Poland’s Warehouse property Market Remained Steady

Poland’s warehouse property market remained steady in the third quarter of 2025, with strong tenant activity balancing a slowdown in new construction, according to the latest industry data.

The country’s total modern logistics space reached 36.45 million square metres by the end of September. Developers completed 1.55 million square metres in the first nine months of the year, a clear drop from the same period in 2024. The slower pace reflects a more cautious approach to new building, as companies focus on projects backed by firm tenant interest.

Ongoing construction also remained moderate. Around 1.56 million square metres was being built at the close of the third quarter, noticeably less than a year earlier. Despite the reduced pipeline, the market has avoided any significant imbalance thanks to solid demand from occupiers.

Leasing activity was one of the strongest points of the quarter. Between January and the end of September, companies signed contracts for 4.54 million square metres, almost one-fifth more than a year before. Much of this volume came from retail, logistics and e-commerce operators expanding their operations or renewing existing agreements.

Vacant space remained broadly unchanged. The nationwide rate stood at about 8.2%, suggesting that available buildings continue to be taken up at a healthy pace. Conditions vary by region, but overall availability stayed within comfortable levels for both landlords and tenants.

Rental prices also held steady. Large modern warehouses continued to command €3.60 to €6.00 per square metre per month, depending on location and specification. Analysts see little pressure for change in the near term, given the combination of limited new construction and sustained occupier interest.

With demand proving resilient and construction activity remaining measured, Poland continues to play a central role in the regional logistics network. Market observers expect these trends to support a stable finish to the year.

Source: AXI IMMO, CBRE, JLL and CIJ EUROPE Analysis Team

Catella Investment Management Buys Residential Complex Near Munich

Catella Investment Management GmbH (CIM) has acquired a residential complex in Fürstenfeldbruck, west of Munich, together with Catella Real Estate AG (CREAG). The purchase, made for the open-ended public real estate AIF Catella European Residential (CER), covers three existing U-shaped apartment buildings from 1960 with around 3,400 square metres of living space across 52 units. The site will also accommodate a new residential building with 14 apartments and roughly 1,200 square metres of space, bringing the total to 66 units and 62 parking spaces.

The existing buildings will undergo a full energy-efficient refurbishment aimed at meeting the KfW 55 standard. Planned works include facade insulation using ETICS, balcony upgrades, triple-glazed windows, insulation of the basement ceiling and attic, replacement of doors, renovation of stairwells, and a shift of supply and disposal lines to the exterior. The current heating system will be replaced by a heat pump, and a rooftop photovoltaic system will be installed. The refurbishment is expected to last 12 to 14 months. The four-storey infill building will be constructed to the KfW 40 standard, with completion targeted for the second quarter of 2027.

Michael Keune, Managing Director of CIM, said the acquisition aligns with the strategy of focusing on growth locations offering strong infrastructure and consistent residential demand. “The purchase in Fürstenfeldbruck combines the upgrading of an existing portfolio through the systematic implementation of ESG measures with energy-efficient new construction and exemplifies our strategy to secure long-term, sustainable residential assets for our investors,” he said.

Benjamin Rüther, Head of Fund Management Residential at CIM, pointed to the appeal of the local market. “Fürstenfeldbruck offers an attractive combination of high quality of life, excellent infrastructure, and proximity to the state capital Munich,” he said. He added that local demand trends support long-term investment and noted that modernization measures such as heat pumps and the facade-based “piggyback system” enable upgrades with minimal disruption to tenants. “Maintenance, repair, and inspection are particularly easy to carry out from the outside during the life cycle,” he said.

The complex sits in a residential area dominated by multi-family and single-family homes, with supermarkets, pharmacies, service providers, schools, daycare centres, and medical facilities nearby. The B471 provides quick access to major roads, while the Fürstenfeldbruck S4 station is only a few minutes away and offers a direct link to Munich Central Station.

Rohlig SUUS Logistics Extends Lease at Bolero Office Point 1 in Warsaw

Rohlig SUUS Logistics has renewed its long-term lease at Bolero Office Point 1 in Warsaw, where the company occupies more than 2,000 sqm. The office building, located at ul. Równoległa 4a, is owned by Real Management S.A. and has served as the company’s headquarters since 2014.

Rohlig SUUS Logistics is the largest Polish logistics operator and works across multiple transport modes, including road, sea, air, rail and intermodal. The company also provides contract logistics, customs services, project cargo support and supply chain design. It employs more than 2,500 people in eight countries and manages over 370,000 sqm of warehouse space. The firm is among the Polish companies with SBTi-approved decarbonisation targets.

