ARTICLES LABELLED WITH TAG report

The Little Genius private school rented a historical monument villa located on Kiseleff Boulevard in Bucharest in order to meet the social distancing requirements imposed by the authorities, the transaction being intermediated by Cushman & Wakefield Echinox.

The Polish economy is already past the low point of the short-term economic activity downturn. However, the construction industry is not at this point yet as it responds to economic shocks after a certain time period. This is why the first half of 2021 will be marked by challenges. The market pins its hopes on the new EU financial envelope, but a tangible effect on the investment volume will not become apparent before H2 2021.

JLL announced the next stage in its ambitious sustainability program by committing to achieve net zero carbon emissions across all JLL-occupied buildings by 2030. The firm also advocates a net zero approach for all its clients and suppliers.

The amendment to the Construction Law in Poland came into force on 19 September. Changes include a division of project documentation, organization of the provisions which specify what works require a building permit, and legislation on unauthorized construction, and in the opinion of experts from JLL, ought to be of benefit to investors, developers and construction companies operating on the Polish market.

Most hotels in Budapest will see their revenues decrease by more than 70% compared to 2019 this year, while hotels outside the capital expect 20% to 40% lower revenues, according to a representative survey commissioned by the Hungarian Hotel and Restaurant Association.

In the second quarter of 2020, Echo Investment generated a net profit of €2.3 million (PLN 10.4 million), which mainly resulted from the appreciation in the value of projects under construction and the handover of 222 apartments to buyers.

The condition of the Kraków office sector has been defined by successive records in recent years. It is the largest regional office market in Poland, the second city after Warsaw, which in 2017 crossed the one million sqm threshold, and the main location for BPO/SSC companies in Central and Eastern Europe. However, the global pandemic, which affected all segments of the economy, undoubtedly also affected the office sector. How? According to JLL’s latest report, in the first half of the year, demand for offices in Kraków was about 15% lower than H1 2019. In addition, the increase in remote working has prompted some employers to reorganize their offices.

Approximately 1.22 million new residencies were built in Romania between 1990 and 2019, representing only 13.4% of the total dwellings stock calculated by the National Institute of Statistics, so the residential stock is mainly composed of apartments built under the communist regime, having a low degree of comfort in most cases, according to an analysis realised by Cushman & Wakefield Echinox real estate consulting company.

CTP Group recorded a profit of €99 million (more than CZK 2.5 billion) in the first half of 2020, while its Portfolio of Class A property under management grew to over 5.8 million sqm. During the first six months of the year, CTP Group added 268,926 sqm of lettable area to its portfolio, and plans to grow by additional 595,000 sqm by year-end. The pandemic has transformed the nature of demand, but rental incomes increased in the second quarter.

The construction sector in Bulgaria, and building construction in particular, was not affected as hard as others by the COVID-19 crisis, according to a report by the Eastern European Construction Forecasting Association.