Walter Herz and Syrena Invest complete another land transaction in Warsaw

Walter Herz, working with Syrena Invest, has completed another land acquisition for a residential development in Warsaw. The latest transaction concerns a site on Głębocka Street in the Białołęka district, where a project consisting of 79 apartments and an underground garage is planned. The scheme will offer around 4,300 sqm of usable floor area. This deal follows an earlier acquisition for Syrena Invest at 29 Siennicka Street.

“We value Walter Herz’s advisory services and comprehensive support in investment processes, which often require a high pace of action, strong commitment, and the ability to develop effective solutions at various stages. Another transaction in Warsaw confirms that together we are able to successfully identify and close valuable opportunities in the residential segment,” said Marianelly Hernandez Reyna, General Director at Syrena Invest.

Walter Herz advised throughout the acquisition, including analysis, project preparation, negotiations and completion of the transaction. The team’s responsibilities included evaluating the investment potential and structuring conditions acceptable to both sides.

“This was a demanding, multi-stage transaction, successfully completed thanks to thorough analysis, consistency in negotiations, and a cooperative partnership between the parties. The obtained building permit increases the project’s value and allows for faster implementation of the investment,” said Damian Karkosiński from Walter Herz. “Following the successful land transaction at 29 Siennicka Street, this is another joint project that confirms the quality of our business relationship. We are very pleased to continue our cooperation with Syrena Invest and are glad to support the development of their project portfolio in the Warsaw residential market, where Białołęka remains one of the most promising locations,” he added.

Syrena Invest has operated in the Warsaw property market since 2007, focusing on residential and commercial development as well as investor support. Its portfolio includes completed projects on Jaktorowska Street, within Miasteczko Wilanów, on Mińska Street in Praga-Południe, on Klukowska Street in Targówek, and on Racławicka Street in Mokotów, along with the ongoing project at Siennicka Street in Grochów. The company is a member of the Polish Association of Developers and the Polish-Spanish Chamber of Commerce.

CBRE Investment Management adjusts leadership structure for EMEA Direct Real Estate

CBRE Investment Management has announced changes to the leadership structure of its EMEA Direct Real Estate business. The firm says the adjustments are intended to support the continued scaling of its integrated investor-operator platform and to strengthen investment execution.

Under the revised model, Rik Eertink will take on the role of President and Chief Investment Officer for EMEA Direct Real Estate. He has served as President of the division for the past five years.

“This evolved model leverages the strengths of our platform and positions us to enhance investment performance for our clients,” said Adam Gallistel, Co-CEO and CIO of CBRE IM.

Eertink will work with four senior leaders who are assuming expanded responsibilities within the EMEA Direct Real Estate business: Hannah Marshall, Bas Tiemstra, Jan-Willem Bastijn and Niels Kokkeel.

“The elevation of top talent is a priority focus area for us,” said Andy Glanzman, Co-CEO and President of CBRE IM. “This team has deep experience, strong track records and a shared commitment to delivering differentiated outcomes for our clients.”

The company also confirmed that Paul Gibson is leaving to take up a senior position elsewhere in the European real estate sector. CBRE IM expressed its appreciation for his contributions to the business.

Yareal unveils final phase of SOHO by Yareal: SOHO HUB

Yareal unveils final phase of SOHO by Yareal: SOHO HUB

Yareal has presented SOHO HUB, the fifth and final stage of the SOHO by Yareal mixed-use complex in Warsaw’s Kamionek district. The scheme, based on the 15-minute city concept, will conclude the development with new buildings, the refurbishment of historic structures and the revitalisation of a protected heritage asset. According to the schedule, works planned for 2026–2028 will add more than 5,000 m² of office space, nearly 2,500 m² of retail and service areas, and a PRS element.

The complex, designed by HRA Architekci, combines residential, office, retail, leisure and culinary functions. SOHO by Yareal holds a BREEAM Communities certificate and incorporates post-industrial buildings into contemporary architecture. Public spaces include a linear park, courtyards, terraces and areas designed for community use, supported by limited car traffic.

The main commercial addition within SOHO HUB will be the Mińska 39 building, a multi-volume structure that draws on the site’s industrial heritage. It will contain 3,100 m² of Class A office space across the first two floors, with 66 rental apartments on the upper levels ranging from 28 to 45 m². The building will also provide an underground garage with 146 parking spaces, 11 of them equipped with EV chargers, and a portion designated for short-term public use.

