Zagreb and Belgrade are generally viewed as offering office development possibilities despite being at different points in the development cycle. Belgrade has close to zero vacancy with limited stock while Zagreb has high vacancy and an “overheated” office market. Development opportunities are anticipated with an economic upturn in the Croatian economy in the next 2-3 years.
GREET Vienna is the venue for international real estate with a special focus on projects and investments in Central, Eastern and South Eastern Europe, including Russia, Turkey and CIS. GREET Vienna, now in its second round, is fast approaching. The conference will be held at Palais Niederösterreich in downtown Vienna on 19 and 20 May 2014.
A group of experts in green building, investment and finance and property valuation gathered in Brussels to mark the launch of RenoValue, a new European project aiming to further integrate the energy performance of buildings into the property valuation process.
Take-up in the CEE region exceeded all previous levels and hit a new record high of 1.4 million sq m office space being transacted in 2013, according to Cushman & Wakefield (C&W) the world largest privately held commercial real estate services firm in their latest Central European office market update. The market report analyses Bratislava, Budapest, Prague and Warsaw where the total combined office stock equates to nearly 12 million sq m, tempered by limited new supply being released in the region (circa 436,000 sq m).
Rent per unit (usually EUR/m2/month) and the size of leasable area (m2) are important components of lease contracts because their product equals the rent payable by the tenant. However, landlords often attempt to set a relatively low rent per unit to attract tenants while claiming the largest possible leasable area since many tenants are only concerned with the rent per unit, which is readily comparable with market rates, not paying enough attention to the size of leasable area or the method employed for its calculation.
KPMG, one of the leading audit and consulting companies in Hungary, has entrusted real estate asset and property manager, ConvergenCE with the property management of its new headquarters. KPMG will occupy cca. 11,200 m2 of the A+ category Vision Towers North office building located at the junction of Váci út and Dózsa György út from August 2014.
Europa Capital LLP, on behalf of Europa Fund II, and ConvergenCE have concluded a significant new loan to refinance Eiffel Square in central Pest, with pbb Deutsche Pfandbriefbank. The EUR 33 million refinancing from pbb Deutsche Pfandbriefbank closed at the end of 2013. Eiffel Square is considered to be one of the leading office investments in central Budapest, due to its excellent location, quality of construction and full occupancy.
According to the latest research from global property advisor CBRE a total of 39 million square metres of shopping centre space is under construction across the world’s major cities, representing a three million sq m increase from 2013. CBRE expects more significant developments in Budapest.
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