Join Craig Smith and Winston Norman on the Coffee with Craig Show for your daily dose of CRE news in the CEE region, brought to you by EuropaProperty.com.
InterContinental Hotels Returning to Serbia
Delta Holding and InterContinental Hotels & Resorts Group (IHG) have signed an agreement to bring the InterContinental brand back to Serbia. A new five-star luxury hotel will be built in the heart of Belgrade as part of this deal.
The hotel, which is a €100 million investment, is expected to open by the end of 2026, just in time for EXPO 2027. The project aims to enhance Belgrade’s status as a leading tourist destination in the region.
Karin Sheppard, Senior Vice President of IHG for Europe, highlighted the importance of this partnership, saying it will help boost luxury hospitality in the area. The new InterContinental hotel will be part of the Delta District complex, combining the hotel with residential and business apartments, setting new standards for luxury real estate in Belgrade.
Prague Office Market Expanding with Rising Demand and Prices
Prague’s office market is growing, with four new buildings completed in the second quarter of 2024, adding nearly 44,000 sqm of modern office space. Despite this growth, the vacancy rate has slightly increased to 7.9%.
The demand for office space in Prague is strong, leading to higher rental prices. Prime rents in the city centre are around €29 per sqm per month, while rents in the wider city centre and outskirts have also increased.
As more office projects are planned, the market is focusing on updating older buildings to meet modern standards. Josef Stanko, Director of Market Research at Colliers, notes that the future of Prague’s office market depends on refurbishing older buildings to improve sustainability and user comfort, keeping the city competitive in the region.
CTP Launches First CTBox Building in Romania
CTP has opened its first CTBox building in Romania at CTPark Bucharest West. CTBox offers ready-to-use warehouse and office spaces designed for small and medium-sized businesses (SMEs). Each unit, ranging from 500 to 600 sqm, combines modern warehouse, office, and showroom spaces in one building. These spaces are ideal for various business needs, including showrooms, supermarkets, and auto service centres.
The CTBox concept provides SMEs with flexible spaces to grow and operate alongside larger companies in a vibrant business community. The first tenant, Profi, has opened a new 24/7 supermarket within the CTBox, offering a variety of products providing convenience for employees and the local community.
