Real estate advisory firm Savills has been appointed as the leasing agent for office space in Karolkowa Business Park, located in Warsaw’s Wola district.

The Czech market is expected to record a full-year investment volume of €775 million and €475 million for offices and logistics, respectively, signalling continued growth in both market segments. Savills experts Pavel Novák and Chris LaRue talked to Property Forum about the key trends driving the Czech office and logistics markets.

The Polish warehouse market is experiencing an unprecedented boom. In the first half of 2021, the take-up of logistics space in Poland exceeded 3 million square meters for the first time in history and was higher than in the United Kingdom, France or Spain.

Savills has been instructed as the exclusive leasing agent for Crown Square, an office building at 31 Przyokopowa Street in Warsaw’s Wola district, right next to the Rondo Daszyńskiego metro station.

According to Savills, investment in the European real estate market is forecast to exceed last year’s level by at least 15% and reach around €270 billion in 2021, with the living sectors and logistics markets likely to account for a significantly higher proportion of total investment than their historic averages. Preliminary estimates of the investment volume in Poland after the third quarter of this year show the absolute dominance of the logistics sector.

CEE focused real estate investment manager Adventum has appointed real estate advisory firm Savills as the property manager for its new acquisition Marynarska Point I.

From August 2021, KGAL GmbH & Co. KG, a leading independent  European investment and asset manager based in Germany, has appointed Savills as property manager for Prague’s DRN building. Savills also continues to provide asset management services for the building, which it has been providing since July 2020.

According to Savills, European multifamily is now firmly established as Europe’s second-biggest real estate sector. At €24.1 billion it captured 23% of the investment activity in H1 2021 across the 12 countries that the international real estate advisor monitors. This compares to a five-year average of 16%. Office investment was the highest, accounting for 28% of the total, at €29.3 billion.

According to Savills, the European logistics market is on track for another record year, as investment volumes and take-up activity are already in excess of five-year averages at the half-year point. Take up in Poland in H1 2021 exceeded 3,000,000 sqm the first time in history and was higher than France, UK and Spain.

According to Savills, the European retail sector is increasingly looking more attractive to opportunistic investors. In the UK, there was a rise in opportunistic interest in the sector in the last quarter, supported by significant yield correction. In Poland, secondary retail assets are being traded at double-digit yields.