The 4-day workweek is becoming an increasingly hot topic. Although in Poland it still appears to be a thing of the future, recent years have shown how quickly labour market trends are changing. AI is also broadly expected to have a significant effect on the workplace. BNP Paribas Real Estate experts are wondering, how will all of this impact the commercial real estate market.

The vacancy rate at the end of Q1 2024 reached 8.9% in Greater Budapest, representing a 0.3 percentage points increase quarter-on-quarter, while an increase of 3 percentage points was registered year-on-year, the Budapest Research Forum reports.

Real estate developer Prime Kapital has opened Argeș Mall, a new shopping centre spanning 77,000 sqm in Pitești.

The Vlněna brownfield project in Brno, which was purchased in 2007 by CTP, is now entering its final phase. This year, the developer is planning to complete the first office building in this project.

VGP NV and AREIM Pan-European Logistics Fund AB have announced the signing of an initial transaction between VGP and its 50:50 joint venture SAGA. The target investment is reaching €1.5 billion.

Over 16,400 sqm GLA currently supplies the Białystok market with the Wysocki Retail Park, which was created on the basis of the former Outlet Białystok project. The owner, Newgate Investment, planned and implemented the processes of reconstruction and recommercialization of the former outlet with an original GLA of 13,336 sqm. As a result of the changes introduced, the area of the facility increased by over 3,000 sqm and the NOI level increased by approximately 70%. Redevelopment projects initiated by Newgate Investment began in 2021. The final stage is currently underway. Newgate Investment manages a real estate portfolio consisting of 30 commercial facilities with a total lettable area exceeding 126,000 sqm. The rental level of the property is close to 100%.

According to the latest report published by Newmark Polska, the Warsaw office market is entering a period of an increased focus on the repurposing and refurbishment of office buildings. As office availability in central Warsaw declined in the first quarter of 2024, occupiers’ interest shifted towards non-central locations. Development activity remained stable but relatively weak, with a significant concentration of new office projects in central zones, which accounted for nearly 90% of the total office stock under construction.

JTRE is strengthening its position as an international developer. It has established a German branch and has announced its first project in the central Berlin location.

Real Estate fund AUP Bratislava, whose only asset is the well-known shopping centre Aupark Bratislava, has reported a return of 23.67% in the euro class since its establishment in 2021.

Kinstellar has advised the hospitality division of the House of Julius Meinl on the completion of the purchase of the Hotel Ambasador, one of the most famous hotels in Bucharest. Operating continuously since 1937, it is an iconic landmark in the city.