Demand for offices in Poland remains high, but there is the least amount of space under construction in over a dozen years. The office real estate market is changing more and more, says Walter Herz. 

Vastint Romania will start the development of the second phase of the Timpuri Noi Square project in Bucharest after it secured all permits. 

TriGranit and Revetas Capital have officially obtained the occupancy permit for the second phase of the Millennium Gardens office complex. The two phases offer 37,000 sqm of office and retail space in the vicinity of the river Danube. 

Zeitgeist Asset Management has obtained tenants for their building in the historical centre of Prague. The international law firm CMS and the European Investment Bank (EIB) have rented office space in the newly renovated Palác Dunaj building on Národní třída in Prague.

The AFI City 1 office building in Prague´s Vysočany has reached full occupancy with the arrival of new tenants. Logistic company Hegelmann Transporte is planning to relocate its domestic headquarters here.

Ultimately, more than 10 MW of green energy from photovoltaic farms will power Warsaw UNIT, an office building developed and owned by Ghelamco. It is the first skyscraper in Poland entirely powered by green energy. Funding for the innovative remote farm project was provided by ESCOlight, and the contractor is Revolt Energy, part of the Blachotrapez Group.

The office stock in Bucharest’s sublease niche totaled 67,400 sqm in 2023, while new transactions in this segment amounted to 5,856 sqm, according to an iO Partners report.

CTP has signed a lease agreement with Heimstaden, the provider of rental housing in the Czech Republic, for almost 3,500 sqm of office space at IQ Ostrava. 

Swedish property developer Skanska has developed an offer to tenants consisting of services to support them in creating sustainable workplaces and non-financial reporting.

In 2023, on Poland’s largest eight regional office markets, developers delivered 280,000 sqm (-31% y/y). It’s bringing the sector’s total stock to 6.68 million sqm (+4% y/y). The new supply slightly increased the vacancy rate, stabilizing around 17.5% (+2.2 pp. y/y) at the end of December 2023. The largest concentration of tenant activity was observed in the largest regional office markets, i.e., Kraków, Wrocław, and the Tricity (about 70% of gross demand), where, in total, companies leased about 520,000 sqm out of 750,000 sqm of all signed contracts in 2023, says Axi Immo.