Money Buzz! Europa

Category: Office

  • Hanner Group sold the office component of Riga project Jauna Teika

    Hanner Group sold the office component of Riga project Jauna Teika

    Hanner Group sold the office component of the mixed-used project Jauna Teika Riga to EfTEN Real Estate Fund 4.

    Jauna Teika team will keep on providing the established lifestyle in the co-working spaces Teikums, conference center Fantadroms, fitness center Squad Hour and all food and entertainment facilities. 

    The office campus consists of four buildings, with a gross leasable area of about 60,000 sqm.

    About 50 tenants are located in Jauna Teika buildings, including financial services companies DNB Bank, BIGBANK and Intrum, iIT companies TietoEVRY and Accenture, co-working company Teikums, chemical companies Cabot and Solvay.

    More than 6000 people are currently working in Jauna Teika offices.   

  • Coronavirus pandemic reshapes employees’ perception of ideal workspace

    Coronavirus pandemic reshapes employees’ perception of ideal workspace

    According to Skanska’s survey among people in CEE, nowadays nearly half of office workers go to the office every day.

    The same percentage being valid for Romanian employees who have returned to their workplaces.

    18% of Romanian employees work in a hybrid model, with 3 or 4 days a week in the office, while 20% of Romanian employees work only from home.

    Top choice: hybrid model with office work dominating

    For 51% of the employees surveyed, the ideal working model involves at least 3-4 days a week working from the office. This trend is visible in all CEE countries.

    Specifically for the respondents from Romania, 27% would like to work in the  office at least 3-4 days a week, this being their ideal working model.

    Another 22% of them would like to work exclusively from the office and 19 % would prefer to work only from home.

    Offices need to offer more than before

    The most important aspects of remote working listed by CEE employees include the ease of organizing family life (51%), good working conditions at home (48%), and saving time on commuting to the office (45%).

    The study notes several differentiators in terms of what would motivate employees in the four countries to return to the office.

    For Romanian employees, the most important thing is for the workplace to reach high-quality standards, including sanitary ones and the possibility to relax and work outdoors.

    For Polish employees, a first motivating factor would be the possibility to use the restaurants or canteens at the employer’s expense.

    Employees in the Czech Republic and Hungary, on the other hand, want to work in a quiet place or individual, separate rooms for work.

    Hungarians would also appreciate free parking spaces.

    Dream office: comfort, safety, and good IT connection

    Among the first three indicators of an ideal office for Romanians are: very good quality IT equipment (39%) and green, open spaces for work and relaxation (33%).

    Other crucial aspects include a quiet space that allows concentration (32%), professional lighting that does not tire the eyes (27%), separate or individual workspaces (18%).

    Among the barriers that Romanians have regarding returning to the office are the impossibility of serving a warm and healthy meal at work (14%).

    17% do not want to spend their time in a confined space with air conditioning, and 26% fear of getting the virus once they return to the office.

    The study also confirms the great importance of safety issues. The results show that high sanitary standards can encourage working in the offices, while lack of them causes fear of contracting the virus.

    Daily disinfection of the office (41%), lower population density (37%), and non-contact solutions (37%) are the main factors that would positively affect employees’ sense of safety.

  • Skanska to open the first rooftop running track in Romania

    Skanska to open the first rooftop running track in Romania

    Skanska inaugurates the first rooftop runway in Romania. The runway is 280 meters long and it’s located on the roof of the Campus 6.2 and 6.3 buildings in Bucharest.

    The two A-class office buildings in Campus 6 have 11 stories, the track being located on top of them, at a height of about 42 meters.

    The final layer of the track is made out of tartan certified by the International Association of Athletics Federations for use in all international athletic competitions.

    However, the rooftop runway on Campus 6 in Bucharest is not the first of its kind built by Skanska.

    Among the capitals in the Central and Eastern European region where Skanska has integrated this type of employee facility are Budapest (H2Office building) and Prague, where the 150-meter runway on the roof of the building Visionary was launched in 2018.

  • The first signs of a come-back for the Bucharest office market

    The first signs of a come-back for the Bucharest office market

    The volume of leasing transactions on the Bucharest office market increased in Q1 2021 to 48,000 square meters, a 9% decrease from previous year.

    Moreover, the share of pre-lease contracts increased from 20% to 46%, reveals the research data of the real estate consulting company Cushman & Wakefield Echinox.

    In terms of deliveries, in the first quarter of 2020, there have been completed the Campus 6.2 buildings and Millo Offices, the two buildings having a total area of ​​almost 30,000 sqm.

