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Poland / World WeWork on the brink

Office & mixed-use development
The trading of WeWork's shares on Wall Street was suspended today, following the coworking operator's filing for financial reorganisation (Chapter 11). For several days, the global media has been reporting on the increasing problems faced by the chain and, according to some sources, a bankruptcy petition for WeWork is to be filed this week.

According to Money.pl, WeWork's shares on the New York Stock Exchange are currently priced at 84 cents, but in October 2021 the price peaked at almost USD 521, and a year ago, at the beginning of November 2022, it had fallen to around USD 104. Today, the company is valued at almost USD 44.5 mln, whereas four years ago (even before its stock exchange listing) its capitalisation was estimated at a thousand times more – at USD 47 bln.

The most recent significant decline occurred last Wednesday, November 1st, following a report by The Wall Street Journal that WeWork planned to file for bankruptcy this week. A day earlier, the operator announced that creditors had agreed to temporarily postpone the payment of part of its debt, that is, the payment of the interest on bonds due on November 1st and maturing in 2025.

According to some stock market experts, even if the company avoids bankruptcy in the near future, many of WeWork's long-term office lease agreements will require restructuring or termination.

WeWork has so far refused to comment on what it claims is "speculation", but 'Eurobuild' has obtained a comment from Piotr Lagowski, who was responsible for the development of WeWork's Polish business.

Latest news

Warehouse & industrial

Hungary Aerospace company moves to CTPark Budapest Ecser 

schedule 01 March 2024
Opr./edited by ANZ

CTP has signed a long-term lease agreement for 5,590 sqm of multifunctional space at the CTPark Budapest Ecser logistics park with Vilnius-based FL Technics, provider of aircraft MRO services. 

Office & mixed-use development

Poland New city within a city

schedule 29 February 2024
Opr./edited by ANZ

Echo Investment and Archicom will develop a multifunctional project on ul. Wita Stwosza in Kraków. Five four-storey buildings will be constructed on the site of the former supply warehouses of the Kraków Fortress. The project will be built in stages and is expected to be completed in 2026.

ESG

Poland The shelter in Gniezno as good as new

schedule 29 February 2024
Opr./edited by ANZ

Panattoni and Dekpol Budownictwo have once again jointly carried out a campaign to help homeless animals, this time supporting a shelter in Gniezno. The facility underwent a comprehensive renovation, and the value of the aid was around EUR 50,000.

Office & mixed-use development

Poland Develia changes its office in Wrocław

schedule 29 February 2024
Opr./edited by ANZ

Develia is moving its office from Arkady Wrocławskie to the City Forum complex on ul. Traugutta. In the City 1 building, the developer has leased around 1,400 sqm.

Investment & finance

Europe Europe must be ready for "twin transitions"

schedule 29 February 2024
Opr./edited by JC

Erste Group Bank recorded an operating result of 5.5 bln euros in 2023, an increase of 38 pct compared to the previous year. The company expects that economies in CEE region return to growth path in 2024.

Office & mixed-use development

Poland Lixa D has new tenant

schedule 29 February 2024
Opr./edited by ANZ

A fintech company has leased almost 2,600 sqm of office space in the Lixa D building, which is under construction near Rondo Daszyńskiego in Warsaw. The new tenant will occupy more than 25 pct of the commercial space available in the building.

Investment & finance

Poland Panattoni builds, Millennium finances

schedule 29 February 2024
Opr./edited by JC

Panattoni has received financing for the expansion of Panattoni Park Ruda Śląska II. The loan of EUR 9.4 mln was granted by Millennium Bank.

Office & mixed-use development

Poland Studio B fully leased

schedule 28 February 2024
Opr./edited by ANZ

Societe Generale Branch in Poland and SG Equipment Leasing Poland, companies belonging to the French financial group Societe Generale, are moving into the Studio complex in Warsaw, which is being developed by Skanska.

Office & mixed-use development

Czech Republic Heimstaden moves to IQ Ostrava

schedule 28 February 2024
Opr./edited by ANZ

CTP has signed a lease agreement with Heimstaden, the provider of rental housing in the Czech Republic, for almost 3,500 sqm of office space at IQ Ostrava. IQ Ostrava was the first office building in Ostrava to be BREEAM Excellent certified ten years ago.

