ARTICLES LABELLED WITH TAG rent

Rent prices for apartments in major Romanian cities rose on average by 8.7% in 2022 over higher demand, according to property platform Imobiliare.ro. 

The office market in Bucharest could start to see a mode generalized increase in rents due to a limited volume of deliveries slated for 2023 and a limited vacancy rate for modern buildings, predict experts of Colliers. 

Penta Real Estate secured one of the largest office contracts in the Czech Republic in Q3 2022. Fio banka's headquarters will move to the Masaryčka office complex, designed by London-based architectural studio Zaha Hadid, in spring 2024, Seznamzprávy.cz reports.

Rents for commercial projects that are being developed at present in Romania will grow in the next 2-3 years, while demand for green buildings will continue to expand, concluded speakers at a panel discussion at Property Forum’s annual Summer Networking Party organised in Bucharest.

The demand for office space in Prague increased by 29% quarter-on-quarter for the first quarter of 2021 and by 44% year-on-year. Although the largest transactions of the quarter were lease renegotiations – including Seznam.cz (14,800 sqm) in Palác Křižík in Prague 5 or MSD Czech Republic (6,800 sqm) in Riverview in Prague 5 – the share of newly leased space increased to 58%. The increase in newly leased and pre-leased space indicates confidence and healthy growth of the Prague office market. Despite the fact that leasing activity posted record numbers, the vacancy rate rose by 60 basis points quarter-on-quarter to 8.4%. JLL recorded an increase in vacancy rates in almost all Prague districts, as announced in the last report.

In Q1 2022, GTC’s adjusted EBITDA was at €26 million (€24 million in Q1 2021) and the net profit amounted to €15 million (€9 million in Q1 2021). This mainly resulted from a strong operating performance combined with profit from revaluation/impairment of assets of €3 million, partially offset by an increase in foreign exchange differences loss by €1 million.

The Czech branch of Colliers launched a new generation of search engines for vacant office, industrial and retail space in the Czech Republic, the company announced.

Premium rents in Prague to rise and interesting incentives from landlords are expected. There is also a growing interest in office rents in Brno, which is responding to the growth in rents over the past two years. Premium rents also grew slightly in Ostrava. Leasing activity in Bratislava is keeping pace with new construction and, together with Vienna, is expecting a recovery. In Warsaw, upward pressure on premium rents will grow, but there is likely to be an easing of existing incentives for tenants. Budapest is gradually recovering from the covid crisis. Rents will remain stable this year, reports CBRE.

Gross take-up on the Prague office market for the whole year of 2021 increased by 16% compared to the previous year to the level of 387,100 sqm. Prime headline rents also increased in Q4 2021 and ranged between €23.50–24.00 per sqm per month in the city centre. The Prague Research Forum published office market figures for Q4 2021.

A survey carried out by professional services firm EY Romania among 40 owners of office buildings shows that 75% of them kept their current rent prices despite negotiations with tenants, while the rest lowered prices.