ARTICLES LABELLED WITH TAG office

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.

Savills has been appointed as sole adviser to M7 Real Estate for the fund’s entire office portfolio. Savills will be responsible for office space leasing and property management. The portfolio comprises a total of approximately 73,500 sqm across seven buildings located in four cities: Warsaw, Krakow, Wroclaw and Katowice.

The stock of modern office space in Bucharest reached 3.16 million square meters at the end of the third quarter of 2019, in the context of a population of 2.11 million inhabitants and an unemployment rate of 1.3 %, according to the Romania Office Destinations report, conducted by CBRE Romania.

The acquisition of the second phase of Advance Tower located on the Váci road office corridor has been closed. With the current purchase, the entire office complex with a total GLA of over 20,000 sqm developed by Futureal Group has joined Erste Real Estate Fund’s portfolio. This is the first transaction in the Hungarian market which includes a WELL pre-qualified office building.

M7 Real Estate has sold three assets in Poland, on behalf of an M7 vehicle, PVBRI. Two office buildings in Poznan has been sold to local investors, while a shopping centre located in Zgorzelec has been acquired by DL Invest Group.

Cavatina Holding has signed a sale agreement for the Equal Business Park office complex in Kraków. The complex comprises four buildings offering a total of over 60,000 sqm of Class A office space. The buyer is a joint venture managed by Apollo-Rida Poland.

Colliers International Romania has been assigned to provide property management services for the first building of the Equilibrium office project, developed by Skanska in the capital which was handed over last fall. This is the second mandate won by Colliers from Skanska, bringing the total portfolio managed by the company to almost 530,000 sqm of industrial and office spaces.

Globalworth Real Estate Investment, by buying a 50% stake from Elgan Group, has become the sole shareholder of real estate developer Elgan Offices. The two companies developed the Renault Bucharest Connected (RBC) building located in the western part of Bucharest. Elgan Group is owned by Israeli businessman Simon Roth.

REM Group has acted as property advisors, project managers and now as property manager of the Korean Cultural Center (KCC) located at 30-34 Frankel Leo Street, in District II of Budapest. The building of more than 5,000 sqm was extensively refurbished to house the Korean Cultural Center as part of a relocation from their previous premises in the MOMentum Office building in District XII of Budapest.