Online bookings of tourist accommodation in Poland surge in 2024

In 2024, Poland recorded a significant increase in the use of online platforms for booking holiday and short-stay accommodation, with 5.2 million bookings made via Airbnb, Booking, Expedia, and Tripadvisor. This marks a 22.2% year-on-year rise, according to experimental data published by the Statistical Office in Rzeszów in cooperation with the European Commission.

These bookings translated into 39 million overnight stays, up 19% compared to 2023. Domestic tourists accounted for the majority, making 3.5 million bookings (67.8%) and spending 23.7 million nights in rented establishments. Foreign tourists contributed 1.7 million bookings (32.2%) and 15.3 million overnight stays. This represents a 26.5% increase in domestic bookings and a 14% rise among international visitors.

The Małopolskie Voivodship, which includes popular destinations such as Kraków and Zakopane, recorded the highest number of bookings at 1 million, followed by Mazowieckie (922,900) and Pomorskie (740,300). Together, these three regions also accounted for more than half of all overnight stays, with Małopolskie alone logging 9.3 million stays, a 20.8% increase from the previous year.

The smallest number of bookings was reported in the Opolskie Voivodship (28,700 stays), though this figure still reflected a strong year-on-year growth of 51.9%. Similarly, Opolskie had the lowest number of overnight stays at 144,500, albeit up 39.7% from 2023.

Foreign tourists from EU countries made up nearly two-thirds (61.4%) of all international overnight stays. German visitors led with 23.4% of these nights, followed by tourists from Ukraine (11.2%), the Czech Republic (6.8%), the United States (4%), and the United Kingdom (3.6%).

The figures reflect only bookings made through the four major online platforms and exclude data from traditional hotel bookings, campgrounds, or private arrangements. The data is considered experimental and is part of ongoing efforts to better understand tourism flows through digital channels.

Prepared by the Statistical Office in Rzeszów, the report underscores Poland’s growing reliance on digital booking platforms and the continued appeal of its tourist destinations to both domestic and international travellers.

CPI Europe AG expands Executive Board with two new appointments

The Supervisory Board of CPI Europe AG has announced the appointment of Vít Urbanec and Zdeněk Havelka as new members of the Executive Board, effective immediately. Their terms will run until 31 December 2027. With these additions, the Executive Board will now comprise three members: Pavel Měchura, Vít Urbanec, and Zdeněk Havelka, who will jointly oversee all areas of the company’s operations and strategic development.

The expansion of the board reflects CPI Europe AG’s commitment to strengthening its leadership team and ensuring robust governance amid a period of ongoing market activity and internal transformation. The new board members bring extensive experience in real estate investment, management, and corporate leadership, positioning the company to navigate future challenges and opportunities more effectively.

Radka Doehring will remain with CPI Europe AG in her role as operational manager and authorized signatory, continuing to contribute her expertise to the company’s daily operations and long-term planning.

New York City office market shows strong rebound in H1 2025

Major real estate firms report a notable recovery in NYC’s office market during the first half of 2025, driven by significant leasing activity, declining vacancy rates, and growing interest from finance, technology, and law sectors.

According to Avison Young, Manhattan leasing hit 20.6 million square feet in H1 2025—a 17.2% increase from the same period last year—which marks the strongest first-half performance since 2018 . The number of major leases (exceeding 100,000 sq ft) also reached a high not seen since 2019, with 21 such transactions recorded.

Cushman & Wakefield data shows that total availability in Manhattan fell to 16.4% by Q2 2025, the lowest level in over four years, as both direct and sublease spaces tightened. This contraction reflects a resurgence in demand, especially for premium office space, while older Class B and C buildings continue to face challenges.

Savills and Colliers report major quarterly leasing volumes across Manhattan that have matched or exceeded pre-pandemic levels. Savills noted that leasing reached 12.2 million sq ft in Q1, the best quarterly result since 2019 . Colliers noted downtown Manhattan saw 1.99 million sq ft of leasing in Q1—tripling Q4 2024 figures and marking the strongest activity since late 2019.

Key demand drivers include financial services, law firms, and private equity. A Business Insider report highlights how firms such as Blackstone, Amazon, and Alphabet have spurred renewed confidence in the market. Major tenants like Amazon, Citadel, and Citigroup, along with law firm Goodwin Procter’s move to BXP’s 200 Fifth Avenue, indicate broad-based uptake.

In Midtown, trophy office spaces have seen rental rates recovering; asking rents for Class A space have edged upward even as overall including sublease stock dipped 2.1% year‑on‑year . Meanwhile, projects such as 70 Hudson Yards have secured large pre-leases—Deloitte recently signed on for around 800,000 sq ft, one of the largest post-pandemic deals in the U.S.

