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PINK RELEASES DATA ON THE OFFICE MARKET IN WARSAW FOR Q1 2022
PINK has published figures on the office market in Warsaw for Q1 2022. The data is sourced from advisory companies from the commercial real estate sector (BNP Paribas Real Estate, CBRE, Colliers, Cushman&Wakefield, JLL, Knight Frank, Newmark Polska, Savills) and includes information on modern office stock, new completions, take-up volumes and vacancy rates.
At the end of Q1, 2022 total modern office stock in Warsaw accounted for 6,238,000 sqm.
In Q1 2022, more than 93,400 sqm of modern office space was delivered to the capital city market in six projects. The largest one was Forest Tower offering a total of 51,500 sqm and the next office building within the LIXA office complex (bldg. C, 19,400 sqm), both located in the City Centre office zone.
At the end of Q1 2022, the vacancy rate in Warsaw reached 12.2 percent. Availability of office space equalled 759,700 sqm.
In Q1 2022, demand for modern office space reached nearly 273,200 sqm. The most popular area of tenant’s interest was the City Centre zone.
The largest transactions of the Q1 2022 were two pre-let agreements: a 34,500 sqm by the PKO BP in SKYSAWA office complex and a 30,000 sqm by the undisclosed tenant from the banking sector in Forest Tower, followed by the 23,500 sqm lease renewal and expansion by ING in Plac Unii and an 18,800 sqm renewal by a tenant from the banking sector in Generation Park X.
LOGICOR COMPLETES MULTIFUNCTIONAL PROPERTY FOR INCHCAPE MOTOR POLSKA
Logicor, a leading owner and manager of logistics real estate in Europe, announced it has completed the modernisation of a multifunctional property in Warsaw for Inchcape Motor Polska, offering sales and servicing of premium-brand cars and motorcycles (including BMW and Mini). The modernisation of this multifunctional space will enable the dealer to maximize its growth and potential in the Polish automotive market, allowing it to serve its customers with new quality and comprehensiveness.
Bartosz Mierzwiak, Managing Director for CEE & Northern Europe at Logicor, said: “Currently, modernizing and adapting existing spaces can offer the only chance for a company to achieve its growth potential in large urban centres, where new construction is not feasible.”
“Our company is in a phase of intense growth, hence the need for new space tailored to the profile of the services we offer,” said Witold Wcisło, CEO of Inchcape Polska.
INVESTOR INTEREST IN RETAIL PARKS & CONVENIENCE RETAIL SECTORS STRONG
Avison Young and LCP Properties presented their newest report on the retail parks and the convenience retail investment market sectors in Poland. In 2021, interest in retail parks and convenience products stood strong. The unstable pandemic situation kept resilient retail schemes on the investors’ focal point. The amount of retail parks acquired confirms demand for such assets, also in smaller towns.
Over the last two years, the Avison Young team in Poland has been the leader with over €200 million transacted in this retail segment. LCP Properties has been the most active investor in the retail park and convenience retail market, with a 36 percent share in total investment volume in this sector.
The retail investment market in terms of transacted volumes is still far behind the pre-covid levels. Nevertheless, the number of transactions in this sector breaks records. High liquidity accompanied by the lower volume reflects the investors’ turn to small retail parks and convenience schemes, including those located in smaller cities and towns.
LCP: “Both retail parks and convenience centres have remained in the area of constant interest of investors for several years, and their popularity is still growing. These formats enable to make quick purchases, and thanks to a wide range of basic products at affordable prices, they are popular among customers. Investors appreciated the security and stability of revenues that retail parks and convenience centres provided during the COVID-19 pandemic.”
IULIUS LAUNCHES €500 MILLION URBAN REGENERATION PROJECT IN ROMANIA
Iulius Group is launching a new investment in Cluj-Napoca: more than half a billion Euros for their urban regeneration project in Romania.
The investment will transform the Carbochim industrial platform in Cluj. The new project includes:
The largest retail area in the country (115,000 sqm)
A centre dedicated to performing arts
Conservation of two industrial heritage buildings
Green spaces connecting the urban garden spanning 4-plus hectares
A new bridge and a pedestrian walkway over Someș River
An eco-neighbourhood integrated into a mixed-use project
Consolidating a new business hub
The largest underground parking lot in the country, with 6,000-plus parking spaces
The Carboshim industrial platform spans approximately 14 hectares, with less than 30% of the area currently utilized for manufacturing purposes, while the rest is either underused or residual.
“We want to give the city a piece of itself by transforming the Carbochim platform into a space for the entire community. The urban reconversion investment will be a large-scale one, in line with the general urban development strategy of Cluj. This project is designed for the present, but also for the generations to come,” said Iulian Dascălu, President of Iulius Company.
Property Inspect, the award-winning and globally recognised provider of property inspection and operations software is delighted to announce its formal incorporation in Poland. Property Inspect has also been included...