Nordic occupiers face strategic choices in 2025

The Nordic office market, while outwardly stable, is undergoing structural changes that could have long-term consequences for occupiers. Hybrid work practices and sustainability targets are now widely accepted, but the way companies approach their real estate portfolios is creating a clear divide between those gaining strategic advantage and those falling behind.

One emerging trend is the increasing separation between high-quality, amenity-rich offices and lower-grade space. Well-located, ESG-certified properties with strong workplace experiences are commanding higher rents and maintaining occupancy, while secondary assets face growing vacancy and a “brown discount” in value. For employers, the choice of building has become a visible indicator of brand, culture, and appeal to skilled workers. Generic or outdated offices risk undermining recruitment and retention.

Sustainability is also moving from a compliance exercise to a measurable value driver. While environmental performance remains strong in the Nordics, there is a growing focus on the social component of ESG, including wellness, inclusivity, and community impact. Occupiers are increasingly expected to demonstrate concrete results through data such as energy use, air quality, and employee satisfaction, integrating real estate performance into wider corporate carbon accounting and net-zero strategies.

Technology is another area where occupiers can shift from a cost-control mindset to a more strategic approach. The adoption of IoT sensors, real-time occupancy tracking, and AI-enabled analytics is allowing companies to understand how their space is actually used and to adjust accordingly. This can improve operational efficiency, reduce underutilisation, and enhance the workplace experience. For many organisations, the challenge lies in bridging real estate, IT, and HR functions to ensure technology investment supports both business and people objectives.

In 2025, Nordic occupiers face a choice: treat real estate as a static cost to be minimised, or as a dynamic asset that can strengthen competitiveness, sustainability, and workforce engagement. The gap between these approaches is widening, with implications for both financial performance and market positioning.

Source: Christer Farstad, CBRE – Head of Occupier Advisory & Transaction Services in the Nordics
Photo: CBRE Nordics

HIH Invest acquires healthcare centre in Dresden for open-ended fund

HIH Invest Real Estate has acquired a newly built healthcare centre in Dresden for its open-ended special fund, HIH Vita Invest. The six-storey property, located at Löbtauer Straße 66 in the Friedrichstadt district near the city centre, was completed in 2024 and offers approximately 5,700 square metres of rental space. Developed by the Kadur Group & Vollack Group, the building meets the KfW 40 energy efficiency standard and is currently about 90 percent let.

The seller of the asset is IMKA GmbH Vermögensverwaltung. This marks the fourth acquisition for the HIH Vita Invest fund, which focuses on healthcare-related assets such as medical centres, assisted living facilities, and outpatient care properties across Germany. The fund complies with Article 8 of the EU Disclosure Regulation, targeting investments with environmental or social characteristics.

The property’s anchor tenant is Comcura GmbH, a provider of non-clinical intensive care services. Comcura operates a fully inpatient facility with 41 beds at the location. Other current and future tenants include physiotherapy and orthopaedic technology providers, an engineering office, and an orthopaedic medical practice. The site also offers 32 underground and six outdoor parking spaces. It is located within walking distance of the municipal hospital and is well connected to Dresden’s public transport network via S-Bahn and tram services.

Carsten Demmler, Managing Director at HIH Invest, stated that the acquisition aligns well with the fund’s strategy, offering stable cash flows through long-term leases and ESG-compliant construction. He noted that demographic trends and the shift towards outpatient care are driving demand for modern, accessible healthcare facilities.

Henriette Benassi, Head of Transaction Management Social & Healthcare at HIH Invest, added that the building’s flexible layout and technical quality enhance its long-term investment potential and allow for versatile future use.

Legal and tax due diligence was carried out by Mayer Brown in Frankfurt am Main, while CASE Real Estate handled technical and ESG assessments.

Budapest: Telekom Campus nears full occupancy with new tenant lease

Telekom Campus, one of Budapest’s largest office buildings developed by WING, is approaching full occupancy following the signing of a new lease agreement. An insurance company will move into approximately 1,000 square metres of space in September 2025, further solidifying the building’s transition into a multi-tenant property.

