Panattoni Fully Lets Crawley Logistics Scheme with Major E-commerce Deal

Panattoni has completed the leasing of its Panattoni Park Crawley scheme in the South East of United Kingdom, securing a 10-year agreement with a major e-commerce occupier for the entire 200,000 sq ft facility.

The transaction represents the largest logistics letting in the region so far this year and brings the development to full occupancy. The scheme was delivered without a pre-let in a location characterised by limited availability of large-scale distribution space.

Panattoni Park Crawley is situated near Gatwick Airport and close to the M23 motorway, providing access to key population centres and international freight routes. The project was originally designed as two separate units, with the option to combine them into a single facility, which has now been taken up by one tenant.

The building has been developed to meet current operational and environmental requirements, including high internal clearance, expanded storage capacity and energy efficiency features. Sustainability elements include rooftop solar installations and performance ratings aligned with current market standards.

David McGougan, Senior Development Director for South East at Panattoni, said: “This letting underlines the depth of demand for high-quality, immediately available logistics space in the South East, particularly at scale. Panattoni Park Crawley offered a rare opportunity to secure a 200,000 sq ft facility in a prime location with direct access to Gatwick and the M23.

“The scheme was designed to meet the requirements of modern logistics occupiers, combining scale, specification, and sustainability. Securing this letting demonstrates the continued strength of the market for well-located, future-ready space.

“We are pleased to have let the unit following the recent completion of the facility and continue to see space occupied by the e-commerce sector.”

The deal reflects ongoing demand for modern logistics space in supply-constrained locations, particularly from online retail operators seeking well-connected distribution hubs.

Prague Office Market Enters Prolonged Supply Gap as Availability Tightens

The office sector in Prague is entering a period of constrained availability, as a slowdown in new construction combines with steady occupier interest at the start of 2026.

The city’s total office space is approaching 4 million sqm, yet the addition of new buildings has dropped sharply in recent periods. Only a small amount of space is expected to be completed this year, while the majority of projects currently underway are not due to be finished until later in the decade. This timing gap is reducing the amount of space available in the near term.

As a result, the proportion of vacant offices has declined to around 6 percent across the market, with significantly lower levels in central districts. In these areas, companies looking for modern space are facing increasingly limited options.

This situation is shifting the balance in favour of property owners. Newer buildings are maintaining strong occupancy and stable rental levels, while tenants are finding it more difficult to negotiate favourable terms. In many cases, businesses are choosing to remain in their current locations rather than relocate.

Where moves are taking place, they are typically focused on improving the standard and efficiency of workspace rather than increasing overall size. This is reinforcing demand for newer buildings, while older properties are under pressure to adapt to changing requirements.

Rental levels in the city centre have continued to rise gradually, with top-tier space reaching close to €30 per sqm per month. At the same time, a notable share of future projects has already been secured by tenants ahead of completion, limiting the extent to which upcoming supply will ease current constraints.

Another factor reducing available space is the growing trend of companies securing premises for their own use, removing these buildings from the leasing market altogether.

Although development activity continues in selected areas, new projects are being approached carefully due to cost pressures and complex approval processes. This is particularly evident in central Prague, where planning conditions are more restrictive.

The investment market is showing signs of stabilisation, with continued interest in well-located buildings that offer reliable long-term income. However, older assets are facing increased scrutiny, especially where upgrades are required.

Taken together, these trends suggest that Prague’s office market is moving into a phase where limited new supply, rather than a lack of demand, will be the main factor shaping conditions in the years ahead.

Source: CIJ.World Research & Analysis Team

Fuel and housing costs push Poland’s inflation higher in March

Price growth in Poland continued to pick up in March, with rising transport and housing-related expenses playing a central role, according to the latest data from Statistics Poland.

Consumer prices were higher than a year earlier, with a noticeable increase also recorded compared with February. The pace of growth reflects stronger pressures in services, which are rising faster than the cost of goods.

Transport costs were among the most significant contributors to the monthly increase, driven by a sharp rise in fuel prices. This category alone accounted for a large share of the overall price movement during the period. Housing-related expenses, including utilities and energy, also continued to add to inflationary pressure, maintaining their position as one of the largest cost components for households.

Food prices showed a more moderate increase compared with other categories, helping to partially offset the overall rise. Meanwhile, sectors such as leisure and hospitality also contributed to the upward trend, although to a lesser extent.

At the same time, some areas of household spending recorded minor declines, which helped limit the overall increase in prices. These included selected durable goods and communication-related expenses.