Office & mixed-use development

Poland Saski Crescent Half leased

schedule 28 February 2024
Opr./edited by ANZ

The IT company will occupy more than 6,000 sqm, comprising three floors, in the Saski Crescent office building located in the centre of Warsaw. The building is nearing the end of a major modernisation process.

Office & mixed-use development

Poland Two new leases signed at Bonarka for Business

schedule 27 February 2024
Opr./edited by ANZ

Two new contracts for the lease of office space in the Bonarka for Business complex in Kraków have been signed. A total of 825 sqm of space has been leased.

Eurobuild FM

Poland Joanna Mroczek on the second life of properties

schedule 27 February 2024
Magda Rachwald

How to ensure that older properties don’t lose their value, while at the same time fulfilling the needs of tenants and complying with ESG requirements? – these and other questions are answered by Joanna Mroczek, the head of CBRE's strategic consulting department, in the latest episode of Eurobuild FM!

Warehouse & industrial

Poland First tenants in Panattoni Park Lublin IV

schedule 27 February 2024
Opr./edited by ANZ

Panattoni has handed over Panattoni Park Lublin IV. The project is a two-building complex with a combined area of 52,000 sqm, built within the Świdnik Economic Activity Zone. The first tenants are now starting their operations in the complex.

Hotels

Romania Bucharest hotel market rebounds

schedule 27 February 2024
Opr./edited by ANZ

The hotel market in Bucharest has experienced a moderate annual average growth in new offerings, at 0.9 pct between 2019 and 2023. This modest trend was primarily influenced by the cancellation of Urban Zoning Plans. Between 2024 and 2025, an estimated average annual growth rate of 4.1 pct in the number of rooms is expected, according to data from the real estate consulting company Cushman & Wakefield.

Warehouse & industrial

Poland MLP Łódź has a new tenant

schedule 27 February 2024
Opr./edited by ANZ

Bohnenkamp, a supplier of tyres and wheels for professional use, will join the group of tenants at the MLP Łódź logistics park. The company will occupy more than  6,000 sqm of space.

Investment & finance

Czech Republic Rebalancing of prices is expected

schedule 26 February 2024
Opr./edited by ANZ

According to a survey by Colliers presented at a February meeting of Czech and Slovak investors and other financial experts, active in commercial real estate, investment volumes in CEE-6 fell by around 52 pct to EUR 5.1 bln in 2023, reaching a ten-year low. Czech capital, however, retains strongest position in the region.

Warehouse & industrial

Poland Sweet deal for Eurologis

schedule 26 February 2024
Opr./edited by JC

Agart-Pro has extended its lease of nearly 1,800 sqm of warehouse and office space in Eurologis Logistics Centre. The complex is located 16 km from the centre of Wrocław.

Land acquisitions

Croataia Slovaks invest in Croatia

schedule 23 February 2024
Opr./edited by ANZ

Slovak investment fund Prvý realitný fond, through its company Logis Rugvica, has acquired a plot of land in the area of the village of Sveta Helena near Zagreb. This marks the fund's debut on the Croatian market.

Office & mixed-use development

Poland New tenants on the horizon

schedule 22 February 2024
Opr./edited by ANZ

Warsaw's Horizon office complex has gained four new tenants. In total, the companies will occupy almost 2,500 sqm of space in the facility.

Residential

Czech Republic New residential project in Prague's Vysočany

schedule 22 February 2024
Opr./edited by ANZ

Rezidence Klíčov, a current major SHD Real Estate residential project in Prague, is moving into the construction phase. The project located in Vysočany, Prague 9, is expected to be completed next year.

Latest in Office & mixed-use development

schedule 29 February 2024

New city within a city

Echo Investment and Archicom will develop a multifunctional project on ul. Wita Stwosza in Kraków. Five four-storey buildings will be constructed on the site of the former supply warehouses of the Kraków Fortress. The project will be built in stages and is expected to be completed in 2026.

schedule 29 February 2024

Develia changes its office in Wrocław

Develia is moving its office from Arkady Wrocławskie to the City Forum complex on ul. Traugutta. In the City 1 building, the developer has leased around 1,400 sqm.

schedule 29 February 2024

Lixa D has new tenant

A fintech company has leased almost 2,600 sqm of office space in the Lixa D building, which is under construction near Rondo Daszyńskiego in Warsaw. The new tenant will occupy more than 25 pct of the commercial space available in the building.