Originally completed in 2018 as the headquarters of Magyar Telekom, the property has gradually evolved into a multi-tenant office complex in response to changing market conditions. This transition was formalised in 2023 with the arrival of Deutsche Telekom IT Solutions. With the addition of the new tenant, the building is now operating near full capacity.

Located at the intersection of Könyves Kálmán Boulevard and Albert Flórián Road in District IX, Telekom Campus benefits from strong public and private transport connections, including access to the M3 metro line, tram line 1, Népliget bus terminal, and Ferencváros railway station. The location offers direct links to central Budapest as well as the international airport and key motorways.

Telekom Campus holds both BREEAM Excellent and Access4you certifications. On-site amenities include a restaurant, café, gym, rooftop running track, car wash, bicycle storage with changing rooms, underground parking, and a conference room.

The campus is adjacent to the Liberty complex—also developed by WING—which offers additional services, hotel accommodation, and public space. A sculpture by architect Péter Szalay links the two developments. According to WING, the building’s flexible design and technical standards have allowed it to accommodate diverse tenant needs while maintaining operational efficiency.

The tenant was represented in the lease transaction by Eston.

CapMan finalizes CAERUS acquisition, launches real asset debt division

CapMan Plc has officially completed the acquisition of a 51% stake in CAERUS Debt Investments AG, initiating a strategic partnership that establishes a new investment area within CapMan focused on real asset debt. As part of the agreement, CAERUS founder and CEO Michael Morgenroth joins CapMan’s Management Group as Managing Partner of the newly formed CapMan Real Asset Debt division.

CAERUS, a real estate debt investment manager based in Germany, has raised €2.6 billion since its founding in 2014 and currently manages €700 million across seven active funds. The firm’s team of 12 professionals specialises in structured real estate debt financing across the DACH and Benelux regions.

The transaction strengthens CapMan’s capabilities in real asset investments and broadens its reach in continental Europe. The new real asset debt platform complements CapMan’s existing investment areas in real estate, infrastructure, and natural capital, supporting the company’s long-term strategic objective to grow its assets under management to €10 billion.

CAERUS is expected to benefit from CapMan’s established platform in the Nordic markets, as well as from expanded asset management capacity, sustainability expertise, and operational infrastructure. CapMan’s balance sheet commitments will also support future fundraising initiatives for CAERUS-managed funds.

Commenting on the transaction, CapMan CEO Pia Kåll said the move is a logical extension of the company’s investment offering. She highlighted the alignment between the two firms in terms of expertise and entrepreneurial culture.

Michael Morgenroth noted that the partnership comes at a time of both challenges and opportunity in the real estate debt market. The CAERUS brand will now feature the tagline “by CapMan” to reflect the new ownership structure and integration. He added that the collaboration positions both firms to better support clients and navigate current market conditions.

Photo: Michael Morgenroth

NRF Thermal Engineering Poland leases 12,000 sqm at Panattoni Park Gdańsk West II

Panattoni has commenced the next stage of its development in the Pomeranian region with the construction of a new 39,000 sqm facility at Panattoni Park Gdańsk West II. Scheduled for delivery in the first quarter of 2026, the building will include 12,000 sqm leased by NRF Thermal Engineering Poland. The company was represented by Newmark Polska during the site selection and lease negotiation process.

NRF Thermal Engineering Poland, part of the NRF Group founded in 1927, manufactures cooling systems for industrial and railway applications. The new space in Gdańsk will allow the company to relocate and expand its current operations. According to the company, the move is aligned with its strategic plans and aims to support ongoing growth in production and efficiency.

The location was chosen based on its proximity to key transport infrastructure, including the port, airport, and expressways, as well as access to qualified engineering talent. The facility is designed to accommodate custom production processes across multiple sectors.

Panattoni Park Gdańsk West II is located in Kowale, near Gdańsk, and is part of a larger industrial complex that will eventually offer more than 113,000 sqm of space. Two buildings totaling 73,000 sqm are already in operation, with the third building currently under construction.

The park benefits from its location near the S6 and S7 expressways and is approximately 10 km from central Gdańsk, providing direct access to both domestic and international logistics routes. The new building will include infrastructure enhancements such as a dedicated van ramp to increase operational flexibility.

