The institution that promotes knowledge about South Korea has chosen the Nordic Park office building in Warsaw for the third time. The tenant has extended its 1,200 sqm lease contract for another five years.
Grupa Żywiec plans to move its Warsaw office to the city center. The company selected Wola, which is the most “beer-ish” of the city's districts. In autumn 2020, Grupa Żywiec will move to Browary Warszawskie.
There is growing interest in multi-functional projects on the market. The share of flex space, which is an interesting option for large tenants is also increasing.
Warsaw Brewery is becoming the Meeting and Flavors District. Echo Investment starts with playing well: Robert Lewandowski, the captain of the Polish national team and a striker of Bayern Munich, together with his associates will open an original restaurant in a historic Malthouse, that is the heart of this city quarter in Warsaw's Wola district. As early as in autumn 2020, they will invite Warsaw residents for breakfast, afternoon meetings and evening matches.
Azora Europa has sold two office projects located in Krakow, Green Office and Avatar, to Cromwell European Real Estate Investment Trust (CEREIT) for EUR 78.2 million. Savills advised the vendor on the disposal of both assets.
Commercial real estate companies, especially those offering warehouses, offices and hotels, were very visible at this year’s Expo Real 2019 in Munich. The growing interest of international investors in Central and Eastern Europe, including Poland, is continuing. The value of investments in the first half of the year alone in Poland was in excess of EUR 2.72 billion, and dozens of deals are still being negotiated.
Despite signals of an impending economic slowdown in Europe, there is no shortage of capital in the market, unlike prime investment product. This is why we are seeing an increase in transactions in which funds are investing at the development stage. The trend applies to both the commercial sector and the institutional segment in the housing sector.
Capital from Asia
The most interesting stream of investment capital at the moment is flowing in from Asia. Far Eastern funds want to buy and have large amounts of money to spend, which means that developers and owners can achieve high sales prices. The effect of this is further yield compression, although the commercial real estate sector in Poland in terms of investment remains competitive compared to western markets.
Investment sentiment is good and the assessment of the Polish market remains high. During a slowdown, it is natural to search for savings, which gives the warehouse and office sector in Poland a competitive advantage over western European markets, including the largest one in Germany.
Another issue favouring investing in Polish real estate is the prolonged uncertainty regarding the Brexit agreement between the European Union and the United Kingdom. Many companies are not waiting and are relocating, which benefits the rental market in our region.
To sum up, this year’s Expo Real 2019 showed how the market in Poland has grown and changed in every sector in recent years. The quality of the exhibition space, as well as the visibility and activity of Polish companies and institutions, were incomparably higher than in previous years.
Source: AXI IMMO
UNITY, an IT services provider, has signed an almost 1,900 sq m office lease at Silver Forum in Wrocław. Kensington Silver Forum Sp. z o.o., the owner of the office building was represented by property manager MULTI POLAND Sp. z o.o. and global real estate services firm Cushman & Wakefield, which is the exclusive commercialisation agent for the building. The tenant was represented by Nuvalu Polska.
Silver Forum is a modern Class A office and service building located in the immediate vicinity of Strzegomski Square, in the Old Town district, and is a natural gateway to the western business zone. The building enjoys first-rate access to public transport and a prime location on the map of Wrocław. Silver Forum offers more than 15,000 sq m of office space.
“In this transaction we successfully met the high expectations of UNITY, which subsequently decided to join other tenants of Silver Forum. The office space leased by UNITY will be fully tailored to their technical requirements. It is important insomuch as tenants from the modern business services sector require a high office standard that is in line with the latest trends and appropriately suited to the nature of their operations,” said Marcin Siewierski, Associate, Office Agency, Cushman & Wakefield.
“Silver Forum is currently undergoing an advanced process of recommercialization. We are glad to host UNITY as a one of the key tenants in our office. We are pleased to gain trust of a company that decided to relocate the headquarters to Silver Forum in Wroclaw,” – said Małgorzata Słowik, Multi’s Head of Leasing.
UNITY S.A. has 22 years of experience in IT projects providing companies with technological support in their digital transformation. It delivers design, implementation and maintenance of IT solutions in business processes, design of websites and e-commerce systems. Unity S.A. has offices in Poland, Switzerland and USA.
Source: Cushman & Wakefield
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