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.

Art-Invest Real Estate secures long-term lease renewal with Süddeutscher Verlag at SZ Tower

Art-Invest Real Estate has achieved a major leasing milestone with Süddeutscher Verlag signing a new long-term lease for a substantial part of the SZ Tower in eastern Munich. The publishing house, which has occupied the tower exclusively since its completion in 2008, will continue its presence at Hultschiner Straße as the building transitions into a multi-tenant property.

The lease renewal forms part of a broader repositioning strategy for the high-rise. Art-Invest plans to convert the SZ Tower into a multi-user office building and redesign it to meet current workplace expectations. The full redevelopment, including a rebranding of the tower, is planned for completion by the end of 2028.

As part of this transformation, the ground floor will be expanded with new functions and amenities. The aim is to create a flexible working environment that supports a wider range of tenant profiles. Planned additions include shared spaces, catering and conference facilities, fitness areas, lounge zones and work environments suited for both collaborative and focused tasks. The design will draw on Art-Invest Real Estate’s experience from recent projects in Munich, such as Macherei and Momenturm at Ostbahnhof.

“We are delighted with the successful conclusion of the agreement with Süddeutscher Verlag. The decision by a long-standing tenant to renew its lease on the property underlines the high quality of the property and the confidence in the planned redevelopment into a modern and versatile working environment,” said Tobias Wilhelm, Managing Director at Art-Invest Real Estate.

Süddeutscher Verlag also emphasised the importance of continuity. “Since its completion, the SZ Tower has met all our requirements for a prestigious, high-quality building with flexible and modern office space. With this long-term lease, we are sending a signal of continuity and our commitment to the location. The planned communal areas and modern working environments are an important step for us towards future viability and employee orientation. We are delighted to be the first tenant to actively participate in the redesign,” said Dr. Christian Wegner, CEO of Süddeutscher Verlag.

Art-Invest Real Estate was advised on the lease by GSK Stockmann, while Süddeutscher Verlag received legal counsel from Heuking and BNP Paribas.

Slovakia: Wages rise across all monitored sectors in August

Average nominal wages increased year-on-year in all ten monitored economic sectors in August 2025, according to preliminary data from the Statistical Office of the Slovak Republic. The strongest wage growth was reported in food and beverage service activities, while employment developments remained mixed, with declines recorded in half of the monitored sectors.

In August, nominal wages rose across the entire monitored sample. The increases ranged from 0.5 percent in the sale and repair of motor vehicles to 9 percent in food and beverage service activities. Transport and storage, construction and retail trade each recorded wage growth of roughly five percent compared with the previous year.

After adjusting for inflation, real wages increased in six of the ten sectors. The highest real wage growth was 4.6 percent in food and beverage services, while accommodation reported the weakest positive result at 0.2 percent. Real wages decreased in the sale and repair of motor vehicles, selected market services, industry and information and communication.

For the January–August 2025 period, nominal wages increased in all monitored sectors, while real wages rose in nine of them. Real wage growth ranged from 0.2 percent in wholesale trade to 4.6 percent in food and beverage service activities. The only real decline over the eight-month period was a 1.4 percent reduction in selected market services.

Employment trends showed continued divergence. In August, employment fell year-on-year in five sectors, with wholesale trade reporting the largest decline of 4 percent. Smaller reductions were recorded in selected market services, construction, industry and transport and storage, where decreases ranged between 0.8 and 1.8 percent. Employment increased modestly in retail trade and motor vehicle repair, accommodation, food and beverage services, and information and communication.

For the January–August period, employment rose in five sectors, with accommodation reporting the strongest growth at 2.4 percent. The largest declines over the same period were observed in transport and storage and wholesale trade, both below 2 percent.

The figures are based on monthly business surveys conducted by the Statistical Office, monitoring wages and employment in selected sectors including industry, construction, transport and storage, information and communication, internal trade, accommodation, food and beverage services, and selected market services.

Ninth attempt to sell Štiřín Castle begins with a starting price of CZK 720 million

The Office for State Representation in Property Affairs (ÚZSVM) is launching its ninth electronic auction of the Štiřín Castle complex today at noon. The starting price is set at CZK 720 million, less than a quarter of the initial CZK 3.3 billion reserve price used in the first auction attempt in November 2024. If sold, it would be among the highest-value transactions recorded by the office.

The auction will run for 24 hours. A minimum bid at the starting price is required to validate the sale, and subsequent increases must be at least CZK 50,000.

ÚZSVM assumed ownership of the property in June 2023 after it was transferred from the Ministry of Foreign Affairs, which determined it no longer needed the premises. The property was first offered to other state bodies, but no institution expressed interest. The castle’s furnishings were later transferred to the National Heritage Institute, and the grounds were prepared for public auction.

Over the course of repeated auction rounds, the office gradually reduced the price and removed certain plots from the sale, including parts of the park now managed by Czech Forests and land designated by the municipality of Kamenice for sidewalk construction. Despite price adjustments, no bidders participated in the first seven auctions. In the eighth round, one party submitted the required deposit but placed no bids.