Despite positive trends, market experts caution that older assets without modern amenities or sustainability credentials may be left behind. Redevelopment strategies—including converting 5 Times Square into residential units—are underway, reflecting efforts to adapt to shifting demand.

Looking ahead, limited new construction and continued tenant demand suggest tight supply and competitive rents will persist in the second half of 2025. However, broader economic and political uncertainties—including potential shifts in fiscal policy in NYC—may influence leasing patterns and investor appetite.

Overall, the H1 data underscores that Manhattan’s office market has clearly turned a corner, with leasing volumes, occupancy figures, and investor interest all pointing toward a sustained recovery in the city’s commercial core.

Source: Comp.

Czechia: Business confidence dips Below long-term average, while consumer sentiment strengthens

The composite economic sentiment indicator for the Czech Republic declined slightly in July, reflecting diverging trends between businesses and consumers, according to the Czech Statistical Office.

The overall confidence indicator fell by 0.4 points month-on-month (m-o-m) to 99.7. Business confidence declined by 1.2 points to 98.8, dropping below the long-term average, while consumer confidence rose by 3.4 points to 104.1—its highest level since November 2021. All indicators remain higher than they were in July 2024.

Industry Sector
Confidence in the industrial sector fell by 1.0 point to 93.5 m-o-m. While current demand and inventory levels remained stable, expectations for production over the next three months declined. Approximately 45% of respondents cited insufficient demand as a barrier to production, up slightly from the previous quarter. Material shortages were reported by 21% of businesses. Despite these concerns, production capacity utilization increased to 84%, and contract coverage remained steady at 9.3 months.

Construction Sector
Confidence in the construction sector was unchanged at 121.2. Firms’ views on demand, workforce expectations, and anticipated price changes remained stable. Staff shortages continue to be the main production constraint, noted by 38% of respondents. However, the proportion citing insufficient demand as a limiting factor rose to 29%, from 17% in April. Year-on-year (y-o-y), overall confidence in the construction sector is higher.

Trade Sector
Business sentiment in trade improved, with the confidence indicator rising by 2.6 points to 97.3 m-o-m. More businesses reported improvements in their recent economic situation and held a slightly more positive outlook for the coming months. Inventory levels declined, while price expectations remained stable. Despite the monthly gain, confidence in this sector remains lower compared to the same time last year.

Service Sector
In selected service industries, including finance, business confidence declined by 2.1 points to 102.0 m-o-m. While businesses had a slightly more positive outlook on future demand and prices, assessments of current economic conditions fell. Nearly half of respondents reported no production barriers. Around 22% cited other challenges such as regulation, high input costs, or geopolitical concerns. The proportion facing insufficient demand remained unchanged at 16%. Compared to July 2024, sentiment in the services sector has improved.

Consumer Confidence
Consumer sentiment rose by 3.4 points to 104.1 m-o-m. The number of households expecting a worsening national economic situation declined. Around 26% of respondents reported struggling to make ends meet, with 3% depending on borrowing. Conversely, about 60% said they were able to save regularly. Fewer households indicated reluctance to make major purchases in the coming year. However, concerns about unemployment and inflation increased slightly. Consumer confidence remains higher than a year ago.

Source: CZSO

Three bids submitted for new square at Hradec Králové barracks site

The city of Hradec Králové has received three bids for the planned construction of a new public square in the area between the Gayer and Vrbenský barracks, located near the city center. The deadline for submissions closed on the morning of July 22, and the evaluation committee will now begin reviewing the proposals, according to city spokesperson Kateřina Rohlíčková.

“The selection committee will assess the bids and recommend a contractor to city authorities. The decision will first be reviewed by the city council before being put to a vote by the city assembly,” Rohlíčková said. The bidders’ names have not been made public.

The tender, valued at approximately CZK 131 million excluding VAT, had its submission deadline extended multiple times. These extensions were granted following requests from bidders for clarifications and adjustments to the contract terms.

The square project is intended to complement the ongoing reconstruction of the Vrbenský barracks, which is being led by the Hradec Králové Region. The city is also seeking to secure European funding to partially finance the square’s construction.

The planned works include repaving, upgrading utility infrastructure, planting greenery, and installing new public furniture. Currently used as a parking area, the space between the historic barracks buildings is set to become a key pedestrian route connecting the district to the historic city center.

Both the Gayer and Vrbenský barracks date back to the 19th century and are similarly sized, positioned in a symmetrical layout. The Gayer barracks were renovated by the region in 2021 for CZK 310 million and now house a branch of the Museum of Eastern Bohemia.