Further office space will be created in B.55, a three-storey heritage-listed building that has served numerous industrial and manufacturing functions since 1899. The Conservator-approved refurbishment will reinstate original architectural elements, including its historic window arrangement, and the building will deliver 1,300 m² of office space for a single tenant.

Jacek Zengteler, CEO of Yareal Polska, said: “SOHO by Yareal is Yareal Polska’s first mixed-use project – a development whose scale, multifunctional nature and exceptional location have required, and continue to require, an above-standard approach. It is a complex in which the residential component plays a key role, and its attractiveness naturally depends on complementary functions. Therefore, in line with the 15-minute city concept, we consistently enrich SOHO by Yareal with additional elements: retail, services and gastronomy. SOHO HUB crowns this process – it introduces modern office spaces and a PRS component to the complex, responding to rising demand for high-quality workplaces on the eastern side of the Vistula River in Warsaw. As a result, SOHO by Yareal becomes a fully balanced urban ecosystem.”

The fifth stage also includes the modernisation of the historic building marked by its brick chimney, which is set to become a dining complex opening in the second half of 2026. It will host concepts developed by Aleksandra and Jacek Dojnikowski, known for Baken, Bułkę przez Bibułkę and Pollypizza Neapolitan. A separate fitness-club building will be constructed between the KARDAN apartment building and B.55. Building No. 58 is also undergoing revitalisation and will house the architectural studio WWAA, along with office and exhibition space.

Commenting on the commercial offering, Paulina Petynka, Leasing Director at Yareal Polska, said: “With SOHO HUB, we are introducing diverse office solutions to the market – spaces suited to large organisations as well as medium and small businesses or freelancers. Atmospheric, highly adaptable interiors, loft-style offices, and a standalone heritage building with a unique layout – all delivered to the highest technological standards and with environmental certification. The rapidly developing neighbourhood and the wide range of amenities within SOHO by Yareal offer excellent on-site convenience, enhancing working conditions and supporting work–life balance.”

Construction of the final residential buildings—SOHO 10, SOHO 12 and NEFRYT—has recently been completed. The residential part of the complex now comprises 10 multifamily buildings and 870 apartments. The 300-metre linear park remains the central feature of the project, and Stage V will add a further 4,000 shrubs and 69 trees.

SOHO by Yareal includes more than 11,300 m² of retail and service space across numerous units, occupied by tenants such as Baken, Waszyngton x SOHO, Green Caffè Nero, Przystanek Piekarnia, Ramenownia, Carrefour, Hebe, Bawiarnia OHO, Słoneczna Kraina kindergarten, OSSKA Design, BABA Body & Social Club, Flower Bar, beauty services and a children’s therapy clinic.

As part of agreements with the Municipal Roads Authority, Yareal will also carry out road, pavement and lighting upgrades and build new cycling routes around the development. These works are planned for completion between late 2027 and early 2028.

Hybrid work reshapes expectations. ČMN outlines what younger employees want from office space

Hybrid work is changing how offices are used, and younger employees are redefining what they expect from workplace environments. A 2025 Deloitte survey shows that 73% of Czech Gen Z respondents and 85% of millennials prioritise meaningful work, collaboration opportunities, and conditions that support well-being. Českomoravská nemovitostní (ČMN), the third-largest office landlord in Prague, is adjusting its properties accordingly, focusing on flexible layouts, sustainable features and community-oriented spaces.

As work habits evolve, the role of the office is shifting from a place for individual performance to a setting for collaboration, informal exchange and maintaining company culture. “Generation Z has specific demands—it expects flexibility, an inspiring environment, and a strong emphasis on well-being,” says Pavel Kadera, ČMN’s asset management expert. “Companies that want to remain attractive to young talent must reflect these needs in their office design.”

Although people are spending less time at the office than in previous years, expectations regarding the quality and functionality of workspaces are increasing. “Gen Z doesn’t want an office that just looks good. They want an environment that supports collaboration, concentration, and offers different types of work zones,” Kadera notes. According to Deloitte, long hours and limited flexibility remain key sources of stress for younger workers, and the office is therefore expected to be a place that employees choose to use, rather than a location they feel obliged to attend.

Trends in workplace design have moved away from decorative or playful features toward practical, purpose-driven environments. Companies are now requesting spaces that combine open areas with rooms for quiet work, along with shared cafés, lobbies and kitchens that encourage informal interaction. Well-being features such as natural light, good air quality, quiet areas and the option to work outdoors are gaining importance. Sustainability is also becoming central, with greenery, energy-efficient technologies and environmentally responsible materials increasingly incorporated into designs. Deloitte’s survey indicates that 69% of Czech Gen Z employees actively follow their employer’s ESG commitments, reinforcing expectations that office spaces reflect these values.