Štiřín Castle dates to the 18th century and previously operated as a hotel with a restaurant, wellness facilities and a golf course. The property was shaped by early 20th-century modifications designed by architect Jiří Stibral and by renovations carried out between 1985 and 1993. It belonged to the Ringhoffer family for decades before being nationalized after World War II.

If sold, Štiřín could become one of the most lucrative transactions in ÚZSVM’s history. The current record is the October auction of Prague’s Broadway Palace, which reached CZK 848 million, pending a matching right by the tenant. Before that, the highest sale was the 2015 disposal of the former monastery complex at Prague’s Republic Square for CZK 790 million.

Source: CTK

Toyota Material Handling CZ moves into new premises at Panattoni Business Park Zdice

Toyota Material Handling CZ has taken over newly completed premises in Panattoni Business Park Zdice, which will now serve as the company’s Czech headquarters. The facility will support equipment rental, service operations and the delivery of material handling solutions. Panattoni is the project developer, and the Accolade group is the investor.

Toyota Material Handling CZ supplies forklifts, warehouse equipment and automated solutions, and provides rental and maintenance services across the Czech market.

František Mikeš, Managing Director of Toyota Material Handling CZ, commented: “The opening of the new hall in Zdice is another strategic milestone for Toyota MHCZ. The new premises, which match the pace of our growth and the technical demands of modern operations, bring together the key components of our offering – a new warehouse covering almost 12,000 m², a multifunctional demo area, a modern service workshop, and an administrative section that ergonomically and aesthetically reflects our overall care for our customers, partners, and employees. Everything is combined into a whole that meets demanding standards of sustainability, technical and energy efficiency with a strong emphasis on safety. The new environment is conceptually designed around the values of the Toyota Production System, which are an inherent part of Toyota’s wide range of handling equipment, as well as our own operations. We are firmly convinced that the new, modern Toyota MHCZ environment will bring our partners a higher level of service and new opportunities for further development on the Czech market for all of us.”

The facility has an overall area of nearly 14,000 m² and is targeting BREEAM New Construction certification at the Excellent level.

Jan Andrejco, Regional Director of Panattoni, said: “Toyota MHCZ’s decision to locate its operations and headquarters in Panattoni Business Park Zdice confirms our ability to offer our clients tailor-made solutions. We designed the project to meet high standards of sustainability and operational flexibility. We are delighted that the park is becoming a place where cutting-edge technology meets a responsible approach to the environment.”

Jiří Stránský, Head of Development at Accolade, added: “Toyota MHCZ has long been one of the brands that are pushing logistics and manufacturing towards greater efficiency and automation. It is no coincidence that such a partner has chosen modern, sustainable facilities in one of the most promising locations on the Czech industrial market. In our parks, we specifically create infrastructure for companies that bring high added value, technological solutions, and skilled jobs. The investment in the park in Zdice is another step towards making the regional economy competitive and ensuring that local industry meets high sustainability standards.”

Romania presents its Deposit-Return System as a model for European adoption

As EU member states prepare or refine Deposit-Return Systems (DRS) for beverage packaging to improve recycling performance, Romania’s system is attracting attention for its rapid implementation and early results. A new analysis by CES Bucharest, a think tank focused on economic and social development, outlines how DRS can support progress toward the EU’s 2030 climate and circular economy goals.

Romania operates the world’s largest fully integrated DRS for PET, metal and glass containers, launched in November 2023 and administered by RetuRO. According to the CES Bucharest assessment, the first full year of operation generated an estimated EUR 300 million impact on the national economy, created more than 2,200 jobs and achieved a recovery rate of about 84% in 2025 so far.

To present these findings, CES Bucharest hosted a discussion at the European Parliament with policymakers, industry representatives and DRS specialists.

Gemma Webb, CEO of RetuRO, said: “Romania has built one of the fastest-maturing DRS systems in Europe, delivering solid performance and offering a clear example of how a large-scale, integrated system can generate environmental, economic and social benefits in a short timeframe. Moreover, Romania implemented its DRS voluntarily, ahead of the EU’s 2029 deadline, which helped avoid last-minute pressure and ensured that a robust governance model was established from the outset. With the expertise, results and insights gained, Romania stands ready to contribute constructively to the EU’s wider discussions on DRS implementation and alignment.”

High return rates in established systems

CES Bucharest notes that countries with long-standing DRS programmes record return rates between 85% and 98%, including Norway, Sweden and Germany. These outcomes indicate that deposit-return systems can support the EU’s target of recycling 70% of all packaging by 2030.

Romania is using its early experience to outline practical considerations for other member states preparing their own systems. The analysis details governance structures, operational milestones and market performance indicators that helped coordinate producers, retailers and authorities and improve container collection rates.

Behavioural trends across user groups

CES Bucharest also examined the system’s social impact. Young adults (18–30) reported being motivated by both financial incentives (94%) and environmental concern (93%), with many adopting additional environmentally conscious habits. Families with children use the system as a learning tool, with 94% citing responsibility education and 97% citing environmental protection. Among seniors (60+), 97% value the financial return and 88% report moral satisfaction, with 80% expressing high satisfaction overall.

The analysis finds that the system also provides stable income opportunities for vulnerable groups, with average earnings around EUR 100 (520 lei) per month from returned containers.

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