The facility will be developed in accordance with environmental standards and is expected to receive BREEAM “Excellent” certification upon completion.

EGELHOF to open first production facility in Poland at BI Park Radom

The EGELHOF Group, a long-established manufacturer of control components for the automotive and heating industries, is opening its first production facility in Poland. The new 14,000 sq m plant will be located in BI Park Radom and is expected to begin operations in the fourth quarter of 2025. Real estate advisory firm Colliers supported EGELHOF in selecting the site and negotiating lease terms.

Founded over 80 years ago, EGELHOF specialises in producing expansion valves for e-mobility and air conditioning systems, supplying components to major global manufacturers. The decision to invest in Poland aligns with the company’s strategy to strengthen its presence in European markets.

Radom was chosen following an analysis of various factors essential to establishing efficient production operations. According to Colliers, the city offers a stable labour market with lower employee turnover compared to Poland’s largest urban centres. It also has fewer competing international employers, which can make it more attractive to new investors. BI Park Radom is situated in a region with an established base in metalworking, including CNC technologies, which supports EGELHOF’s production needs.

The property’s owner, Bojanowicz Investments, has committed to delivering production-ready space tailored to the tenant’s requirements. The space is expected to be available by September to enable a smooth operational launch.

Katarzyna Bojanowicz, Vice President of Bojanowicz Investments, noted that Radom offers good access to skilled labour, particularly in manufacturing, and a location well-suited for reaching both domestic and international markets.

BI Park Radom is a modern industrial complex under development in the Wincentów district of Radom, at the intersection of Rataja and Witosa streets. Once complete, the park will offer more than 46,000 sq m of space. The first phase has already been completed and fully leased, while the second phase is set to be delivered in September 2025. The facilities are designed with energy efficiency and sustainability in mind and are expected to meet BREEAM Excellent certification standards. Bremer Polska is serving as the general contractor for the project’s second phase.

Poland summer deals on new flats: What buyers can expect from developers

Are buyers of new flats likely to benefit from summer promotions? This article explores current offers in the residential market, outlining the types of bonuses developers are providing and identifying specific projects where these incentives apply. For more details or inquiries, feel free to contact us.

Michał Witkowski, Sales Director at Lokum Deweloper
Every month, we prepare attractive special offers for our customers in the form of preferential prices and other bonuses, such as a parking space, a storage room or turnkey finishing included in the price, as well as an attractive payment schedule. We know that such offers are a real support for people planning to buy their own home, and often also encourage them to make a quicker decision about purchasing a property.

In July, we introduced promotions on all our properties available for sale in Wrocław. At the completed Lokum Verde estate in Zakrzów, we have prepared a unique offer with a double bonus – when purchasing a four-room apartment, customers will not only receive a discount of up to PLN 70,000, but also a free parking space. In addition, all premises in this development are covered by a promotion supporting eco-mobility, as we are adding a modern electric bike as a gift to each of them.

At the Lokum Porto housing estate in the Old Town, you can get a discount of up to £140,000 on selected flats or purchase a property at a price reduced by £1,000 per square metre, as well as take advantage of a 20/80 payment schedule. In the Lokum la Vida development in Sołtysowice, we also offer two options – turnkey apartment finishing included in the price or discounts of up to PLN 85,000 on selected properties. Our special offer also includes the last available premises in the intimate Lokum Monte estate in Sobótka near Wrocław. Here, customers can take advantage of a very attractive discount of up to PLN 100,000.

Agnieszka Majkusiak, General Director of Sales and Marketing at Atal
Developers do not base their promotional campaigns on the calendar. In the current situation of stable sales, companies are opting for a range of incentives to encourage buyers to close deals faster. We strive to meet their expectations and offer attractive discounts, for example on parking spaces. We also have a large pool of special offers, which our advisors will present and prepare a proposal tailored to the customer.

Another huge advantage of our offer is the very competitively priced finishing packages in the Atal Design programme, which are profitable for customers even without discounts. In many investments, we adjust payment schedules to meet customer expectations, allowing them to plan individually.

