ARTICLES LABELLED WITH TAG Poland

Penta Real estate has submitted a building permit application to the Warsaw city council for the development of a new office project in the city’s Wola district, at the intersection of Miedziana and Pańska Streets. The developer acquired the 0.63 ha site in 2015 for PLN 50 million.

Globalworth is significantly scaling back its construction and development programme and suspended new investment activity. The company posted an update on COVID-19’s implications for its operations.

Cushman & Wakefield has appointed Krzysztof Misiak as Head of Poland to succeed Charles Taylor who leaves the firm after 30 years.

70% of office building managers confirmed the adverse effects of the current restrictions on contract negotiations in a survey conducted by Walter Herz. The consulting company analysed how companies in Poland are coping with the current situation on the office market and what effects does home office bring. 

Colliers International has taken over the management of Prosta Office Centre in Warsaw. The current owner of Prosta Office Centre is KGAL Investment Management which acquired it from Cromwell Property Group at the beginning of this year.

Skanska has been assigned to construct a new medical faculty for the Cardinal Stefan Wyszyński University in Warsaw (UKSW).

Property Forum’s series of virtual events, organised in partnership with the RICS, continues with online panel discussions focused on the leasing issues that arise during the COVID-19 lockdown. This week's remaining two events, focused on the Polish and Romanian property markets, will bring together landlords, tenants, legal advisors and other industry experts to shed light on the issues currently on the mind of market participants and to help provide an overview of the potential immediate and long-term implications of the coronavirus crisis. Our diverse group of panellists will answer all the burning questions that may arise in this unprecedented situation.

The coronavirus pandemic has had a relatively benign effect on the Q1 2020 Warsaw office market figures, according to the latest Savills research. However, tenants already started to optimize costs which soon may increase the number of lease renewals and subleases. Companies will look for more flexible lease terms and cost-effective locations.

Panattoni is building the first modern multi-tenant distribution centre in the Warmia and Mazury region. Panattoni Park Olsztyn, featuring in excess of 36,000 sqm, will be delivered in the Stawiguda commune, in the immediate vicinity of the Olsztyn Południe junction, connecting S51 with S16, approx. 20 km from the S7 route. The project will be implemented in several stages and the first tenants will able to move to in as early as August this year. One of the factors which made the launch of the project possible was the lease by A&E Clothing, an American company specialising in textile recycling, which will take up in excess of 7,500 sqm of office and production space. The deal was negotiated on behalf of the customer by Axi Immo.

During the first three months of 2020, demand on the Warsaw office market was nearly 139,000 sqm, which almost matched the Q1 performance of last year. The vacancy rate fell by 0.3 pps, while 770,000 sqm is under construction. JLL summarised the Warsaw office market in Q1 2020.