Eliza Wielgus, Senior Asset Manager at Real Management S.A., commented on the lease extension: “Rohlig SUUS Logistics was one of the first tenants at our Bolero Office Point 1 office building, which makes the decision to extend the lease once again particularly satisfying for us. This transaction also confirms the strength of our relationship, built consistently over the past 11 years, and the tenant’s satisfaction with the services we provide as part of the building’s management.”

Rohlig SUUS Logistics said the office continues to support the company’s preferred workplace model. “At Rohlig SUUS Logistics, we focus on modern office space tailored to employee needs, designed in our ‘Office of the Future’ style,” said Tomasz Chmielewski, Real Estate Director. He added that the Bolero location was the first designed under this concept and that additional branches in Poland and abroad have since adopted the same approach.

Bolero Office Point 1 is a B+ class building with 11,300 sqm of office space, 187 parking spaces and a ground-floor restaurant. It holds a BREEAM In-Use certification at the Excellent level. Tenants include Polska Spółka Gazownictwa, MerService, House of Skills and Archidoc. The property is fully leased.

The building is situated near major transport routes, including the A2 motorway, S2 and S8 expressways, with access to the WKD station and Chopin Airport, located about five kilometres away.

Aspen Tops Global Ski Market as Czech Resorts Hold Steady

A new international review of ski-property markets shows that prices in leading alpine and Rocky Mountain resorts have risen substantially over the past two decades, with demand remaining resilient despite broader market uncertainty. The findings place Aspen at the top of the global price spectrum once again, while Czech destinations such as Špindlerův Mlýn and Harrachov sit within the mid-range of the European market.

Across the international resorts monitored in the study, premium residential prices have risen sharply over the past twenty years. The strongest increases were recorded in major U.S. mountain locations, followed by leading French destinations. Swiss resorts showed steadier growth over the same period, though still significant over the long term.

Today’s highest price levels remain concentrated in a small number of well-established destinations. Aspen continues to command the strongest values globally, with current asking prices for top-tier homes well above those in most European resorts. Val d’Isère and Gstaad retain their positions among the most expensive markets, reflecting sustained demand for homes in established alpine centres.

By comparison, premium Czech ski destinations remain considerably more affordable, though still expensive within the local context. Recent transactions in Špindlerův Mlýn and Harrachov place them at a similar level to certain mid-priced Swiss resorts, underscoring strong domestic interest in second homes in mountain areas.

Alongside pricing trends, climate resilience is playing an increasingly important role in shaping market activity. Resorts with higher elevations and more consistent winter conditions — including locations in Colorado, parts of the French Alps and selected Swiss destinations — continue to perform strongly in resilience assessments that evaluate snow reliability, temperature patterns and season length. These factors are becoming more relevant to buyers, developers and investors as snowfall patterns shift.

The analysis also highlights fluctuations between individual regions. Some North American resorts have improved their positioning thanks to favourable recent conditions, while several lower-lying European areas have faced more challenging winters. However, the most established high-altitude centres have generally maintained strong resilience indicators.

Overall, the data suggests that long-term demand for homes in leading ski regions remains intact, supported by lifestyle interest, limited supply and strong international recognition. While price levels vary widely between countries and resorts, the broader twenty-year trend indicates sustained growth across the main global markets for alpine and mountain properties.

Source: Savills and CIJ EUROPE Analysis Team

Panattoni Starts Construction of 32,000 sqm Logistics Park in Białystok as Pre-leasing Reaches 75%

Panattoni has begun work on Panattoni Park Białystok III, a new 32,000 sqm logistics development scheduled for completion in the first quarter of 2026. The project adds to the developer’s existing footprint in the Podlaskie region, where it has previously delivered more than 77,000 sqm of space across two sites.

Białystok is attracting increased attention from logistics and production companies, supported by a growing labour pool and ongoing transport upgrades. A key factor is the continued development of the Via Carpatia corridor, which is expected to strengthen north–south connections and improve access to international supply chains.

According to Dorota Jagodzińska-Sasson, Managing Director at Panattoni, the company views the region as a strengthening logistics hub. “Białystok is becoming an increasingly important point on the country’s economic map – both for local companies and for businesses seeking access to markets beyond the northern and eastern borders,” she said.

The new park, located in Choroszcz near the Białystok-Zachód junction on the S8, is currently the only Class A facility available to tenants in the Podlaskie Province. Four companies have already committed to the scheme and will move in once construction finishes: a courier operator, a logistics firm, and two retailers specialising in audio-video equipment and cosmetics. Their leased spaces range from 3,000 to 8,500 sqm, and the park is expected to employ more than 300 people.

“With four lease agreements covering 75% of the building, demand clearly reflects the current needs of the Podlaskie market,” said Joanna Pilich, Senior Leasing Manager at Panattoni.

The project is being developed to BREEAM Excellent standards and will include measures to reduce energy and water consumption, as well as charging stations for electric vehicles.

