ARTICLES LABELLED WITH TAG office

Flow East, the Anglo-Czech property owner and heritage campaigner announced that it has signed two new leasing agreements with Modrá pyramida stavební spořitelna and AON Central and Eastern Europe resulting in the 100% occupancy of its 13-building central Prague office portfolio.

According to Colliers International's latest market research the Croatian real estate market experienced several significant investments in the retail, office and hotel and hospitality sectors in 2015. While the retail and office segments are experiencing upward pressure on rental prices, the industrial market, despite being the least developed sector, saw increased activity.

According to the latest report by Cushman & Wakefield Q1 2016 saw a rapid growth in the supply of office space in Warsaw, which more than doubled the results for the same period in 2015. Due to the record-breaking levels of supply vacancy rates have increased by 1.9 pps to 14.1%. Although statistics show a fall in net absorption, this is probably a temporary decrease in the light of last year’s exceptionally high growth. Cushman & Wakefield expects the office market to continue its growth in the remaining months of 2016, with pipeline supply estimated at 330,000 sq m.

Immofinanz raised the occupancy level in its office standing investments by roughly seven percentage points to nearly 82% by the end of the 2015/16 financial year (as of 30 April 2016). Rentals in the office segment totalled approx. 388,000 sqm, or 29% of the total area, according to preliminary numbers. Of this total, 307,000 sqm are located in standing investments and 81,000 sqm in development projects. Roughly 40% of the standing investment rentals represent new contracts or contract expansions, while the remaining 60% are contract extensions with existing tenants. 

International real estate developer HB Reavis bought the freehold interest in 61 Southwark Street from Aberdeen Asset Management for £44 million.

GTC has acquired two buildings in Bucharest, Premium Plaza and Premium Point. The two modern A-class office buildings in the capital’s CBD will increase GTC’s Romanian portfolio by 15,000 square metres of net leasable area.

The Prague Research Forum announced its office market figures for the first quarter of 2016. Gross take-up amounted to 92,200 sq m, representing a decrease of 43% compared to the previous quarter and an increase of 26% in year-on-year comparison. In Q1 2016, the vacancy rate decreased by 0.7 percentage points to 13.9% compared to the previous quarter.

IT and business service centres were the most active tenants on the Prague office market last year, having signed lease contracts for 84,000 sqm and reaching 31 % of net take-up. In 2015 the largest leasing transaction represented by an agent (JLL) was concluded in the history of Prague´s office market – SAP leased nearly 25,000 sqm in Metronom office building in Prague 5. SAP will move its 2,000 employees working for three operations under one roof. 

Vacancy rates have further declined on the Budapest office market as a result of modest development activity and strong demand from tenants. The Budapest Research Forum has published its quarterly office market analysis.

Wizz Air Hungary Kft., the largest low-cost airline in CEE moved its Budapest headquarters to Laurus Offices in mid-March 2016. Wizz Air is renting nearly 3,200 square meters of office space in building B of the complex, which was developed by Erste Group Immorent Kft., an affiliate of Austria-based Erste Group.