ARTICLES LABELLED WITH TAG office

According to the latest report published by Newmark Polska, the Warsaw office market is entering a period of an increased focus on the repurposing and refurbishment of office buildings. As office availability in central Warsaw declined in the first quarter of 2024, occupiers’ interest shifted towards non-central locations. Development activity remained stable but relatively weak, with a significant concentration of new office projects in central zones, which accounted for nearly 90% of the total office stock under construction.

JTRE is strengthening its position as an international developer. It has established a German branch and has announced its first project in the central Berlin location.

The office vacancy rate increased to 13.8% in the first quarter of 2024, representing a 0.4 pps growth quarter-on-quarter and 1.5 pps increase year-on-year. However, the net take-up showed a healthy 25% growth, the Budapest Research Forum (BRF) reports.

Already 64% of Warsaw’s office buildings offer at least one retail or service unit, reveals Cushman & Wakefield. With new retail supply remaining low across Warsaw, retailers and service providers are increasingly looking for alternative locations. In addition, recent years have seen a significant shift in user preferences regarding the use of office space and types of services available in office buildings.

Romanian developer Genesis Property has purchased a 30,000 sqm land plot from Stizo Invest, for an undisclosed sum, in a transaction brokered by Colliers.

Real estate investments in Romania reached €205.75 million during Q1 2024, up 33% year-on-year, driven by the retail sector, shows a Fortim Trusted Advisors report.

Passerinvest Group has opened the Roztyly Plaza office building, approved in March, to its tenants. It is located in Prague 11, next to the metro station Roztyly.

The Dornych project by Crestyl Group is to replace the old shopping centre in the neighbourhood of Brno's Central Station in the upcoming years. The developer has now announced a hotel as a part of this development. Its opening is planned for mid-2028.

Straco Real Estate and Baltisse announce the successful acquisition of a majority stake in SPEEDWELL, a premier real estate developer based in Romania. This strategic move solidifies Baltisse and Straco's commitment to expanding their presence in Eastern Europe, leveraging SPEEDWELL's established reputation and expertise in the region.

Bucharest still has some of the lowest fit-out costs in the region for offices, despite an increase of around 15-20% during the past 12 months, according to Cushman & Wakefield Echinox data. Office fit-out costs in Bucharest have an average of €943 per sqm, which is 32% below Warsaw and Prague, and 32% above Sofia, which has the most advantageous costs in the region.