ARTICLES LABELLED WITH TAG office

The office vacancy rate increased to 12.2%, representing a 0.9 pps increase quarter-on-quarter and a 2.4 pps increase year-on-year. Total demand reached 76,660 sqm, which is 24% lower than the value registered in the previous quarter, Budapest Research Forum reports.

New demand for offices in Bucharest fell by almost half in the first quarter of 2023 compared to the same period of last year, while total demand also declined by about 25%, according to data from real estate consultancy Colliers. 

The Prague office market has experienced a decline in the construction of new office buildings over the last three quarters which has also been reflected in a decline in speculative construction. Whereas a year ago almost 80% of offices under construction did not have a secure tenant, this share has now fallen to 52%. Tenants were looking for office space in established office locations in the vicinity of Karlín in Prague 8 and Pankrác in Prague 4 in the first quarter. A quarterly analysis by international consultancy JLL shows that 7.5% of modern office space in Prague is currently vacant, which corresponds to 289,100 sqm of space. However, the supply of so-called subleases, which are not included in the official vacancy register, is also growing. According to JLL's latest analysis, there could be around 80,000 sqm of sublease space.

Adventum Group, which focuses on CEE real estate investments, have completed the fifth acquisition through its Adventum Penta Fund SCA SICAV-RAIF. The fifth acquisition of the fund is the Wola Retro office complex in Warsaw, Poland which was constructed in 2019 by Develia SA.

International Workplace Group has announced two new locations in Sofia. This brings their portfolio to fifth workspaces in the capital, seven in Bulgaria. One of the locations is at the European Trade Center and the other is the Regus Labirint Center in the Lyulin district

Romanian developer Iulius has inaugurated Palas Campus, the biggest office building in Romania with a total leasable area of 60,000 sqm, of which 54,000 sqm are offices and the rest retail premises. The project was completed in three years following an investment of more than €120 million. 

CPI Property Group and S Immo have signed and completed an agreement regarding the sale and purchase of a property portfolio in the Czech Republic.

Tailor-made leases are essential in both the office and retail segments in Hungary too. Property Forum asked Mátyás Gereben, Country Manager of CPI Hungary about the relevant plans of the leading landlord and developer. 

According to a new report published by Newmark Polska, the first three months of 2023 saw no new office completions in Warsaw as occupier activity weakened and the capital’s vacancy rate remained flat compared to the previous quarter. Developers are, however, commencing or planning new office projects in the city.

Commercial property investment in Romania amounted to €149.6 million in the first quarter of 2023, up by 73% compared to the same period of last year, with the biggest contributions from the industrial and office segments, according to real estate consultancy Crosspoint Real Estate.