    In comparison, in the first quarter of 2020, new office spaces with an area of ​​79,000 square meters were delivered in Bucharest.

    However, this year’s deliveries will be above the level of 2020 and by the end of this year another approximately 220,000 sqm of new modern office space are expected to be delivered.

    The (leasing) commercial stock of office buildings in Bucharest reaches about 2.98 million square meters

    Other buildings with an area of ​​approximately 150,000 sqm being occupied by the owners, while projects with a total area of 370,000 sqm are currently under construction.

    In this context, the office spaces vacancy rate (contractual) is 13.5%, with a significant difference between A class (10.7%) and B class (22.1%) office buildings.

  • Mindspace launches new office rent solutions starting at EUR 18

    Mindspace launches new office rent solutions starting at EUR 18

    Mindspace launches ”Hybrid office”, its new array of on-demand solutions for companies and individuals adapting to the new work model.

    Mindpass Daily and Mindpass Multi offer on-demand, casual access to office spaces for 1, 4, 8 or 12 days a month, and can be purchased online.

    Prices start at ($30, £20, PLN 85, 135₪, €18).

    The ”Hybrid Office” offers a private office to companies under a hybrid model with teams who prefer working in-office on their WFH rotations.

    This solution includes Mindspace membership benefits such as access to meeting rooms, event spaces, common areas and the many amenities available on site.

    A global study run by Barco shows that 85% of the workforce wants to return to the office and resume the social aspect of working life.

    But, on the other hand, they want the freedom, flexibility and facilities to adopt a better blend of home and office working.

    The study also shows that this shift to a hybrid model is a trend that’s been building for many years and COVID-19 has simply accelerated it.

  • Diaverum moved its offices to Charles de Gaulle Plaza Bucharest

    Diaverum moved its offices to Charles de Gaulle Plaza Bucharest

    Diaverum decided to expand and relocate their operations into a larger, more efficient office space that creates optimal conditions for business development.

    The company leased 765 sqm, almost 65% of the iconic 14th floor of Charles de Gaulle Plaza, with spectacular view to Herastrau Park.

    Diaverum is a leading global provider in renal care services, serving almost 40,000 patients with 6 million treatments annually.

    In Romania, the company has 27 Nephrology and Dialysis clinics and around 1.100 employees.

    FORTIM Trusted Advisors, an Alliance Member of BNP Paribas Real Estate in Romania, assisted Diaverum in the relocation process.

  • Immofinanz buys former BCR HQ in Bucharest for EUR 36 million

    Immofinanz buys former BCR HQ in Bucharest for EUR 36 million

    BCR has concluded the ownership transfer of the landmark Bucharest Financial Plaza, the former headquarters of the company from Calea Victoriei to Immofinanz.

    Immofinanz plans a renovation of the property into a high-quality and green myhive building with a sustainability certification of at least Gold.

    Located next to the Old Town, Bucharest Financial Plaza is a landmark with 26.300 sqm GLA.

    The property was completed in 1998, being the most imposing building in the city at that time, and was refurbished in 2012.

    The building can be easily split between its two sections, Tower (17th floors) and Podium (6th Floors), and it has the largest natural illuminated atrium in the city.

    BCR moved its headquarters in 2020, in a 14.400sqm space, in Business Garden Bucharest, a LEED Platinum certified office complex.

  • 2020, one the poorest years in the last decade for the Bucharest office market

    2020, one the poorest years in the last decade for the Bucharest office market

    2020 was one the poorest in the last decade for the Bucharest office market in terms of demand, reflecting uncertainties generated by the pandemic.

    Overall, gross take-up declined by c.40% compared to 2019 to 214,000 square meters, the lowest level since 2012.

    New demand stood at around 70,000 square meters, according to the 2020 annual report released by Colliers.

    The effects of the ”pandemic year” continue to be felt in the Bucharest office sector in 2021, with a recovery likely to last several years.

    Outside Bucharest, the gross demand in the four major office submarkets – Cluj-Napoca, Timișoara, Iași and Brașov – decreased some 19% in 2020, to 60,000 square meters.

    But, more than half of last year’s take-up came from a single lease, a renewal of over 30,000 square meters in Iași (Amazon).

    These markets hold a cumulated modern office stock of close to 900,000 square meters, less than one third of Bucharest’s, while these cities tend to have a similar pace for job creation.