Tomasz Kaleta, Managing Director of Sales and Marketing at Develia
We offer price discounts and special terms, such as a 20/80 payment schedule, which are available for selected investments. We expect demand to be supported in the coming quarters by a fall in interest rates, which will translate into lower mortgage costs and improved availability.

Zuzanna Należyta, Commercial Director at Eco Classic
We do not anticipate any special promotions during the holiday season. We have a few properties on offer at promotional prices. In the Moja Północna development in Warsaw, right next to Galeria Północna, we are offering flats at prices starting from PLN 13,900 per sq. m., and in Gdańsk, in the Wolne Miasto development, we have flats available at prices starting from PLN 10,960 per sq. m.

Janusz Miller, Sales and Marketing Director at Home Invest
During the summer, customers can count on attractive price promotions on selected apartments, in particular in our flagship investments: Warszawski Świt in Warsaw’s Bródno district and Enklawa Ursynów on the border of Ursynów and Mokotów. We offer special bonuses that make the purchase even more advantageous.

Agata Zambrzycka, Sales and Marketing Director at Aurec Home
Summer is the perfect time to buy a new apartment, especially since we have prepared unique holiday promotions for selected investments in Warsaw. Thanks to them, customers can count on real savings and additional benefits. The promotional offer includes two attractive locations. Fabrica Ursus – a modern housing estate in the heart of Ursus. When purchasing an apartment in this development, customers receive a free parking space, which significantly reduces the total purchase cost. My Forest is an intimate development on Modlińska Street in Warsaw’s Tarchomin district. Selected units are available with discounts of up to PLN 50,000.
Such bonuses mean real savings, especially for those buying an apartment on credit. A lower price means not only lower liabilities to the bank, but also the possibility of using the saved funds, e.g. for interior finishing or purchasing equipment. The promotions available in the summer of 2025 are a great opportunity to invest in a comfortable apartment in Warsaw and optimise your expenses at the same time if you are looking for a property with a free parking space or a discount on a new apartment.

Mariusz Gajżewski, Head of Sales, Marketing and Communication, BPI Real Estate Poland
We are currently finalising the sale of four ready-to-move-in projects, each with attractive offers. Depending on the project, we offer various price discounts. Our discounts are aimed at customers who decide to purchase an apartment in a completed development, both for those looking for their first home and for investment clients.

Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at Robyg Group
We have introduced further apartments to our offer with a promotion of PLN 1,000 per square metre – for example, in the Modern City, Royal Residence and Osiedle Kameralne developments in Warsaw.
In selected projects, we also have special promotions for a 20/80 or 20/20/60 payment schedule, which means only 20 per cent of the value is paid at the time of purchase and 80 per cent before the apartment is handed over.

Agnieszka Gajdzik-Wilgos, Sales Manager, Ronson Development
We have many attractive offers for our customers, which are enjoying great interest. First and foremost, each investment offers flexible payment schedules, tailored to the individual needs of buyers. Bonuses and promotions also apply to individual investments, including a parking space included in the price when purchasing three- and four-room flats in the Ursus Centralny investment in Warsaw, as well as ready-to-move-in three-room flats. In the Miasto Moje project, each apartment comes with a free 7 sqm storage room, and prices start at PLN 399,000.

In Zielono Mi, ready-to-move-in two-room flats are available as part of the second stage of sales, while in Wrocław, in the Startowe estate, two-room flats can be purchased from PLN 350,000. In addition, prices in Osiedle Viva start at PLN 10,900 per square metre, in Nowa Północ in Szczecin, flats are available from PLN 358,000 with completion this year, and in Nowe Warzymice, ready-to-move-in terraced houses are offered at prices starting from PLN 717,000.

Tomasz Czuchra, Vice-President of the Management Board of Waryński S.A. Holding Group
During the summer, Waryński Group customers can take advantage of special holiday bonuses as part of the new Stacja Ligocka residential development in Katowice. The promotion covers selected apartments, for which buyers can choose a parking space and a storage room free of charge, depending on availability and the buyer’s needs.