Reconstruction of the Vrbenský barracks began last year, with the aim of converting the site into a museum facility. That project, estimated at CZK 565 million, is expected to reach structural completion by autumn. The full redevelopment of the barracks complex, including the new square, is scheduled for completion by 2027, with total costs projected at around CZK 1 billion.

Source: Hradec Králové Regional Council and CTK
Photo: hradeckralove.cz

CTP participates in Czech National Day at EXPO 2025 Osaka, strengthens international business ties

The Czech National Day at EXPO 2025 in Osaka brought together international guests and officials, including Czech President Petr Pavel and Her Imperial Highness Princess Takamado of Japan. Held at the Czech National Pavilion, the event combined cultural programming with business-focused initiatives, highlighting Czechia’s position as a partner for international cooperation and investment.

As a national partner of the pavilion, CTP has been actively engaged throughout the duration of the exhibition. The company has taken part in a range of events aimed at strengthening ties between Czech regions and Asian markets, including the exhibition’s opening ceremony, CzechInvest’s investment seminar, and technology showcases such as the autonomous mobility presentation organised by the Karlovy Vary Region Chamber of Commerce. Upcoming activities are planned with additional regional partners including Ostrava and Plzeň.

CTP’s Group Client Relationship Director, Bert Hesselink, noted that EXPO serves as a key platform for presenting the Czech Republic to Asian companies seeking to enter European markets. “We meet regularly with firms interested in expanding into Europe and present the Czech Republic as a strategic entry point. At the same time, we support Czech regions in presenting their investment potential to global partners,” he said.

The Czech National Day was held on 24 July, commemorating the 165th anniversary of Czech artist Alfons Mucha’s birth, a figure widely recognised in Japan. The day included official flag ceremonies, cultural performances by the Czech Philharmonic and other groups, and a business networking lunch hosted in the CTP Lounge. President Pavel opened the afternoon session with a short address, and the program concluded with a concert by singer Aiko and a custom-designed drone show.

Ondřej Soška, Commissioner General of Czechia at EXPO 2025, emphasized the importance of integrating culture, business, and innovation in the national presentation. “CTP is an example of how private sector involvement can support international outreach and investor engagement. The EXPO continues through the autumn, with further events planned to promote Czech innovation and regional strengths,” he said.

ECB holds rates: Market uncertainty and real estate stability in focus

In a recent CIJ EUROPE update following the European Central Bank’s latest interest rate decision, industry leaders from BF.direkt and HIH Invest shared their perspectives on the implications for inflation, economic stability, and the real estate sector. After eight consecutive rate cuts since June 2024, the ECB opted to hold key interest rates steady—a move welcomed by both institutions amid continued economic and geopolitical uncertainty.

Francesco Fedele, CEO of BF.direkt AG, stated that the decision to pause further cuts is appropriate given current economic conditions. “There is no need for action to change the key interest rate. Inflation continues to decline and is forecast to reach 2.0 percent over the next twelve months,” he said. However, he cautioned that this outlook is subject to significant uncertainty, particularly in the event of a trade conflict with the United States. Tariffs and countermeasures could put upward pressure on inflation, while a broader economic downturn in Germany and the EU might push inflation below target levels.

Fedele emphasized that the ECB should remain flexible and ready to respond to either scenario, making the current rate pause a prudent choice. He noted that financial markets expect at least one more rate cut before the end of the year, though BF.direkt supports continued caution. “It remains to be seen how the political environment will evolve in the coming months,” he added.

Prof. Dr. Felix Schindler, Head of Research & Strategy at HIH Invest, similarly welcomed the ECB’s decision, describing it as aligned with market expectations. “The inflation rate is now stable within the target range and the yield curve has normalised. A neutral level has been reached, removing immediate pressure for further action,” he said.

Schindler highlighted ongoing risks, including uncertainty surrounding global trade negotiations, U.S. Federal Reserve policy, and currency fluctuations. He suggested that the ECB will likely use the summer period to continue monitoring economic indicators before its next decisions in the autumn.

From a real estate market perspective, Schindler noted that the current interest rate stability offers a more predictable environment for planning and investment. “Sideways movement in both short- and long-term rates is helping to stabilise calculations in development, acquisition, and asset management,” he explained. He also pointed to improving economic sentiment and public investment in infrastructure and defence as potential sources of positive momentum for the German real estate market.

