PL

Poland Kraków down but still going strong

Office & mixed-use development
Office space leasing activity in the first half of 2020 in Kraków was 15 pct lower than a year ago.

According to the 'Kraków 2020' report by JLL, one of the main competitive advantages of Kraków is its ability to attract companies from the business services sector. According to ABSL data, BPO/SSC companies already employ 77,700 people in the city. In 2019 alone, the business services sector accounted for almost 200,000 sqm of the leasing activity and around 90,000 sqm in the first half of this year. Currently, about 60 pct of the office space leased in the city is occupied by service centres. Since May, service centres have resumed their recruitment in Kraków, and new investors - who were waiting for the lockdown period to finish, have started hiring for completely new business projects.

This augurs well for the future. Kraków’s extensive labour pool along with the fact that the city's attractiveness encourages employees to relocate, both from within Poland and from abroad, will attract more service centres to the city at a time when companies from this sector are diversifying their portfolios.

Anna Podolska, Branch Manager, Hays Poland

Nearly 160,000 sqm was delivered to the market in 2019 with 70,00 sqm in the first half of this year. The total stock of modern office space now stands at close to 1.5 mln sqm with 200,000 sqm of space under construction. In 2019 tenants signed contracts for a record 267,000 sqm. However, in the first half of 2020, a clear slowdown could be seen with activity 15 pct down on H1 2019.

Over the last five years, the average annual total investment volume for Kraków has been more than EUR 630 million. In 2019 alone, 18 transactions were concluded, with a total combined value of EUR 666 mln, which is the second-highest result ever. Between January and July, eight investment transactions were finalised in the city with a total value of about EUR 455 mln, and there are several deals in the pipeline that could push the end of year figures to a record high. The largest transaction so far has been the sale of two buildings in the High5ive complex. The current vacancy rate is currently at around 11.1 pct. Only 1.5 pct of the space in developments completed in the first half of 2020 remains vacant.

Latest news

Office & mixed-use development

Latvia/Estonia Linstow changes tack

schedule 01 December 2020
Opr./edited by AH

Linstow Center Management (LCM) has announced that it intends to diversify its business in Latvia and Estonia by developing mixed-use real estate projects that include hotels, shopping centres, office buildings, parking lots and recreational facilities

Investment & finance

CEE REGION CTP raises EUR 400 mln in second green bond issue

schedule 01 December 2020
Nathan North
deputy editor

Czech industrial developer CTP carried out its second, EUR 400 mln, green bond issue on November 27th.

Warehouse & industrial

POLAND Rockwell stays put in Katowice

schedule 01 December 2020
Nathan North
deputy editor

Rockwell Automation has extended its lease of warehouse and office space in a complex owned by Aviva Investors in Katowice.

Warehouse & industrial

POLAND Castorama stays in Stryków

schedule 30 November 2020
Opr./edited by NN

Home improvement goods retailer Castorama has renewed its 50,000 sqm lease at Prologis Park Stryków II, on Łódź’s north-eastern outskirts.

Warehouse & industrial

POLAND ELI buys site for City Logistics Wrocław North

schedule 30 November 2020
Opr./edited by NN

European Logistics Investment, a platform managed by Griffin Real Estate, has acquired two warehouse facilities and a 13 ha development site in Wrocław. Together with its strategic partner Panattoni, it plans to further develop the site through the construction of the 45,000 sqm City Logistics Wrocław North.

Investment & finance

EUROPE Savills IM partners with Vestas for EUR 226 mln logistics fund

schedule 30 November 2020
Nathan North
deputy editor

Savills Investment Management and Vestas Investment Management haves launched The Vestas European Strategic Allocation Logistics Fund (VESALF I).

Eurobuild Awards

POLAND Maciej Dyjas – nominee for the Real Estate Personality of the Year

schedule 14 November 2020
Eurobuild Conferences

Each year Eurobuild has the privilege to pick out a select few who have stood out from other players on the real estate market and nominate them for the Personality of the Year in Commercial Real Estate Award. So who are this year’s candidates, what’s their recipe for success and what has paved their way on the road to the summit?

Investment & finance

CZECH REPUBLIC IBC finally sold to Generali

schedule 30 November 2020
Nathan North
deputy editor

Generali Real Estate has finalised the acquisition of International Business Centre in central Prague for an undisclosed sum

Office & mixed-use development

POLAND Global medical firm moves into Warsaw Hub

schedule 27 November 2020
Nathan North
deputy editor

Medical equipment producer Sol - Millennium has leased more than 400 sqm at The Warsaw Hub in Warsaw.

Property and Facility Management

Poland Colliers to manage for DSV

schedule 27 November 2020
Opr./edited by AH

Colliers International, a leading commercial real estate advisory firm, has taken over the management of the DSV International Shared Service Centre on the corner of ul. Marynarska and ul. Taśmowa in Warsaw.

Office & mixed-use development

Romania Țiriac Imobiliare goes for Well Health and Safety

schedule 27 November 2020
Opr./edited by AH

Țiriac Imobiliare will be the first developer to apply for the Well Health-Safety standard in Romania for its entire portfolio.

Green projects

Poland Żabka goes green

schedule 27 November 2020
Opr./edited by AH

Convenience store Żabka has opened a store on ul. Lewandów in Warsaw to showcase all the latest ecologically sustainable technology systems.

Office & mixed-use development

POLAND Ashland in Atrium Centrum

schedule 26 November 2020
Opr./edited by NN

Ashland Poland has leased almost 1,100 sqm in Atrium Centrum in Warsaw city centre.

