Colliers International has become the administrator of the Nowy Targ office building in Wrocław. It is the 6th property under management that Colliers has acquired in Wrocław.
Cromwell Property Group, acting as an asset manager of Prosta Office Center, has completed the disposal of the property located in Warsaw to KGAL investment fund. Savills advised the vendor in the transaction.
Almost 800,000 sq m of office space is currently under construction in Warsaw of which approx. 55% will be delivered in 2020, according to the latest Savills research. Capital city of Poland continues to be a big construction site, mostly due to very strong demand for the office space with its record-high levels recorded in 2019.
The Landlord Representation team of global real estate services firm Cushman & Wakefield will continue the commercialization of Lipiński Passage and Zebra Tower in Warsaw. The owner of both office buildings is Union Investment.
Savills has been appointed as sole adviser to M7 Real Estate for the fund’s entire office portfolio. Savills will be responsible for office space leasing and property management.
On 1 December 2019, the FOCUS office building, for which global real estate services firm Cushman & Wakefield provides property management services, hosted a classical music concert, with the key protagonist being a majestic and monumental pipe organ. The concert of the “Power of Classics” series, which included classical works in the organ repertoire, was inaugurated by the Toccata and Fugue in D minor, BWV 565, a piece written by Johann Sebastian Bach and rearranged for organ and symphony orchestra. The evening’s highlight was Symphony No. 3, composed by Camille Saint-Saëns, popularly known as the Organ Symphony.
Warsaw office market is growing at a fast pace. Total stock at the end of Q3 of this year stood at nearly 5.6 million sqm. Nearly one fourth of existing stock is less than 5 years old, and the sector is set to increase by at least another 10% over the next two years. Results recorded so far show that 2019 might prove to have been another record-breaking year in terms of office take-up. Demand is driven by leases signed for spaces of record-breaking size, one such example being the lease signed by mBank for nearly all the space in the Mennica Legacy Tower high-rise office building.
The soon to be completed Chmielna 89 office building in Warsaw and Tischnera Office in Kraków are to be added to the portfolio of Globalworth, the leading office investor in Central and Eastern Europe. The office projects, both developed by Cavatina Holding S.A., will offer a total of approx. 60,000 sqm of leasable space.
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