Despite the upward movement, inflation remains within the central bank’s tolerance range, suggesting that price growth is still broadly under control. However, the latest figures confirm that external factors—particularly energy and fuel costs—continue to shape short-term inflation trends.

Overall, the March data points to a renewed build-up of price pressures in Poland, with transport and housing costs likely to remain key drivers in the months ahead.

Penta Plans CZK 1.1bn Residential Development in Central Prague

Penta Real Estate is moving forward with a new housing development in the centre of Prague, with construction scheduled to begin this summer in the Petrská district.

The project will be developed on Petrská Street, on land currently occupied by a former telephone exchange from the 1970s. Once completed, the scheme will provide 82 apartments and two ground-floor commercial units. The overall investment is expected to exceed CZK 1.1 billion, with delivery planned for 2028.

The building is designed to offer higher-end residential units, supported by underground parking and a landscaped internal courtyard. The developer obtained the necessary approvals following discussions with neighbouring property owners and local residents, particularly regarding demolition works and construction conditions.

Rudolf Vacek, Head of Construction at Penta Real Estate, said that “an acceptable compromise was achieved that takes into account the investor’s needs and ensures the safety and health protection of local residents.”

The architectural concept has been developed by Pantograph, in cooperation with conservation experts and the Prague 1 municipality. The façade facing the street will be structured to reflect the traditional character of the surrounding area, while the building’s height has been aligned with neighbouring properties. Selected artistic features from the original structure are also expected to be retained.

Beyond Petrská, Penta Real Estate is continuing work on several other sites across Prague, including redevelopment projects in Smíchov and Nusle, as well as further phases near Masaryk Railway Station, where it previously completed the Masaryčka office building. The developer is also preparing to launch construction in the former Žižkov freight station area.

New residential construction in Prague’s historic centre remains relatively limited, with projects often facing complex approval processes and close scrutiny from heritage authorities. As a result, most new housing supply continues to be concentrated outside the city’s core.

China Maintains Early-Year Growth Pace Amid Rising External Pressures

China’s economy expanded by around 5 percent in the first quarter of 2026, according to figures released by the National Bureau of Statistics of China, placing growth slightly above market expectations and keeping the country broadly on track with its annual target.

The performance marks a steady start to the year for the world’s second-largest economy, supported by industrial activity and policy measures aimed at sustaining momentum. On a quarterly basis, output also increased compared with the final months of last year, indicating continued, if moderate, expansion.

Despite the positive headline figure, recent trade data suggests that conditions may be becoming less supportive. Export growth slowed in March following a strong beginning to the year, pointing to weaker demand in overseas markets and a more uncertain global environment.

Economists warn that geopolitical developments could begin to weigh more heavily on the outlook. China’s reliance on imported energy makes it sensitive to disruptions in global supply routes and price volatility. Rising fuel costs, linked to tensions in the Middle East, are expected to feed through into production and transport expenses.

“However, a protracted war and longer-term higher energy prices would probably start to have a negative impact on economic growth,” said Lynn Song of ING.

Concerns are also emerging around the potential knock-on effects for global demand. Slower growth in major economies could reduce appetite for Chinese goods, adding pressure to an export sector that remains a key pillar of activity.

“If the war with Iran is not resolved quickly, it is likely to damage the growth of the world economy, which will have a negative impact on the ability to absorb Chinese exports,” said Eswar Prasad of Cornell University.

The International Monetary Fund has recently lowered its forecast for China’s growth this year to around 4.4 percent, reflecting a combination of external risks and ongoing domestic challenges, including weak property investment and cautious consumer spending.

While the first quarter data indicates resilience, the trajectory for the remainder of the year will depend on how these pressures evolve and whether domestic support measures can offset a more fragile global backdrop.

Source: CIJ.World Research & Analysis Team

STRABAG PFS Secures Facility Management Contract for German Aerospace Center Sites

STRABAG Property and Facility Services (STRABAG PFS) has been appointed to provide technical facility management at two locations of the German Aerospace Center, in Oberpfaffenhofen and Augsburg.

The contract covers the management of technical systems at both research sites, which are part of Germany’s wider aerospace and innovation infrastructure. STRABAG PFS will oversee the operation and maintenance of complex building systems, with a focus on reliability and continuity.

The company stated that its core areas of expertise include “the safe operation, availability, precise maintenance and fault prevention of technical systems,” reflecting the requirements of facilities where uninterrupted performance is essential.

At the Oberpfaffenhofen site, one of the country’s largest research hubs, activities span aviation, space, robotics, earth observation and digital technologies. The operational demands of such an environment require closely monitored and resilient technical infrastructure.

