Coffee with Craig Show – daily CRE news covering the CEE region, Monday, November 14, with Winston Norman, Editor and Chief of EuropaProperty.com.
Office rents in Bucharest still among the lowest in Europe
Office rents in Bucharest are among the lowest in Europe, which, along with workforce availability and competitive salary costs, represents a major point of attraction for tech companies, according to Cushman & Wakefield Echinox.
Further, even though prime headline rents in Bucharest continued to increase in the third quarter, reaching a level of €19.5 sqm per month, compared with €18.5 sqm per month at the beginning of the year, the capital city remains among the less expensive destinations in Europe in terms of office occupancy costs. In comparison, the prime headline rents in Budapest and Warsaw are €24.5 and €24 sqm per month respectively, while in Prague the level is even higher reaching €27 sqm per month. In Sofia, offices are leased for a maximum of €15 sqm per month.
Mădălina Cojocaru, partner Office Agency, Cushman & Wakefield Echinox, commented: ”From a real estate perspective, IT companies have leased over 1 million sqm of offices in Bucharest alone during the last decade, having a share of almost 40 percent of the volume transacted in that particular period.”
Resi4Rent expanding Polish portfolio
Resi4Rent is dynamically developing its institutional rental market portfolio. The company has recently delivered its fourth building to the Polish capital. Offering 161 apartments, the investment is located in Mokotów.
The new Resi4Rent building, located at 82 Woronicza Street fits the concept of a 15-minute city – it is located close to the public transport infrastructure, Chopin Airport, as well as Żwirki i Wigury railway station. The residents can make the most of the wide offer of nearby shops, service providers, restaurants and cafes.
“We have consistently implemented our strategy – we meet the expectations of the market and create modern subscription-based apartments in the best locations of the largest cities in Poland,” says Sławomir Imianowski, President of Resi4Rent.
The subscription-based apartments, offered by Resi4Rent in six major urban centres such as Łódź, Gdańsk, Warsaw, Poznań, Wrocław and Kraków, are highly appreciated. With the average occupancy at the level of 99 percent in all the buildings.
Infinity office building in Wroclaw takes its final shape
The Infinity office building in Wrocław has celebrated the symbolic topping out, which means the project has reached its highest point. The project, which is being developed by Avestus Real Estate in cooperation with business partner Alchemy Properties, will be completed for the tenants in Q2 2023.
Infinity will be a seven-story class A office building offering 18,727 sqm of office space. The office building will be BREEAM-certified as well as WELL Health-Safety certified.
“The topping-out ceremony is a key moment in executing any investment project. We conduct advanced negotiations with clients and will soon be able to announce new leases at Infinity,” said Mariusz Frąckiewicz, Director of Poland at Avestus Real Estate.