ČMN is adapting its buildings to reflect hybrid work patterns, combining flexibility, community interaction, opportunities for focused work, sustainability and technological readiness. One example is the Smíchov Gate building, where outdoor work zones with electrical connections have been installed to allow employees to work in fresh air. These areas are intended to support comfort and balance during the working day.

Community spaces are being expanded as well. The lobbies and cafés in the Blox and Churchill buildings have become regular meeting points, while a similar role is played by the coffee corner in the Mezi Vodami building in Modřany. To address the need for concentrated work, ČMN is creating quiet rooms and private zones that reduce the interruptions common in open-plan offices. Cooperation with coworking providers such as Scott.Weber and Cafedu extends the range of available work environments, allowing tenants to choose between quiet spaces, meeting areas and flexible coworking zones depending on their daily needs.

Technological upgrades and sustainability measures accompany these changes. ČMN buildings are being prepared for hybrid meetings, improved digital connectivity and modern workplace tools. At the same time, energy-efficient systems and green features are being introduced across the portfolio in response to growing expectations among younger employees, who increasingly consider ESG principles when evaluating employers.

“Location remains key—but today, a good address is no longer enough,” Kadera concludes. “The office must be a place where people want to go—not where they have to be.” ČMN says it aims to reflect these expectations in its building design and in its strategies for working with tenants.

Panattoni sells Rzeszów logistics park as interest in south-eastern Poland remains strong

Panattoni has completed the sale of Panattoni Park Rzeszów Airport III, a 33,000 sqm logistics complex, to an international industrial infrastructure group and an investment fund.

“The sale of Panattoni Park Rzeszów Airport III confirms the attractiveness of assets that combine strategic location, sustainable standards, and long-term value for tenants and investors. We consistently deliver projects that respond to the trends of nearshoring, reindustrialisation, and the growing demand for modern production and distribution space. Rzeszów is becoming one of the most promising markets in Poland, and this transaction reflects that perfectly — especially as it is our second Rzeszów disposal this quarter,” says Marek Dobrzycki, Partner at Panattoni.

The fully leased park comprises two buildings. One is a build-to-suit facility for a logistics operator, while the other accommodates companies from logistics, e-commerce, manufacturing, and public services. The project holds a BREEAM Excellent certification.

Located between the A4 motorway and Rzeszów–Jasionka Airport, the site offers direct access to regional and international transport routes, including Wrocław, Kraków, and Lviv.

“This transaction confirms the maturity of the Polish industrial market. Assets combining excellent location, top technical standards, and strong environmental performance continue to attract international capital. Rzeszów is one of the best-performing warehouse markets in Poland, and this project is another example of how our parks deliver stable, long-term value for investors,” says Michał Stanisławski, Co-Head of Capital Markets Poland at Panattoni.

The complex neighbours several other Panattoni projects, including Rzeszów Airport I and II, Rzeszów North, and multiple BTS developments, such as a factory under construction for BSH Group. Panattoni has delivered more than 330,000 sqm of industrial space in the Podkarpackie region and is developing a further 110,000 sqm, all of which is currently leased.

How Long Do Europeans Work to Pay for Christmas?

The cost of the festive season varies across Central and Eastern Europe, but one measure makes the differences in purchasing power easy to see: the number of working days needed to set aside a typical Christmas budget. Using the amount planned by Polish households this year—about 1,387 zł—and converting it into local currencies, it becomes possible to compare how long employees in the region must work to prepare for the holidays.

In Poland, this year’s Christmas spending represents just under five days of work for someone earning the national average salary. A typical full-time employee takes home slightly more than 6,300 zł per month, which translates into roughly 290 zł per working day. Setting aside the planned holiday budget therefore requires about 4.8 working days. For those earning the minimum wage, the situation looks different: with daily income roughly half the national average, the same amount requires around eight and a half days of work.

Czech employees face almost the same level of effort as their Polish neighbours. Converting the Polish Christmas budget into Czech crowns gives a value slightly above 7,600 CZK. With average net monthly earnings around 33,000 CZK, a Czech worker earns a little over 1,500 CZK per day, meaning that accumulating the same Christmas budget takes just under five days. The result closely mirrors the Polish calculation, reflecting similar income levels and living costs.