Office & mixed-use development

POLAND Mogilska 43 reaches 90 pct

schedule 26 November 2020
Opr./edited by NN

A consulting company has leased 1,200 sqm of office space in the Mogilska 43 Office in Kraków.

Warehouse & industrial

CZECH REPUBLIC Panattoni park at former Teplice glassworks

schedule 26 November 2020
Opr./edited by NN

Panattoni has begun the construction of a new industrial park on the site of the former Kavalier glassworks in Hostomice near Teplice in Central Bohemia.

Interior design

HUNGARY MadiLancos designs own offices in ZenGarden

schedule 26 November 2020
Nathan North
deputy editor

Hungarian architectural and design firm MadiLancos Studio has leased 400 sqm for its new head office in the recently refurbished ZenGarden building in Budapest.

Property and Facility Management

POLAND L&P gets into PM with Népliget Center

schedule 26 November 2020
Nathan North
deputy editor

Real estate asset manager and advisor Lodge & Partners has established a property management division in Hungary, with Népliget Center in Budapest to be the first property managed by the new unit.

Events

POLAND Cautious optimism at The 26th Annual Property Market Conference in Poland

schedule 26 November 2020
Eurobuild Conferences

Eurobuild CEE's 26th Annual Property Market Conference in Poland took place on November 25th. And to sum up the tone of the discussions, it could be said that the general mood was one of cautious optimism.

Residential

POLAND Echo Investment plans urban redesign for Służewiec

schedule 25 November 2020
Nathan North
deputy editor

Echo Investment, in cooperation with BBGK Architekci, has unveiled its concept for a new residential quarter in Warsaw’s Służewiec district.

Warehouse & industrial

POLAND Pure Ice from MLP Pruszków II

schedule 25 November 2020
Nathan North
deputy editor

Pure Ice, Poland’s largest ice cube manufacturer, has leased 3,500 sqm of warehouse and office space in MLP Pruszków II.

Latest in Office & mixed-use development

schedule 01 December 2020

Linstow changes tack

Linstow Center Management (LCM) has announced that it intends to diversify its business in Latvia and Estonia by developing mixed-use real estate projects that include hotels, shopping centres, office buildings, parking lots and recreational facilities

schedule 27 November 2020

Global medical firm moves into Warsaw Hub

Medical equipment producer Sol - Millennium has leased more than 400 sqm at The Warsaw Hub in Warsaw.

schedule 27 November 2020

Țiriac Imobiliare goes for Well Health and Safety

Țiriac Imobiliare will be the first developer to apply for the Well Health-Safety standard in Romania for its entire portfolio.

schedule 26 November 2020

Ashland in Atrium Centrum

Ashland Poland has leased almost 1,100 sqm in Atrium Centrum in Warsaw city centre.

schedule 26 November 2020

Mogilska 43 reaches 90 pct

A consulting company has leased 1,200 sqm of office space in the Mogilska 43 Office in Kraków.

schedule 20 November 2020

Generali enters the Matrix

GTC Group has signed a lease agreement with insurer Generali for over 2,500 sqm of modern office space in the Matrix B building in Zagreb.

schedule 20 November 2020

Ghelamco starts Craft work

Ghelamco has begun the construction of the Craft office building at the junction of ul. Chorzowska and ul. Ściegiennego in Katowice near the Silesia City Center shopping centre.

schedule 19 November 2020

UL comes to Bolero Office Point

UL International Polska has opened a research and certification centre in Bolero Office Point 2.

schedule 17 November 2020

GLP enters ZenGarden

Warehouse investor and developer GLP Hungary has moved its head office to the ZenGarden building in Budapest.

schedule 13 November 2020

Mennica Legacy Tower ready to go

Mennica Legacy Tower in Warsaw’s Wola-Centrum district has received its occupancy permit.

schedule 12 November 2020

Spaces in Wave

At the beginning of the second quarter of 2021, Spaces from the IWG group will launch its first TriCity coworking office in the Wave office building developed by Skanska in Gdańsk.

schedule 12 November 2020

Manpower chooses The Light One

Workforce solutions company ManpowerGroup has leased 1,063 sqm for its new country head office in The Light One office building in Bucharest.

schedule 10 November 2020

Lawyers come to Brama Miasta

Baker McKenzie Krzyżowski i Wspólnicy, one of the largest law firms in Poland, is to move Brama Miasta in Łódź in March next year.

schedule 10 November 2020

Bucharest offices recover from Covid

Over the first nine months of the year a total of 124,000 sqm was delivered to the market in Bucarest, according to real estate consultancy Cushman & Wakefield Echinox.

schedule 09 November 2020

Sofia office market contracts

The total stock of modern office space in Sofia stood at 2.184 mln sqm at the end of Q3, according to figures from MBL.

schedule 06 November 2020

Vodafone sticks with Aréna Corner for regional centre

Vodafone Intelligent Solutions (VOIS) has decided to extend its lease in Aréna Corner in Budapest for more than ten years.

schedule 06 November 2020

Another tenant for Budapest One

Cloud Contact Center software provider VCC Live is moving its headquarters to the Budapest One Office Park, which is being developed by Futureal Group.

schedule 06 November 2020

Warsaw sees rents fall and vacancies rise

Over 238,000 sqm of office space was delivered to the Warsaw office market in the first three quarters of 2020, according to figures from Cushman & Wakefield.

schedule 06 November 2020

CBRE to commercialise Dor Plaza

CBRE is to commercialise the Dor Plaza office building in Warsaw's Okęcie district. The seven-storey office building with around 13,000 sqm of office space is to be delivered in H1 2022.

schedule 05 November 2020

Árpád Center area renewed

A stylish, accessible and green community space has been created on the Váci Office Corridor around the Árpád Center office building in Budapest.

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