Emerald Advisory Secures Credit Management Mandate for Marshall Bridge Fund

Emerald Advisory GmbH, a Frankfurt-based consultancy specialising in real estate debt, has been appointed to oversee the German support and operational management of selected credit commitments for the Luxembourg-domiciled Marshall Bridge Fund. The fund focuses on short-term bridge financing in Germany and the United Kingdom.

Under the mandate, Emerald Advisory will act as a full-service partner for loan administration and workout processes in Germany. This includes managing and settling credit transactions, coordinating structured workouts for non-performing loans, and handling insolvency and enforcement procedures. The firm will also negotiate with borrowers, insolvency and enforcement administrators, as well as potential purchasers.

The agreement further covers the marketing of real assets and property-backed loans, developing viable concepts for properties and operations, and liaising with public authorities. The mandate also extends to managing assets acquired through distressed-debt proceedings, where Emerald Advisory will support the identification of financially sustainable solutions within an institutional lending framework.

“I’m very glad about the servicing mandate for the Marshall Bridge Fund. The mandate represents a sign of confidence in our experience and competence. We are optimally networked in Germany as far as the field of mortgage loan management goes. This enables us to respond quickly and to achieve optimal outcomes for our clients. Our position in professional servicing is further strengthened by this collaboration,” said Dr. Norman Scherer, Managing Director at Emerald Advisory.

The mandate is overseen on behalf of the Marshall Bridge Fund by Xavier Deu, Managing Partner and Head of Compliance, and Paul Hunt, Chairman of the Investment Committee.

Central Group Delays All New Projects by One Year

Central Group, the largest residential developer in the Czech Republic, will postpone the start of all new construction projects that are not yet on sale by one year. Founder and CEO Dušan Kunovský said the decision reflects what he describes as an overheated construction market and disproportionate increases in the prices of construction work and materials.

“This hysterical increase in the prices of construction work and materials has recently significantly increased the prices of new apartments for buyers. But we don’t want that. It is an overheating of the entire construction market, which needs to be cooled down with a ‘wet rag on the head’ and brought back to normal. That is why we are now postponing the start of all our new construction projects that are not yet on sale by one year,” Kunovský said in a statement reported by Seznam Zprávy.

The company’s ongoing construction projects will continue as planned. Central Group currently has around 3,200 apartments under construction across Prague, the highest volume in its history, with a total value of approximately CZK 25 billion. The company has previously said it finances major activities primarily from its own resources rather than bank loans, though this cannot be independently verified across all of its development work.

Central Group links its decision to broader conditions in the construction sector. According to the company, the market has remained unstable since the pandemic, with added strain from the energy crisis and the economic effects of the war in Ukraine. The firm argues that labour shortages, supply-chain disruptions and fluctuating material prices have created an environment in which beginning new projects is currently uneconomical.

The company made a similar move in 2022 when it postponed the launch of two large projects due to rising construction costs. It says other developers followed months later, although this cannot be independently confirmed.

The Czech National Bank has recently taken steps aimed at reducing risks in the housing market. It has issued a recommendation tightening lending conditions for investment mortgages by lowering the maximum loan-to-value ratio and limiting borrowers’ debt-to-income levels. These measures take effect in April 2026. The DSTI ratio remains inactive.

Central Group will review tenders already underway and expects to decide within three months whether these projects will also be delayed. The company reports that it has completed more than 18,000 homes over its history and holds a substantial land portfolio in Prague for future residential development.

HIH Invest Acquires New Logistics Property in Alzey

HIH Invest has purchased a newly completed logistics building in Alzey, Rhineland-Palatinate, from the TIMBRA Group for its HIH Deutschland+ Core Logistik Invest fund. The building, located at Otto-Lilienthal-Straße 15, was finished in February 2025 and has a total rental area of 10,164 sqm. It includes 9,287 sqm of logistics space, 777 sqm of office space and 100 sqm designated for hazardous materials. Lufthansa Technik Aero Alzey is the main tenant under a long-term lease.

The building was developed to meet DGNB Gold criteria and includes a heat pump, underfloor heating, photovoltaic panels, electric charging stations and a green roof. It has a clear height of 12 meters, a floor load capacity of 5 tons per sqm and a layout intended to support broad third-party usability.

The property is situated in an expanding industrial area in Alzey, a location positioned between several major cities in the region, including Frankfurt, Mainz, Wiesbaden, Mannheim and Kaiserslautern. The site connects to the A61 motorway within a short distance, and Frankfurt Airport can be reached by car in about an hour.

“Due to the limited availability of space and high land prices in Frankfurt am Main, logistics developers are increasingly focusing on surrounding communities with good transport links,” said Maximilian Tappert, Head of Transaction Management Logistics at HIH Invest. “Alzey has developed strongly as an industrial and logistics location in recent years. Further planned settlements, such as that of the international pharmaceutical company Eli Lilly, will lead to an additional upgrade of the location.”