Under the agreement, STRABAG PFS will deploy digitally supported maintenance processes and monitoring tools. The company will also implement its “eco 2 state” service model, which integrates energy analysis, data-driven operational tools and optimisation of building systems over time.

The company noted that it will be responsible for “the trouble-free operation of the complex systems,” supported by modern control technologies and data-based solutions applied during ongoing operations.

Gdynia Plans New Central Park with Private Sector Support

The city of Gdynia is preparing to deliver a new public park in its central district, as part of a wider effort to upgrade underused urban space and introduce more greenery into the city centre.

The project will transform a neglected area into an open-access park designed for daily use, with pedestrian paths, seating areas and landscaped greenery. Plans also include lighting, bicycle facilities and features aimed at improving water management and supporting biodiversity, such as rain gardens.

Invest Komfort is contributing to the project under an agreement with the municipality, covering around half of the construction costs. The company’s financial contribution amounts to nearly PLN 1.8 million, with the total value of the investment estimated at approximately PLN 3.6 million. Completion is scheduled for autumn 2026.

The park will be located next to the Miasto GDY development, a residential and mixed-use scheme currently under construction on Władysława IV Street. The project will include 86 apartments and ground-floor commercial units, aimed at introducing additional activity and services to the area.

“The city park in the heart of Gdynia fits into the vision for the city centre, in which we deeply believe and which naturally combines residential buildings, services and public space,” said Michał Ciomek, Deputy Chairman of the Management Board at Invest Komfort. “We treated our development, Miasto GDY, right from the design stage as a gateway leading directly from the hustle and bustle of Władysława IV Street to the tranquillity of the park and the existing buildings on Abrahama Street.”

The Miasto GDY scheme has been designed by JEMS Architekci, drawing on architectural elements typical of Gdynia’s modernist heritage, including light façades and extensive glazing. The project will also feature shared spaces and underground parking, alongside private outdoor areas for each apartment.

Invest Komfort’s involvement extends beyond the residential scheme. In addition to financing part of the park’s construction, the company has also supported the preparation of design documentation for the public space.

“The new urban layout will revitalise this part of the city, enabling both existing service premises and new tenants to operate more effectively, introducing natural pedestrian traffic and complementing everyday functions. It will become a catalyst for movement, energy and relationships,” Ciomek added.

According to the city’s timeline, the park is expected to be completed by the end of November 2026, while the residential development is scheduled to be launched in the second half of the year.

Polish FSA revises draft guidance on insurance distribution

The Polish Financial Supervision Authority has released an updated draft of its recommendations for insurance distribution, introducing a number of changes to proposals first consulted in 2025. The revised version reflects feedback from market participants and is intended to replace the regulator’s existing 2014 guidelines.

The draft aims to align supervisory expectations with current legislation, including the Act on Insurance Distribution and the Solvency II framework. Although comments were invited until the end of March 2026, the regulator expects the final recommendations to take effect from January 2027, with some investment-related provisions deferred until mid-2028.

A central element of the revised draft remains the concept of product value. Insurers are expected to ensure that products provide appropriate value to customers, measured in part by the relationship between expected benefits and premiums. The guidance sets minimum thresholds, including lower requirements for low-premium products. Compared to earlier rules, this approach is now extended across a broader range of products and distribution channels, while maintaining certain exclusions such as large-risk coverage and selected pension products.

For life insurance products that include a savings component, the draft introduces a separate test limiting the annual cost impact.

In the area of remuneration, the regulator steps back from earlier proposals for more prescriptive structures. Insurers are still expected to maintain internal policies governing pay and incentives for employees and intermediaries, but the focus shifts to ensuring that remuneration does not conflict with the obligation to act in the customer’s best interest. The use of qualitative indicators, such as complaints or customer satisfaction, is recognised as part of remuneration frameworks.

The revised draft also adjusts expectations around cooperation with agents. While insurers remain responsible for oversight, the emphasis is placed on monitoring compliance, providing support and taking corrective measures where needed. More detailed requirements regarding the verification of relationships between agents and sub-agents have been removed, with greater reliance placed on proportionality.

Changes are also visible in how insurers assess customer needs. The updated draft adopts a more flexible approach, removing earlier proposals that could have prevented policy conclusion if a client declined to complete questionnaires. For renewals, insurers may rely on previously collected information, provided customers are informed and able to update their data.

In relation to brokers, the regulator no longer proposes restrictions on performance-based remuneration. Instead, the focus is on maintaining independence and managing conflicts of interest, signalling a less interventionist approach to contractual arrangements.