    156,000 square meters of new modern offices delivered last year

    In terms of delivery, 2020 was a robust year for the Bucharest office market, with some 156,000 square meters of new modern offices delivered.

    Also, there is a big difference compared to the 286,000 square meters seen in 2019, but it is still a fairly robust figure at around 5% of the current modern office stock in Bucharest.

    In 2021, about 250,000 square meters of new modern offices are set to be finalized, with pre-lease ratios at around 40% for new projects at the end of the previous year.

    A positive aspect is that the major additions in 2020 were spread throughout different submarkets, a sign of a mature and stable market.

  • Varso Tower Warsaw set to become the EU’s tallest building

    Varso Tower Warsaw set to become the EU’s tallest building

    Varso Tower’s roof topped out at 230m to became the Poland’s tallest structure. After the addition of its 80m, 73 tonne spire it’s set to be the EU’s tallest building.

    Warsaw’s new architectural icon is now taller even than the skyscrapers of Frankfurt, Milan and Paris.

    The 53-storey, spire-topped office building was designed by the award-winning Foster+Partners and is owned by HB Reavis.

    Expected to complete in 2022, Varso Tower will have an inspirational lobby whose 10-metre high walls will be covered with a handmade ceramic mosaic.

    Panoramic lifts travelling at 8 m/s will then lead up to two public rooftop terraces among the highest in Europe, looking down on the Warsaw skyline from 205m and 230m.

    A panoramic restaurant will also stretch across floors 46-48.

    Varso Tower is the final building of the mixed-use Varso Place development, featuring offices, a hotel, innovation hub and retail spaces in downtown Warsaw.

  • Skanska to invest EUR 76M in a new office building in Prague

    Skanska to invest EUR 76M in a new office building in Prague

    Skanska invests EUR 76M in the first phase of Port7, a mixed-use project located in Prague. The construction contract is worth about CZK 1.7 billion.

    The ten-story office building will have a total leasable area of around 27,700 square meters, with two underground parking levels.

    The investment also includes underground parking levels for the planned second phase of Port7.

    The full Port7 complex will offer about 35,000 square meters of A-class office and retail premises in three buildings, with retail stores, restaurants, cafés and fitness centers located on the ground floor of the buildings. 

  • Bucharest office market registered a steady return of demand in Q4 2020

    Bucharest office market registered a steady return of demand in Q4 2020

    In the last quarter of 2020, in Bucharest there were transactions of office spaces with a total area of ​​77,000 square meters, the highest quarterly value of the year.

    The annual volume of transactions reached approximately 237,000 meters squares, according to Cushman & Wakefield Echinox.

    Compared to the previous year, the transactional office area decreased by 39%, while the share of renewal contracts increased from 21% to 45%.

    The most important office project completed in the last quarter of 2020 was One Tower, with a leasable area of ​​24,000 square meters, part of the mixed project One Floreasca City, the total deliveries of new office spaces in 2020 totaling 155,000 square meters, a decrease of 46% compared to 2019.

    The commercial stock (destined for lease) of office buildings in Bucharest amounts to approximately 2.95 million square meters, other buildings with an area of ​​approximately 150,000 square meters being occupied by the owners, while projects with a total area of 350,000 square meters are currently under construction, being scheduled for delivery between 2021-2022.

    In this context, the (contractual) vacancy rate of office spaces is 12.5%, with a significant difference between class A (9.7%) and class B (20.7%) spaces.

    The most important office projects under construction are One Cotroceni Park, J8 Office Park, Globalworth Square, U Center, Miro Offices, Ţiriac Tower, Dacia One, Millo Offices, Expo or Sema London & Oslo, the developers having signed pre-lease contracts for about 60% of the spaces.

  • Skanska invests EUR 45 M in the second phase of Equilibrium Bucharest

    Skanska invests EUR 45 M in the second phase of Equilibrium Bucharest

    Skanska invests EUR 45M in the second building of the Equilibrium office project located in the northern part of Bucharest.

    The 12-storey building will comprise of a total leasable area of 19,900 sqm and 229 parking lots above and underground.

    At its completion, the entire two-building Equilibrium complex will offer 40,800 square meters of leasable area.

    The project has a unique mix of green relaxation spaces, with modern exterior furniture that incorporates wireless chargers, power sockets and free WiFi, but also with numerous facilities to encourage urban mobility and an active lifestyle.

    Construction works are planned to be started in February 2021 and are scheduled for completion in the first quarter of 2023.

    The first phase of the project, Equilibrium 1, became operational on November 1, 2019.