Photos: Francesco Fedele, CEO of BF.direkt AG and Prof. Dr. Felix Schindler, Head of Research & Strategy at HIH Invest

Labor shortages in construction deepen, pressure builds on Czech market

The construction industry is facing a growing labor shortage that is beginning to affect both project timelines and overall sector performance. Despite the industry’s role as a key economic driver and its importance for housing and infrastructure development, workforce availability continues to decline. A recent analysis by McKinsey & Company warns that if productivity stagnation and labor shortages persist, the global construction sector could face a shortfall of up to $40 trillion by 2040.

In the Czech Republic, this issue is shaped by global and local factors. A survey by PlanRadar indicates that 63% of construction companies believe the sector is no longer appealing to younger generations. The decline in interest in technical careers is contributing to a shrinking pipeline of new workers. Compounding the problem, many companies lack effective systems for transferring knowledge from experienced professionals to younger employees. As older workers retire, their expertise is often lost, placing greater strain on the remaining workforce and making the sector less attractive to new entrants.

According to Adam Heres Vostarek, regional manager at PlanRadar for the Czech Republic, the situation is further complicated by rising personnel costs and delays related to permitting processes. Restrictive immigration policies are also a factor; nearly one-fifth of Czech respondents in the survey cited limited access to skilled foreign labor as a major challenge.

Despite these constraints, Czech construction companies have so far managed to maintain project schedules better than their counterparts in other countries, with nearly 43% reporting no delays. However, this may indicate that the sector is operating at maximum capacity, leaving little room for flexibility or unexpected disruptions.

Globally, 75% of construction companies reported delays due to workforce shortages, and while the Czech Republic has avoided the worst effects for now, the risk of broader disruption is growing. With demand for new construction rising and timelines tightening, the need for long-term, systemic solutions is becoming more urgent.

Vostarek argues that immediate steps must focus on increasing efficiency rather than waiting for broader labor market changes. Digitization is seen as a key enabler. Technologies that streamline workflows, improve communication, and provide real-time project visibility can help companies do more with fewer people. These tools can support higher productivity without increasing workload, allowing firms to manage demand more sustainably.

In addition to addressing current labor constraints, digital solutions may help attract younger workers. Vostarek points out that modern professionals expect a technology-enabled work environment that reflects their skills and ambitions. A clear structure, meaningful tasks, and digital tools that enhance creativity are central to meeting these expectations. Without adapting to these needs, construction companies may struggle to compete for talent.

The labor shortage in construction is unlikely to resolve quickly, but strategic investments in technology and a shift in how the sector presents itself to future workers could help stabilize the situation. In the Czech market, where resilience remains strong, these steps may be essential to sustaining performance in the years ahead.

TPA Poland extends lease at Wola Center in Warsaw

Hines has announced that TPA Poland has extended its office lease at the Wola Center building in Warsaw for an additional seven years, continuing the tenancy until 31 December 2032. The lease covers more than 2,000 square metres of office space and includes 15 dedicated parking spaces.

TPA Poland, a provider of tax advisory, accounting, payroll, and audit services, has been based in Wola Center since 2013. According to the company, the decision to renew was based on the location, building standards, and the property manager’s responsiveness to changing workplace needs.

The Wola Center property is managed by Hines on behalf of the Hines European Value Fund 1 (HEVF 1). The office space in the building is fully leased, with retail and service premises remaining available. Other tenants in the building include TATA Consultancy Services, Evolution, Cognizant, and Poland’s District and Appeal Courts.

Located at 33 Przyokopowa Street in Warsaw’s Wola district, the Wola Center was designed by Kuryłowicz & Associates. It provides 35,430 square metres of space and has achieved a BREEAM In-Use certification at the ‘Outstanding’ level. The building includes amenities such as EV charging stations, bicycle infrastructure, green terraces, and a co-working area in the main lobby. It is situated near key public transport connections, including the metro and Warszawa Ochota station.

Christine Hager appointed to Management Board of Sierra Germany

Christine Hager has been appointed to the management board of Sierra Germany GmbH, succeeding Jorge Morgadinho. She will continue to report directly to the executive board of Sonae Sierra in Portugal.

Hager joined Sonae Sierra in 2022 to lead the property management division and has since been part of the company’s leadership team in Germany. Her career includes seven years as Managing Director at the Redos Group in Hamburg and previous senior roles at Jones Lang LaSalle, where she oversaw shopping centre management in Germany and Austria, as well as retail asset management.

She also holds leadership roles in industry organisations, serving as Chairwoman of the German Council of Shopping Places (GCSP) since 2018 and Vice-Chair of the European Council of Shopping Places (ECSP) since 2021. In 2021, she was named Manager of the Year by Immobilien Manager magazine.

Cristina Santos, Executive Director of Property Management at Sonae Sierra, noted that Hager’s appointment supports the company’s aim of further developing its business in Germany.

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