Region’s office markets see reduced levels of demand and modest rent falls in Q3 2020
The core CEE markets recorded reduced demand levels, but rents saw only a modest fall in comparison with other European markets, office yields remained close to their 10-year low, and travel restrictions and market uncertainty have impacted on investment volumes, summarised experts from global real estate services firm Cushman & Wakefield on the office market in Central and Eastern Europe in Q3 2020. Poland: The lockdown period and the uncertainty of the economic impact of the coronavirus pandemic pushed some office tenants to temporarily withhold their decisions regarding lease negotiations. As a result, gross take-up in Warsaw showed a 35 percent decrease in the first three quarters of 2020 compared to the same period in 2019, which was a record-breaking year in terms of demand. Given the current situation and subdued occupier activity, we expect a limited number of new projects coming onto the market, which is likely to result in a supply gap in 2022-2023. Czech Republic: Prague’s office…
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