ARTICLES LABELLED WITH TAG office

Cushman & Wakefield has been managing Astoria Premium Offices in Warsaw since the beginning of September 2019.

Changes in the Polish office sector happen not only from a quantitative aspect but in qualitative terms as well. There is a growing interest in multi-functional projects on the market. The share of flex space, which is an interesting option for large tenants, is also increasing. JLL summarised the situation on the Polish office market at the end of Q3 2019.

Israeli company Shikun & Binui has signed an exclusive letter of intent to acquire the 76,000 sqm Hermes Business Campus office complex in Northern Bucharest from Belgian developer Atenor, according to profit.ro.

Globalworth has signed a preliminary sale and purchase agreement with Cavatina Holdings SA to acquire two office developments in Poland, in Warsaw and Krakow, on their completion scheduled for Q1 2020. The maximum transaction consideration for the two assets has been set at €185 million, with the final consideration to be determined on their leasing status at completion and after customary deductions. 

The UK is Romania’s fourth biggest service export destination, after Germany, Italy and France, with around 8% of total, though it also generates nearly 12% of the IT service exports, underscoring the deep ties to the office market in Bucharest and other parts of the country. In case of a hard Brexit, just a modest 10% decrease in trade flows with the UK would shave around 0.1% of Romania’s GDP and bring potential pressures on good office buildings, as among companies tied to the UK economy are blue-chip tenants, according to data from Colliers International Romania.

According to data by JLL, the value of office investment transactions concluded from the beginning of 2019 came in at nearly €2.8 billion, equating to 2018's total performance. What is particularly noteworthy is that office regional markets achieved record-breaking results of over €1 billion.

Romanian real estate developer One United Properties has obtained the building permit for the One Verdi Park mixed-use project that will include office and residential units.

Many expect to double commitment to coworking in the next five years, according to a survey by Cushman & Wakefield and CoreNet Global. Cushman & Wakefield has released a report that reveals corporate perceptions of the value of flexible workspace and coworking strategies.

U.S. Green Building Council (USGBC) awarded United Business Center 5 (UBC 5), a Class A office building and part of the office component of Palas Iași mixed-use project, the LEED Gold certification in line with the LEED 2009 international standard for Existing Buildings: Operations and Maintenance.

Leasing volume on the Warsaw office market hit 688,500 sqm in the first three quarters of 2019, of which nearly 65% was transacted under expansions and new deals. Cushman & Wakefield presented an overview of the Warsaw office market after Q3 2019.