ARTICLES LABELLED WITH TAG office

Romanian developer Forte Partners has acquired a 1,700 sqm plot in the city centre of Bucharest for office development. The plot, sold by Telekom Romania, is located next to Palatul Telefoanelor and the Novotel hotel. It allows the development of up to 9000 sqm of office space.

CA Immo signed and closed a sales and purchase agreement to acquire Building B of the Warsaw Spire office complex, comprising of 21,600 sqm GLA. The transaction volume of the fully rented asset amounts to around €100 million, the annual gross rental income reaches around € 6 million. With this transaction, CA Immo fulfils one of the last strategic and budgeted targets announced for 2017.

The recently appointed CEO of HB Reavis Hungary firmly believes that new office developments should focus on employee wellbeing and he thinks that tenants will be ready to pay higher rental fees for extra services that will help decrease their turnover. Jan Hübner talked to Property Forum about his expectations for the future of the Hungarian market and about Agora Budapest, the company’s major new development in the capital.

JLL Romania will provide technical consulting services for the construction of Groupe Renault's future headquarters in Romania, the largest office building currently under construction in Bucharest.

Cushman & Wakefield have newly become the manager of two Class A office buildings: Keystone in Prague 8 and Smíchov Gate in Prague 5. Both properties are situated in locations popular on the office market where lease volumes have been the highest this year. Prague 5 accounted for 16% of the total volume and Prague 8 for 15%.

Kraków is the biggest office market in Poland outside of Warsaw. In August 2017 Kraków surpassed the threshold of 1 million sqm of overall supply. As for H2 2017, JLL expects that the volume of new office space will total 105,000 sqm, which would constitute the second best result in Poland with Warsaw claiming the top position

In line with the current accounting standards, commercial real estate leases and operating leases do not have be treated as long-term liabilities. They are very often held off-balance sheet or only partially disclosed as short-term liabilities. As a result, businesses, including the largest listed companies reporting in accord-ance with the International Financial Reporting Standards (IFRS), are required solely to include upcoming operating lease instalments and rental payments in their balance sheets. This, however, will change as of 1 January 2019. Bolesław Kołodziejczyk, PhD, Head of Research & Advisory at Cresa Poland analysed the impacts of IFRS 16.

HB Reavis’ flagship development in Warsaw’s city centre, Varso, has been awarded a WELL Core & Shell Precertification by the International WELL Building Institute. Through the introduction of solutions aimed at improving employee wellbeing at the building design stage, Varso is WELL Core & Shell Precertified at the Gold level, and could be awarded WELL Core & Shell Certification following final performance verification upon completion in 2020.

Skanska invests €27 million in the office project Praga Studios in Prague. The seven-floor building will offer a total leasable area of about 12,000 square meters. Construction has begun and the office building is scheduled for completion in Q2 2019.

Tenants in 2017 are looking for a lot more than four walls and a couple of cubicles. Developers and the owners of older schemes will need to adapt to the changing needs of occupiers in order to stay in the race. Our panel of tenants, landlords, developers and advisors at CEE Property Forum 2017 talked about what makes an office attractive in 2017 and what it will take to secure new leases and keep existing tenants happy in the years to come.