ARTICLES LABELLED WITH TAG office

Investment transactions in Romania’s commercial property market totaled €120 million in Q1 2023, which was almost double compared to the same period of last year. The deal volume was driven by industrial and office projects, according to a Colliers report.

CA Immo has successfully signed and closed the sale of the Serbian office complex Belgrade Office Park to a domestic investor. With two buildings and an underground car park, the complex comprises approx. 27,200 sqm of total lettable space. The building, which is located close to the city centre, was 97% let as of April 30, 2023, with annualized gross rental income of around €4.4 million.

Andreea Păun, Managing Partner of Griffes, spoke with Property Forum about the outlook of rents and new office developments in Bucharest as well as the demand trends. This year, Griffes aims to close 10% more leasing deals with a combined value of more than €20 million.

The Supervisory Board of CA Immo has decided on the reclassification of Hungary to strategically non-core, and simultaneously authorised the Management Board to initiate all relevant activities related to exiting the market, either through platform sale, sub-portfolio sale, or individual asset sales. The company wants to concentrate on its core portfolio, located predominantly in Austria and Germany. Last autumn the firm abandoned another CEE market, Romania.

Modern office buildings are an important part of ESG strategies for many companies. However, the real estate market in the Czech Republic is not yet fully prepared for the new ESG-related requirements. Even construction projects planned over the next few years will not resolve this issue, since meeting strict standards and certification requirements is both procedurally and financially demanding, Colliers reports.

Lightware Zrt, a significant tech company has chosen Hungária Office Park (HOP) developed by Hungarian company Wing. The new tenant is moving its headquarters to the park in autumn 2023, to a 7000 sqm office building, which the developer will fully renovate. Wing was represented by the Eston International agency during the lease negotiations.  

The massive delays in the issuance of permits for new real estate projects in Bucharest will put upward pressure on office rents, according to a report by Griffes

The Polish office buildings owned by PineBridge Benson Elliot and Sharow Capital - the Diamentum Office in Wrocław, Okrąglak and Kwadraciak in Poznań, Forum 76 in Łódź, Opera Office in Gdańsk and Vinci Office Center in Kraków - have renewed the WELL Health-Safety Rating certification. MVGM was responsible for the certification process of the office buildings.

A growing number of office developers in Romania are beginning to deliver to tenants unequipped, ”cold shell” space without fixtures and finishes. Meanwhile, tenants are investing at least €‎30 per sqm of their development budget for demolition and reconfiguration to adapt the space to specific needs and strategic plans, according to Colliers' data. 

There is definitely a trend of less space requirement in the Polish market. Marta Zawadzka, Leasing Director at Yareal Polska talked to Property Forum about the incoming supply gap in the Polish office market and changing preferences of the tenants.