Promotional activities are conducted both online, through digital campaigns and social media, and offline through direct support from the sales office and active contact with customers. A team of advisors is available to present the details of the promotion and tailor the offer to the individual needs of the buyer. The summer promotion applies only to the Stacja Ligocka project and is valid until the end of the summer holidays or until the pool of apartments covered by the promotion is exhausted.

Piotr Ludwiński, Sales Director at Archicom
Ensuring comfort for property buyers at every stage of the purchase is the foundation of our sales strategy. We care not only about an attractive offer, but also about providing full support – from the moment of choosing an apartment, through financing issues, to the handover of the premises and the possibility of finishing it. That is why, in addition to credit counselling, we offer, among other things, a turnkey interior design service. During the holiday season, we have prepared special solutions that respond to market needs.
Currently, as part of the ‘Okazje do kwadratu’ campaign, customers can find flats at exceptionally favourable prices in selected projects in Wrocław, Kraków and Łódź. Some of the investments also offer a 20/80 payment model, which allows most of the price to be paid upon collection of the property.

Damian Tomasik, President of the Management Board of Alter Investment
During the holiday season, our customers can count on attractive promotions when purchasing investment plots. We offer, among other things, individual payment terms for selected plots. The promotions cover projects in Pomlewo, Jeziorany and Gdańsk-Madalińskiego. Our goal is to support investors in their purchasing decisions during the summer season, when many companies are planning new development projects.

Renata Mc Cabe-Kudla, Country Manager at Grupo Lar Polska
We have never offered promotions or bonuses. We treat all buyers equally and do not introduce bonuses for selected customers.

Source: dompress.pl
Photo: Enklawa Ursynow-Home Invest

Czech building permits at 25-year low amid construction growth

Despite an 14 percent year-on-year increase in Czech construction output in June, coinciding with an ongoing trend of annual growth stretching into its eighth month, the outlook for future building activity appears increasingly constrained .

The Czech Statistical Office reports the value of building permits granted in June dropped by 9.5 percent compared to the same month last year . Broader data further suggests that the overall number of building permits issued in the first half of 2025 is exceptionally low—continuing a decline that saw only 24,260 permits granted in 2024, down 6.7 percent year-on-year—and indicating a sustained shortfall .

A separate analysis confirms this trend: the number of half-yearly building permits—a critical barometer for future construction—reached its lowest level in 25 years, with only 37,208 permits issued in the first half of 2024 . Although this specific figure predates 2025, the ongoing contraction suggests a continued downward trajectory into the current year.

This disconnect between short-term construction volume and permit issuance underscores a troubling dynamic: while current projects are advancing, fewer new ones are being approved. This fall in permitting activity reflects growing bureaucratic challenges—compounded by staff shortages and inefficiencies in newly digitized permitting systems—which threaten to stall future development. Critics argue the current Building Act has failed to deliver the expected administrative streamlining and may instead be obstructing progress.

The construction sector remains vital to the Czech economy, known for its substantial multiplier effect; each koruna invested is estimated to generate triple that impact across the economy. Without a systemic reform—potentially reversing or revising the current legislation to improve digital administration, enforce predictable deadlines, and rebuild capacity—the sector may soon face a downturn, endangering broader economic recovery.

Source: CENTRAL GROUP

Union Investment sells Amsterdam’s Urban Villas residential complex to MEAG

Union Investment has sold the Urban Villas residential complex in Amsterdam to a special real estate fund managed by MEAG. The transaction was carried out through a structured bidding process. While the purchase price has not been disclosed, it was reported to be slightly above the most recent appraised value of the property.

The residential complex was originally acquired by Union Investment in 2021 as part of a forward funding transaction for its open-ended real estate fund, UniImmo: Global. The sale was driven by strategic portfolio considerations and is also expected to enhance the fund’s liquidity position.

Located in Amsterdam, Urban Villas comprises four architecturally distinct residential buildings with a total of 173 rental apartments across approximately 12,310 square meters. The five- and six-storey buildings are connected via a shared underground car park and were designed to function as independent yet cohesive residential complexes. The development meets current energy regulations and is classified as virtually energy neutral.