Andreas Strey, Co-Head of Fund Management and Head of Logistics at HIH Invest, stated: “With the purchase of the logistics property in Alzey, we can further diversify our fund. The strategically favorable location, high sustainability requirements, and good third-party usability make the properties an ideal asset for our fund. We also have a tenant with a high level of loyalty to the location, which ensures stable cash flow in the long term.”

Representing the seller, Martin Gerkhardt of the TIMBRA Group commented: “By expanding the Lufthansa Technik Aero Alzey site, we have contributed to the economic development of the region. We are delighted to have gained HIH Invest as an experienced partner who will accompany the property’s life cycle in the long term.”

Following this acquisition, the HIH Deutschland+ Core Logistik Invest fund now holds nine properties valued at around €140 million. The fund targets a volume of €300 million and focuses primarily on logistics assets in Germany, with up to 30 percent invested in nearby countries including the Netherlands, France and Austria. The fund is classified under Article 8 of the EU Disclosure Regulation and targets institutional investors and financial institutions.

Legal and tax due diligence was carried out by Baker Tilly (Frankfurt), while Stane (Frankfurt) handled the technical and ESG assessments. CBRE acted as the broker for the transaction.

Skanska Sells Port7 Office Complex in Prague for Approximately €130 Million (≈ SEK 1.42 billion)

Skanska has agreed to divest the Port7 office complex in Prague to AFI through its subsidiaries for approximately €130 million (≈ SEK 1.42 billion, using today’s EUR/SEK rate of ~10.96). The transaction will be recorded by Skanska Commercial Development Europe in the fourth quarter of 2025, with the transfer of the properties planned for the first half of 2026.

Port7 is located on the left bank of the Vltava River in Prague’s Holešovice district and consists of three office buildings developed in two phases, offering a total of about 36,000 sqm of leasable space. The deal also includes adjacent plots designated for future development. The office and retail areas are fully leased to tenants operating in sectors such as IT, publishing, flexible workspace, insurance, consulting and engineering.

Completed in April 2023, Port7 was developed on a former brownfield site and incorporates office buildings together with public areas and ground-floor amenities including a restaurant, café and fitness centre. The project features several circular and resource-efficient measures, such as the reuse of materials from a demolished Skanska property and water-saving systems that reduce consumption by more than 40 percent compared with the LEED baseline.

The complex reports zero Scope 2 emissions for electricity, achieved through the use of renewable electricity guarantees of origin during construction and operation, as well as on-site photovoltaic installation. Port7 meets the Nearly Zero Energy Building standard.

All three buildings hold LEED Platinum certification. Two buildings have achieved WELL Platinum certification, while the third is expected to obtain it in the coming months. The development has also received Access4You certification for accessibility.

Cushman & Wakefield Echinox Named Exclusive Advisor for Sale of Former Electroputere Craiova Industrial Platform

Cushman & Wakefield Echinox has been appointed exclusive advisor for the sale of a 37-hectare land parcel forming part of the former Electroputere industrial platform in the central-eastern area of Craiova. The site offers potential for a range of development options, including residential, retail, logistics or light industrial uses.

The wider Electroputere platform originally covered around 60 hectares. More than 20 hectares have already undergone redevelopment, including a shopping centre, office buildings and a recently completed aparthotel. The remaining 37 hectares continue to host industrial functions and represent the next phase of potential regeneration in the area.

“Electroputere Craiova represents an exceptional opportunity to revitalize an iconic area of the city into a urban hub that addresses the needs of both the community and investors. Given its strategic location, significant size, and excellent infrastructure, the site is ideally positioned to become a flagship project for the entire region. Across Romania, we have seen that former industrial platforms in central locations have become successful real estate developments,” said Ștefan Oprea, Consultant in the Land Agency department at Cushman & Wakefield Echinox.

Former industrial sites in major Romanian cities have attracted steady interest from investors, particularly for mixed-use redevelopment. Recent transactions in Bucharest, Cluj-Napoca, Timișoara and Iași show continued demand for large land parcels, often over 20–30 hectares, with values influenced by location, infrastructure and future development capacity.

Local developers have also been active in acquisitions of similar sites, viewing their transformation as a way to modernize urban areas and support long-term economic activity. Such projects typically require detailed due diligence, planning analysis and alignment with current market requirements.

Craiova’s tourism profile adds to the site’s potential. The city’s cultural and architectural landmarks, public spaces, museums and regular events draw increasing numbers of visitors. The proximity of the Electroputere platform to key attractions and leisure areas provides an opportunity for mixed-use schemes that could serve both residents and tourists.

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