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News - Office markets outside Prague struggle with rising vacancies
05
Apr
2023

Office markets outside Prague struggle with rising vacancies

by Property Forum
Despite significantly lower prices than in the capital, markets for offices in Brno and Ostrava are struggling with rising vacancies. Other regional markets, however, now offer opportunities for developers, investors or serviced office providers, thanks to the potential of the Hub & Spoke concept. The latter centres around a strategy where companies reduce the size of the main office and then supplement it with smaller spaces in different locations. Alongside that, there is the Flex & Core office space usage concept, which combines a smaller main office with a membership of one or more co-working centres. These options to curb office vacancies are mentioned in a recent survey by Colliers.
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New leases

  • Olimpia Gallery in Bełchatów, managed by EPP, has signed new and extended lease agreements covering nearly 2,500 sqm. Bel-Pol will open a new store of approximately 1,200 sqm, while Rossmann and CCC will expand their stores to over 600 sqm each starting next year.
  • Eeze, the casino software and tech provider headquartered in Malta with offices in London, has leased 1,200 sqm of office space in Bucharest-based AFI Park Floreasca. The transaction was brokered by Crosspoint Real Estate.
  • Garmin, specializing in technology and GPS products for various markets, has leased 8,000 sqm across the UBC Tower and UBC Riviera buildings near Iulius Mall Cluj.

New appointments

  • CBRE Investment Management announced the firm is evolving the leadership model in its EMEA Direct Real Estate business. Under the enhanced structure, Rik Eertink will assume the role of President and CIO of EMEA Direct Real Estate, after serving as President of EMEA Direct Real Estate for the past five years.
  • Nhood has appointed Mihaela Petruescu as the new Country Director for Property Services Romania & Poland as of October. She previously held leadership positions at large real estate firms, such as Cushman & Wakefield Echinox and CBRE Romania.
  • Daniel Orczyk has been named Senior Project Manager at the technical advisory department of Avison Young in Poland. He is a licensed structural engineer and building site manager with over 20 years of experience.

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