Katrin Hupfauer, Head of Real Estate Transactions at MEAG, described the acquisition as an important move in expanding the European and global diversification of the real estate portfolios managed for their clients. She highlighted the property’s alignment with MEAG’s investment priorities, citing its sustainable design, urban location, high construction quality, and strong energy performance.

Union Investment was advised on the sale by CBRE, Dentons, and RSM. MEAG received advisory support from BNP Paribas Real Estate Netherlands, Greenberg Traurig, and C2N.

LIP Invest reports stable logistics real estate market in Q2 2025 despite financing constraints

LIP Invest, a specialist fund provider in Germany’s logistics real estate sector, has released its latest quarterly market report, LIP UP TO DATE – Logistikimmobilien Deutschland, summarising key developments in the second quarter of 2025. The report includes data on investment volumes, leasing activity, new construction, yields, and financing trends. It also provides an outlook for the third quarter.

The German logistics real estate investment market during Q2 2025 was marked by high supply dynamics and an increase in individual transactions. A growing number of property owners have shown a willingness to sell. However, despite robust supply, the financing environment continues to act as a constraint on investment activity. According to Sebastian Betz, Managing Partner at LIP Invest, banks have imposed high financing margins and mark-ups, making many debt options unattractive and delaying purchases. While the European Central Bank has reduced short-term interest rates as anticipated, the benefit has been felt primarily by developers rather than long-term investors. Long-term interest rates remain elevated and volatile, with 10-year financing rates between 3.60% and 3.80% currently seen as workable.

On the leasing side, demand remains stable. Some logistics companies are expanding through new leases, while others are relying on existing operations. Although the recent trade agreement between the EU and the US has helped ease uncertainty, the long-term effects of the new tariffs remain unclear. Nonetheless, slightly improved economic forecasts for 2025 and 2026 are viewed positively by the industry.

In terms of investment, approximately EUR 1.4 billion was allocated to German logistics assets in the second quarter, bringing the total for the first half of the year to EUR 2.6 billion. This is slightly below last year’s figure for the same period, largely due to a lack of large portfolio transactions or delays in finalising such deals. Nevertheless, the number of individual transactions remains high. One example is the sale of XXXLutz’s regional distribution centre in Groß-Gerau for EUR 22 million.

Prime yields for new logistics assets increased slightly in the second quarter, ranging from 4.90% to 5.10%. While the 10-year swap rate rose marginally over the past three months, additional bank premiums continue to drive up overall borrowing costs. LIP reports a notable increase in properties offered for sale, with a total volume of EUR 1.3 billion in Q2. This growing supply could support higher transaction activity in the coming months.

Leasing activity in the logistics space market totalled 1.4 million square metres in Q2, bringing the total for the first half of 2025 to 2.6 million square metres. This indicates a continuation of stable demand. Chinese logistics companies, which previously operated as subtenants, are now increasingly securing warehouse space directly. For instance, SK Express Germany, a subsidiary of Chinese logistics firm Shaoke, leased 40,000 square metres in Greven and now operates 68,000 square metres of space in North Rhine-Westphalia.

New construction activity remained moderate, with 800,000 square metres completed in the second quarter and 1.55 million square metres for the half-year. Among the developments, Panattoni began construction on a logistics property in Lübeck, with a significant portion pre-leased to medical technology company Dräger. Demand from pharmaceutical and healthcare companies is growing, prompting logistics providers to adapt. In May, DHL opened a 30,000 square metre logistics centre in Florstadt, Hesse, designed specifically for the distribution and storage of pharmaceutical goods across various temperature zones.

LIP also identified parcel distribution as one of the fastest-growing segments within the logistics sector. The courier, express, and parcel (CEP) market has continued to expand, following only a brief slowdown after the pandemic-related surge. According to a study by the German Parcel and Express Logistics Association (BPEX), shipment volumes are expected to surpass 5 billion units by 2029. Additionally, trends in e-commerce suggest that international imports are increasingly being replaced by local fulfilment solutions. This shift is likely to generate further demand for distribution and fulfilment centres, particularly in regions such as North Rhine-Westphalia and Bremen, which have access to sea routes and serve as strategic logistics hubs.

Photo: Sebastian Betz, Managing Partner of LIP Invest

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