A comparable picture emerges in Slovakia. When the Polish holiday budget is expressed in euros, it amounts to slightly more than 300 EUR. The average Slovak take-home salary is roughly 1,300 EUR per month, or a little over 60 EUR per working day. On this basis, a Slovak employee would need around 4.9 days to put aside the equivalent festive budget, almost identical to the situation in Poland and Czechia.

Romania is the one country in the group where preparing for the holidays takes noticeably longer. Converting the Polish budget into Romanian lei produces an amount close to 1,600 RON. With an average net wage of around 5,650 RON and daily earnings of roughly 270 RON, Romanian workers need close to six working days to save the same sum. The difference reflects lower average wages rather than higher holiday spending, and it highlights the gap in purchasing power even within a broadly similar regional context.

Taken together, the comparison shows that workers in Poland, Czechia and Slovakia devote roughly a week of labour to fund a standard holiday budget, while in Romania the effort is higher by almost an additional day. Although each country faces its own patterns in wage growth and household spending, the regional picture demonstrates that the financial weight of Christmas remains broadly similar across Central Europe, with Romania standing out due to lower average incomes.

Source: Personnel Service and CIJ EUROPE Analysis Team

Sanborn to move Znojmo production operations to new AVENTIN Business Park in 2026

Sanborn, one of the largest employers in Znojmo and a long-established engineering company, will relocate its local production operations to the new AVENTIN Business Park industrial complex in August 2026. The company will lease nearly 8,000 sq m of space under a long-term agreement brokered by Savills.

“We specialise in demanding CNC machining of materials that require high quality and state-of-the-art technology. Moving to premises with almost three times the current capacity is our response to rising demand, enabling us to continue growing alongside our customers. This investment demonstrates our confidence in this sector and clearly defines our ambitions for the future,” said Jozef Hajden, CEO and Managing Director of Sanborn.

Sanborn has operated in Znojmo for more than a century and employs more than 100 people locally. It supplies components to international manufacturers including GE, Siemens, ABB, Baker Hughes and TechnipFMC. “People are the key factor of our success. Every component we produce is the result of their expertise, precision and responsible approach. A modern and comfortable working environment is therefore essential not only for increasing the efficiency and quality of production, but also for ensuring optimal working conditions in the long term,” Hajden added.

According to Savills, the selection of a new facility focused on aligning the building’s technical standards with the company’s production requirements while improving amenities for employees. “The new Aventin Business Park not only fulfils these criteria, but also maintains Znojmo’s strategic location while giving the company room for growth and long-term stability,” said Lenka Kociánová, Industrial Analyst at Savills.

AVENTIN Business Park is being developed by IMA Construction, which designed the site and will oversee construction. “The buildings are designed to meet the highest standards for modern industrial real estate. The premises incorporate sustainable features such as solar panels and use state-of-the-art technologies to ensure efficient operations,” said Karel Smejkal, Managing Director of IMA Construction.

Sanborn operates three specialised divisions in Velké Meziříčí, Brno and Znojmo, supplying CNC-machined components to the energy, aerospace, defence, oil extraction and gas sectors, and continues to invest in expanding its production capacity and technology.

Most Large Office Tenants in Romania Spend Under 5% of Turnover on Workspace Costs

More than 80% of Romania’s largest office occupiers allocate under 5% of their turnover to modern office space, according to new analysis from Cushman & Wakefield Echinox.

The consultancy reviewed the 2024 financial results of 76 major companies across IT&C, professional services, finance, energy, automotive, retail, FMCG, e-commerce and related sectors. Each company occupies over 4,000 sq m in modern buildings across Bucharest and regional cities including Iași, Cluj-Napoca, Brașov and Timișoara.

Together, these firms lease nearly 1.1 million sq m of office space—around a quarter of Romania’s 4.5 million sq m modern stock. Their combined turnover reached €41.1 billion in 2024, with approximately 120,000 employees working largely from these offices.

Annual occupancy costs—covering rent, service charges and utilities—are estimated at more than €260 million, equivalent to roughly €180 per employee per month and less than 1% of the companies’ combined turnover. For 53% of tenants, office costs represent under 2% of revenues, while 31% allocate between 2% and 5%. The remaining 16% exceed 5%, though none approach 10%.

IT&C companies account for 44% of the tenants analysed, occupying 540,000 sq m and generating around €130 million in annual occupancy costs. Financial firms represent 11% of the group, with 180,000 sq m and costs of around €50 million, while telecom operators occupy 47,000 sq m at just under €14 million. These three sectors together represent about 75% of total occupancy costs.