schedule 28 February 2024

Studio B fully leased

Societe Generale Branch in Poland and SG Equipment Leasing Poland, companies belonging to the French financial group Societe Generale, are moving into the Studio complex in Warsaw, which is being developed by Skanska.

schedule 28 February 2024

Heimstaden moves to IQ Ostrava

CTP has signed a lease agreement with Heimstaden, the provider of rental housing in the Czech Republic, for almost 3,500 sqm of office space at IQ Ostrava. IQ Ostrava was the first office building in Ostrava to be BREEAM Excellent certified ten years ago.

schedule 28 February 2024

Saski Crescent Half leased

The IT company will occupy more than 6,000 sqm, comprising three floors, in the Saski Crescent office building located in the centre of Warsaw. The building is nearing the end of a major modernisation process.

schedule 27 February 2024

Two new leases signed at Bonarka for Business

Two new contracts for the lease of office space in the Bonarka for Business complex in Kraków have been signed. A total of 825 sqm of space has been leased.

schedule 22 February 2024

New tenants on the horizon

Warsaw's Horizon office complex has gained four new tenants. In total, the companies will occupy almost 2,500 sqm of space in the facility.

schedule 22 February 2024

More companies choose Lixa E

Aluprof and Unique Work have joined the tenant roster in the Lixa E building. The two companies occupy a total of nearly 625 sqm in the complex.

schedule 21 February 2024

EY has chosen Brain Park

EY will move into new premises in Kraków. The company will occupy 2,000 sqm in the Brain Park office building. Echo Investment has thus completed the commercialisation of the first building of the office complex on Al. Pokoju.

schedule 15 February 2024

PKV expands at CTP’s Vlněna complex

CTP has signed a lease agreement with PKV Build, a leading player in energy consulting, for 3,000 sqm of new office space which is currently being built by CTP at its premium Vlněna office complex in Brno.

schedule 15 February 2024

Smaller offices, more amenities

Although the office development pipeline in Poland’s eight largest regional city markets is clearly shrinking, it is still above that for Warsaw, says BNP Paribas Real Estate Poland in its report “At a Glance – Regional City Office Markets Q4 2023”.

schedule 14 February 2024

Sollers Consulting stays on the banks of the Warta River

Sollers Consulting has extended its lease contract at Szyperska Office Center in Poznań. The regional branch of the international company from the IT sector occupies over 950 sqm in the office building.

schedule 14 February 2024

Ten deals for Buma Square

Revetas Capital has signed 10 transactions at Buma Square office complex in Kraków since the start of 2024. The deals include new leases and renewals, with a total GLA of 2,170 sqm.

schedule 13 February 2024

Backbase expands in High5ive

Backbase, Dutch fintech solutions provider, is growing its presence in High5ive office complex in Kraków. The company finalized lease negotiations, selected architectural studio and fit-out contractor.

schedule 12 February 2024

Office take-up hits a record high

According to “Office Occupier – Office Market in Regions”, a report published by Newmark Polska, total office take-up in 2023 in the largest Polish regional cities surpassed 741,300 sqm - an increase of almost 19 pct year-on-year and 7 pct from the pre-pandemic 2019 peak. Issues related to ESG, functionality improvements, efficient office space management and optimisation of lease costs have filtered through into the vocabulary and strategies of tenants and developers alike.

schedule 12 February 2024

High voltage in B4B

Enetecs – Engineering Technologies has signed a lease contract for 560 sqm of office space in Building F of Bonarka for Business complex in Kraków. The new tenant is an engineering design office specializing in electrical, I&C, and piping projects.

schedule 09 February 2024

SolarWinds stays in B4B

SolarWinds has extended its lease agreement in the Bonarka for Business complex in Kraków. The software provider occupies app. 2,600 sqm of office space in Building E.

schedule 09 February 2024

Low new supply, rising occupier activity

The volume of vacant office space in Warsaw is shrinking as the number of office buildings under construction and delivered to the market is low and occupier demand remains stable, reveals BNP Real Estate Poland in its quarterly report “At a Glance – Warsaw Office Market Q4 2023”

schedule 08 February 2024

Rödl & Partner on two floors

Another company has decided to move its office to Vibe, Ghelamco’s latest project under development in the business center of Warsaw. Rödl & Partner has leased nearly 2,500 sqm of modern office space there. Newmark Polska advised the tenant in the transaction.

Edition 1 (285) January 2024

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