Coffee with Craig Show – daily CRE news covering the CEE region, Monday, July 17, with Winston Norman, Editor and Chief of EuropaProperty.com.
Newmark reports that Upper Silesia has fewer but larger warehouse leases
Upper Silesia is the second-largest industrial market in Poland after Warsaw. In 2022, more than 539,000 sqm came on stream, bringing the region’s total stock up to 4.77 million sqm. New completions for the first quarter of this year totalled 256,000 sqm. The key competitive advantage of Upper Silesia lies in its location.
Michał Kozar, Newmark Polska, commented “Speculative developments are rare. The current market standard is to wait for a large tenant who will sign a contract for about half of a warehouse building and enable the developer to secure financing and begin construction.”
Lublin is the most saturated retail market in Poland
Lublin is the leading Polish city in terms of retail space saturation for schemes exceeding 5,000 sqm. Its space saturation rate is 1,094 sqm per 1,000 inhabitants compared to 831 sqm for Warsaw. Paradoxically, this does not preclude further growth for developers. There is still room in the city for traditional retail parks developed in alternative locations.
“Many developers have begun to target smaller retail formats in non-central locations, thereby catering to the daily shopping needs of consumers. This will also be aligned with the increasingly growing concept of 15-minute cities and the trend towards convenience shopping close to where consumers live,” says Michał Masztakowski, Leasing Team Manager, Cushman & Wakefield.
Resi4Rent now has 2000 subscription apartments in Warsaw
Resi4Rent is increasing its stock of rental units. Another building with 375 subscription apartments has been put up in Warsaw’s Mokotow district. Resi4Rent Wilanowska is the company’s sixth development in Warsaw.
“The Resi4Rent platform already comprises 3,700 professionally managed rental units. Ultimately, we want to deliver 10,000 units onto the market by 2025,” says Slawomir Imianowski, president of Resi4Rent.
Marriott opens W Budapest
The former Ballet Institute has been transformed into the five-star W Budapest hotel offering 151 rooms and suits in the very heart of the Hungarian capital. Located on Andrássy Avenue, a prime retail and hotel destination in Budapest, the W Budapest Hotel is part of the Marriott Bonvoy brand.
Cushman & Wakefield names new Head ESG for CEE
Stefan de Goeij is joining the Cushman & Wakefield ESG team as a Partner. The sustainability and property management professional will lead the CEE team as Head of Sustainability & ESG. In his new role, Stefan will be coordinating and expanding the operation of the firm’s Sustainability and ESG teams in the CEE region.