ARTICLES LABELLED WITH TAG office

Cushman & Wakefield consolidate its Warsaw headquarters at The Warsaw HUB in the city’s new business centre. The global commercial real estate services company will occupy nearly 2,500 sqm of office space in the skyscraper.

Almost 800,000 sqm of office space is currently under construction in Warsaw of which approx. 55% will be delivered in 2020, according to the latest Savills research. The capital city of Poland continues to be a big construction site, mostly due to very strong demand for the office space with its record-high levels recorded in 2019.

Budapest’s certified green office stock of 630,000 at 2015 year-end had increased to over 1,500,000 sqm by the end of 2019, more than doubling the amount of green office space. This represents 40% of the total modern office stock in the Hungarian market. There have also been doubles in the number of certified office buildings or office fit-outs, which increased from 46 to 105, according to the latest green building infographic analysis of Colliers International.

Demand on the Warsaw office market reached 880,000 sqm with 225,000 sqm in the form of pre-lets. JLL summarised the situation on the Polish office market at the end of 2019.

The Spanish Azora Europa I Fund has closed the disposal of Aquarius Business House office complex in Wrocław, which has been acquired by the international fund CBRE Global Investors. Avison Young’s investment team represented the buyer.

The Expoziției Area attracted almost 15% of the total demand for office spaces registered last year in Bucharest, thus entering the top 5 areas preferred by companies to locate their offices, at a very short distance from Center - West, the most dynamic area in the last 3-4 years, according to JLL:

Optima Investment Ltd., which manages the assets of the Central Bank of Hungary’s Pallas Athené Foundation, has sold the majority stake of its Budapest development project, located on the Váci Road office corridor, to internationally-based Chi Fu Investment Group.

KGAL, an independent investment and asset manager, has bought a second office building in Warsaw. The acquisition of the Prosta Office Centre (POC) from Cromwell Property Group follows the 2018 purchase of the Spark office complex. Both assets were acquired for a Europe-wide special real estate AIF.

Total demand on the Budapest office market in Q4 2019 reached 202,510 sqm, representing an 18% increase from the corresponding period in 2018, according to BRF’s latest figures. The vacancy rate has decreased to a record low of 5.6%, representing another 0.3 pps reduction quarter-on-quarter.

EPAM Systems, a global product development, digital platform engineering, and digital and product design agency signed a 2,100 sqm new office lease contract in Debrecen’s newly developed Forest Offices in December 2019. EPAM Systems will be moving to the first floor of the five-storey office building in February 2020. Cushman & Wakefield advised Capstone Befektetési Alapkezelő Zrt representing, Garda Ingatlan Fejlesztő Befeketetési Alap the owner of Forest Offices, in the lease negotiations.