Some 75% of modern office stock in Prague is located within a 10-minute walk from a metro station, making the underground network a crucial feature of successful office projects in the Czech capital, according to Prague Office Metro Map, the latest research from Colliers International.
In Q1 2017, Poland’s total Class A warehouse stock topped 11,613,000 sqm following the completion of nearly 533,000 sqm. Total take-up hit 925,000 sqm, representing a 45% increase, as revealed by Cushman & Wakefield in its latest report.
In 2017, 151,000 sqm of new office premises will be added to the Prague Market. This represents an increase of 13% above ten-year average. JLL listed the most important players on the office development market in Prague.
Investment flows into the CEE region rose 70% year-on-year in Q1 2017. The level of €2.8 billion is some €0.5 billion higher than the preliminary estimate of €2.3 billion Colliers International published at the beginning of April. Money invested into the Czech Republic (56% share) and Hungary (19% share) contributed particularly to the significant jump. Looking within the numbers, the retail sector accounted for nearly half (47%) of the flows, leaving the office sector trailing with a 21% share. Of interest and also a sign of buoyant economic growth, the fastest growth was seen in the hotel sector with a portfolio transaction contributing to the €415mn total (a 15% share).
The Czech property market saw exceptionally strong investment flows into commercial real estate in Q1 2017 worth €1.57 billion, which was almost double the transaction value compared with the same period of last year, according to Colliers International.
Poland’s industrial and warehouse sector recorded the strongest first quarter in its history. Schemes with the total area of 592,000 sqm were delivered to the market between January and the end of March, which represents as much as 45% of the total volume of 2016. BNP Paribas Real Estate highlights that the invariable driving force behind the market’s growth for the past several quarters have been businesses from the e-commerce sector.
The Budapest office market is booming and as the needs of tenants are changing, developers need to pay attention not only to sustainability but to employee well-being as well. Panelists at Portfolio’s FM & Office 2017 conference in Budapest talked about the future of the office market in the capital.
In Q1 2017 a total of 970,000 sqm was leased on the warehouse market in Poland, 42% more than in Q1 2016. Developers put into operation 475,000 sqm and over 1.4 million sqm are under construction. Results for the first quarter of 2017 allow optimistic forecasts for the coming months according to AXI IMMO’s latest report.
There is currently 1.66 million sqm of office space under development in Poland, of which 965,000 is located outside Warsaw. Historically, this is the highest construction activity registered on Poland's regional markets, JLL reports. During the first three months of 2017, companies signed lease agreements for 371,700 sqm of office space, of which 177,700 sqm was leased on markets outside Warsaw.
Fenced-off construction sites, scaffold-enfolded buildings and grandiose developments – often only in plans – have become characteristic of the Budapest property market. Just four years after the deepest point of the recession, there is hardly any indication of those hard times left. The upwards trend exists not only on the residential market, but also on the office market, which impacts the majority of companies and employees. The largest investors adapted to the renewed demand and began building massive numbers of office buildings, and entire new areas of the city are being born.
Business Garden Wrocław has signed up a new tenant: Travelplanet.pl., who just leased close to 730 sqm of office space. The ISOC Group, the owner of the three buildings developed as part of the first phase of the office complex, was advised on the lease transaction by Savills.
Cushman & Wakefield Echinox has appointed Cristi Moga as Head of Capital Markets. Moga has been working in the research department of the real estate consultancy since 2015.
Property developer Prime Kapital has extended its office lease in Globalworth Tower, Bucharest, for another five years. The company will occupy 3,066 sqm, which is more than double compared to the previous lease deal.
Joanna Lewandowska joined 7R as Head of Construction and Design. She will manage a team of professionals involved in the design and architecture of warehouse and industrial buildings and will also supervise the work of project managers responsible for the execution of 7R investments both in Poland and internationally.
Katarzyna Chwalbińska-Kusek has joined Savills as Associate Director and ESG & Sustainability Lead in Poland. She has been actively promoting sustainable construction principles for 15 years.
Cushman & Wakefield Czech Republic has promoted Lukáš Netolický from the Office team to Partner. Lukáš is Head of Regional Cities CZ at Cushman & Wakefield, leading the firm’s Brno office. His main focus is on the development of its business activities, especially in the office segment.
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