“This is the second time we have analyzed what is the share of office occupancy costs in the company revenues for the largest tenants in Romania, the first assessment being performed at the end of 2020,” said Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox. “Despite the different circumstances in which these studies were conducted, both illustrate the fact that businesses allocate a relatively small percentage of their revenues to leasing modern office spaces across the country. Moreover, despite recent pressures from minimum wage increases, inflation, and higher physical office occupancy in the last few years, these costs remain significantly below 5% of the companies’ revenues.”

Source: Cushman & Wakefield Echinox

Planning application submitted for affordable housing-led scheme in Stalybridge

Bankfoot APAM, acting as development manager for the Greater Manchester Pension Fund (GMPF), has submitted a planning application to Tameside Metropolitan Borough Council for the redevelopment of a long-underused brownfield site in central Stalybridge.

The proposal follows extensive pre-application engagement with Tameside Council and sets out a mixed-use masterplan intended to support the town’s wider regeneration strategy. It forms part of a series of projects in the area, including the Soapworks scheme, and continues Bankfoot APAM’s partnership with GMPF on regeneration and repositioning projects.

The plans include 102 affordable homes in a mix of apartments and townhouses, flexible ground-floor commercial space, new public realm, and improved pedestrian links to the town centre and the adjacent Stalybridge Railway Station. The homes are intended for a range of residents, including young families, key workers and young professionals.

“All 102 homes will be delivered as affordable housing at mid-market rent levels, helping to address real affordability pressures and unlock new housing in a location where viability has historically constrained development,” said Andrew Day, Senior Director at Bankfoot APAM. “This is an important site for Stalybridge — one that can act as a catalyst for wider regeneration. The scheme is projected to generate over £92 million in social and economic value, reinforcing our commitment to delivering long-term benefits for the local community while setting a benchmark for sustainable, inclusive development.”

The masterplan is described as landscape-led, with a riverside green corridor, biodiversity measures and naturalistic planting. It places emphasis on low-car travel, walking, cycling and public transport, along with energy-efficient and flood-resilient design approaches. Active frontages and public realm upgrades form part of the proposal.

Bankfoot APAM worked with Todd Architects, Ashton Hale, Anderton Gables, CWC and Pegasus on the application.

The project connects with the wider £20m Levelling Up Fund investment in Stalybridge and aligns with GMPF’s focus on socially responsible and sustainable development.

Poland adapts financial-market law and revives crypto regulation bid

The government has approved two key draft laws designed to modernise Poland’s financial-market framework and regulate the crypto-asset sector, aiming to align domestic rules with European standards and increase protection for market participants.

On 9 December 2025 the cabinet accepted a draft law amending several statutes linked to the operation of financial markets and the protection of their participants. The changes bring Polish legislation into compliance with EU regulations, especially in the areas of payment services, reference benchmarks, and resolution regimes. Under the new rules, payment-service providers operating in Poland will be required to offer instant euro transfers (under the EU’s Instant Payments Regulation, IPR) without additional fees. Technical adjustments implementing the updated minimum requirement for own funds and eligible liabilities (MREL) — as defined under EU banking-resolution rules — are also included.

Separately, the cabinet reinstated a draft law on crypto-assets. The proposal is identical to the version approved by parliament on 7 November, which had been vetoed by the President. The renewed draft will be sent anew to the parliament. Under the proposed regulation, the market for crypto-assets in Poland would be brought under the supervision of the Komisja Nadzoru Finansowego (KNF), which would gain investigative and sanctioning powers over service providers, issuers, and intermediaries. The law aims to implement in Poland the full scope of the EU’s Markets in Crypto‑Assets Regulation (MiCA). It grants Polish-registered firms the possibility to offer services to citizens domestically and operate throughout the European Union. For investors and clients, the draft includes provisions for redemption rights (ability to sell crypto-assets back to issuers in cash), transparent information about the nature and risks of crypto-assets, and mandatory procedures for fair and swift complaint handling.

Supporters of the bill frame it as a matter of market security and investor protection. As stated by the government, the rules would help prevent abuse and fraud, while also strengthening national security by limiting possibilities for misuse of crypto-markets for illicit activities.

At the same time, the financial-market law update is expected to lower regulatory burden for banks and investment firms by allowing exemptions from MREL for entities subject to standard bankruptcy procedures, instead of costly restructuring — a move that may reduce costs and simplify compliance.

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