ARTICLES LABELLED WITH TAG Poland

Kraków is the biggest office market in Poland outside of Warsaw. In August 2017 Kraków surpassed the threshold of 1 million sqm of overall supply. As for H2 2017, JLL expects that the volume of new office space will total 105,000 sqm, which would constitute the second best result in Poland with Warsaw claiming the top position

In line with the current accounting standards, commercial real estate leases and operating leases do not have be treated as long-term liabilities. They are very often held off-balance sheet or only partially disclosed as short-term liabilities. As a result, businesses, including the largest listed companies reporting in accord-ance with the International Financial Reporting Standards (IFRS), are required solely to include upcoming operating lease instalments and rental payments in their balance sheets. This, however, will change as of 1 January 2019. Bolesław Kołodziejczyk, PhD, Head of Research & Advisory at Cresa Poland analysed the impacts of IFRS 16.

HB Reavis’ flagship development in Warsaw’s city centre, Varso, has been awarded a WELL Core & Shell Precertification by the International WELL Building Institute. Through the introduction of solutions aimed at improving employee wellbeing at the building design stage, Varso is WELL Core & Shell Precertified at the Gold level, and could be awarded WELL Core & Shell Certification following final performance verification upon completion in 2020.

Up to 210,000 sqm of modern office space was leased in H1 2017 by companies from the business services sector - this accounts for 60% of overall demand for office space outside Warsaw. According to forecasts by ABSL, employment in business service centres in Poland will continue to grow. By 2020, the sector will likely employ approximately 300,000 specialists, further fuelling office take-up. As a consequence, smaller cities will be even more competitive to attract investors. JLL has conducted an analysis of the activity of tenants from the business services sector outside Warsaw in H1 2017.

Cushman & Wakefield is the first global commercial real estate services firm to have opened a regional office in Lublin. This comes as a direct response to the growing office tenant demand, particularly in the BPO, SSC and IT sectors, for top-quality advisory services in south-eastern Poland. Cushman & Wakefield will occupy an office in ZANA Office II.

The CEO of TriGranit is still optimistic for 2017 on the Budapest property market, but he expects some kind of correction in the coming years. The question is: will this correction take place in the form of a market stabilisation or will it bring on a significant downturn? Árpád Török talked to Property Forum about TriGranit’s plans for new developments and acquisitions.

Demand in the Tri-City continued apace. 73,800 sqm had been leased in the area in H1 2017. The vacancy rate currently stands at 7.8%. JLL summarised H1 2017 on the office market in the Tri-City.

Galeria Północna, GTC’s latest retail development in the Polish capital has officially opened. The mall has a total leasable area of 64,800 sqm and is LEED Gold pre-certified.

Increasing political risk on a global level has helped investors look past country risks associated with CEE markets and focus on strong fundamentals coupled with solid economic growth. Jeff Alson, Partner and Head of CEE Investment Team at Cushman & Wakefield talked to Property Forum about his expectations for the investment market.

Panattoni Europe announced the sale of Panattoni Park Warszawa–Konotopa to MEP Industrial Centre Warsaw, owned by M&G European Property Holding Company. The multi-tenant logistics centre comprises two buildings totalling close to 50,000 sqm and is fully leased. After the sales transaction is completed, Panattoni Europe will stay on as the facility manager.