

Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest) has finalised the Sales & Purchase Agreement for the office property Prime Corporate Center in the city centre of Warsaw. The transaction, which took the form of an asset deal, was carried out as a club deal for four separate accounts of German institutional investors. The property has been sold by the Warsaw-based developer Golub GetHouse. The buyer was represented in this transaction by Cushman & Wakefield.

Invesco Real Estate (IRE) has announced the sale of Zaulek Piekna office building on behalf of one of its separate account clients in Germany to GLL Real Estate Partners GmbH.

German asset and investment manager KGAL has purchased the Eiffel Square office building located in Budapest, representing the largest office transaction in Hungary in 2016 and marking the return of core investors in Hungary. 

The face of commercial property development in Bucharest has changed a lot over the past decade. Developers, investors, tenants and landlords have come together from all over Romania to talk about the office and retail markets at SEE Property Forum 2016, co-organised by Portfolio Conferences and RICS. We report from Bucharest.