The recommendations are expected to operate on a “comply or explain” basis, requiring insurers that diverge from the guidance to justify their approach to the regulator. Market participants, including domestic insurers, branches of foreign companies and EU-based firms operating in Poland, are expected to assess the potential impact of the proposals on product design, distribution processes and internal governance ahead of their formal introduction.

Source: CMS

IMF trims global growth outlook as geopolitical tensions weigh on 2026 prospects

The International Monetary Fund has lowered its global growth expectations for 2026, citing the ongoing conflict in the Middle East and its impact on energy markets, trade flows and investor sentiment.

In its latest World Economic Outlook update, the IMF now forecasts global GDP growth at 3.1% in 2026, a downward revision of 0.2 percentage points compared to its January outlook, while maintaining its 3.2% projection for 2027.

The revision reflects a combination of offsetting factors. While lower tariffs, continued policy support and stronger-than-expected economic performance at the end of 2025 provided some resilience, these gains were partially outweighed by the economic consequences of the conflict and associated disruptions in energy supply chains.

The IMF warned that risks remain tilted to the downside. In a more severe scenario, global growth could fall close to recession levels, declining by 1.3 percentage points in 2026, accompanied by a sharp rise in inflation.

Energy markets remain central to the outlook. Oil prices are expected to average just above $82 per barrel in 2026, supported by supply disruptions linked to transport constraints and reduced flows through key routes such as the Strait of Hormuz. Gas markets are expected to experience even greater volatility due to limited alternative supply capacity.

Diverging regional impacts

Advanced economies are projected to grow by 1.8% in 2026, easing slightly to 1.7% in 2027, with relatively limited direct exposure to the conflict. However, energy-importing regions, including Europe, are expected to face more persistent pressure from higher costs and currency effects.

The euro area is forecast to expand by 1.1% in 2026, reflecting weaker industrial performance and elevated energy prices, before a modest recovery in 2027. The United Kingdom is expected to slow more sharply, with growth declining to 0.8% in 2026 before recovering the following year.

Emerging markets are expected to experience a more pronounced impact. Growth projections for developing economies were revised down to 3.9% in 2026, reflecting their higher exposure to commodity price volatility and external financing conditions.

The Middle East and North Africa region faces the most significant downgrade. Growth expectations for 2026 have been cut to 1.1%, primarily due to lower output among oil-exporting countries and infrastructure disruptions. A rebound to 4.8% is projected for 2027, assuming a stabilisation of production and transport conditions.

Inflation and trade outlook

Global inflation is expected to rise to 4.4% in 2026, driven largely by higher energy and food prices, before easing to 3.7% in 2027.

Despite these pressures, global trade is projected to remain relatively resilient, with volumes expected to grow by 2.8% in 2026 and 3.8% in 2027, supported by adjustments in supply chains and front-loaded shipments.

Outlook remains conditional

The IMF notes that the baseline scenario assumes a gradual normalisation of energy production and transport routes. However, the outlook remains highly sensitive to geopolitical developments, particularly in energy markets.

Should disruptions persist or intensify, both growth and inflation trajectories could shift materially, with emerging markets expected to bear a disproportionate share of the downside risk.

Source: Kamco Invest

Panattoni advances InPost BTS project in Sosnowiec

Panattoni has begun construction of a build-to-suit (BTS) logistics facility for InPost at Panattoni Park Sosnowiec V, expanding its presence in Poland’s Silesian industrial hub.

The 11,000 sqm warehouse is being developed to support InPost’s parcel sorting and distribution operations, with completion scheduled later this year and operations expected to start in September.

“The project for InPost is an example of a tenant-tailored investment that supports its continuous growth through the use of advanced technological solutions. This is yet another project we are carrying out together, which confirms the trust placed in our experience and expertise,” said Marek Dobrzycki, Partner at Panattoni.

The cross-dock facility will be fitted with upgraded sorting systems, designed to exceed the capabilities of the operator’s existing terminals, alongside infrastructure aimed at improving energy efficiency and reducing environmental impact.

Panattoni Park Sosnowiec V is planned as a 52,000 sqm logistics scheme. Its first phase, expected to be completed by the end of 2025, will deliver over 33,000 sqm of space. The scheme has already secured Hebe as an initial tenant.

Located in Sosnowiec, approximately 16 km from Katowice and 19 km from Katowice Airport, the park benefits from access to the S1 expressway and the A4 motorway, positioning it within one of Poland’s key logistics corridors.

The development is targeting a BREEAM Excellent certification.

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