Natural gas prices and demand rise in Q2 2025 amid supply shifts

The global natural gas market recorded moderate price increases and stronger demand in the second quarter of 2025, driven by geopolitical tensions, seasonal factors, and rising liquefied natural gas (LNG) imports, according to Kamco Invest’s Q2 2025 market review.

In June 2025, U.S. natural gas prices rose by 20.3% year-on-year to USD 3.02/MMBtu, while European prices increased by 13.8% to USD 12.37/MMBtu. Japan’s LNG prices saw a smaller rise of 1.1% to USD 12.26/MMBtu. The Gas Exporting Countries Forum (GECF) reported a 14% year-on-year increase in TTF spot prices, averaging USD 12.3/MMBtu in June.

Higher demand in North America and Asia Pacific, coupled with reduced Russian pipeline gas flows to Europe, contributed to these price movements. European LNG imports grew significantly, with a 9.4% annual increase in June alone—the strongest growth rate since November 2022. The European Union (EU), aiming to fill its gas storage to 90% capacity by November, has continued to replace declining domestic production and reduced Norwegian output with LNG purchases.

China, on the other hand, reduced LNG imports by relying more heavily on pipeline gas from Russia and Central Asia, as high spot prices weighed on its import strategy.

Global natural gas demand is expected to grow by 2% in 2025, supported primarily by Asia and North America. Global production is also projected to rise by 2%, led by the Middle East. In Q2 2025, the EU’s gas consumption rose by 2.5% year-on-year to 57.5 bcm, while U.S. consumption increased 0.9% to 202.5 bcm. China’s consumption rose marginally by 0.1% to 106.6 bcm between March and May.

U.S. gas production reached 271.6 bcm in Q2, a 0.6% annual increase. However, the International Energy Agency (IEA) forecasts slower global gas demand growth in 2025, at 1.3%, compared to 2.8% in 2024. Asia Pacific demand is expected to expand by less than 1%, the weakest pace in three years.

In the first half of 2025, natural gas consumption in Asia declined by 1.5%, reversing the 5.5% growth recorded in 2024. Japan and South Korea saw reductions of 1.2% and 2.5%, respectively, mainly due to lower power sector demand and increased hydroelectric output in Japan. In contrast, OECD Europe saw a 6.5% increase in gas consumption, with colder weather and lower renewable output boosting demand in the power sector, which accounted for 80% of the increase. Gas-to-power use in the region rose by 20%, while industrial use declined by 2% due to persistent high prices.

In North America, gas consumption rose by 2.5% in the first half of 2025, with a 2.8% increase in the U.S. and a 5% rise in Canada. The growth was primarily weather-driven, with colder temperatures leading to higher heating demand. Mexico, however, recorded a 4% decline in consumption due to reduced gas-fired electricity generation.

On the supply side, U.S. gas production in the first half of 2025 increased by 2.4% to 542 bcm. Canada’s output rose by 1.5% to 82.5 bcm. In Latin America and the Caribbean, production remained stable at 63.4 bcm. Asia Pacific production reached 293.7 bcm, with China accounting for over 37% of the region’s total. China’s output rose to 109.6 bcm, supported by the expansion of the Shenhai Yihao offshore gas field.

In the Middle East, which contributes 18% of global gas production and 25% of LNG supply, output is expected to reach 755 bcm in 2025, up from 736 bcm in 2024. Qatar and the UAE are expected to lead this growth. The UAE recently signed a USD 400 million LNG supply deal with Germany’s SEFE and awarded USD 5 billion in contracts for Phase I of its Rich Gas Development Project, aiming to boost production capacity and LNG export volumes.

The outlook for global gas markets in the second half of 2025 remains shaped by storage targets in Europe, geopolitical uncertainty, and varying regional weather conditions. While demand growth is moderating compared to 2024, structural shifts in energy sourcing and infrastructure investment continue to influence market dynamics.

NWD Private Equity I fund reports 36% growth in 2024

The NWD Private Equity I investment fund recorded a 36% increase in value for 2024, according to its recently completed audit. The fund focuses on private equity buyouts, with a portfolio concentrated primarily in the United States and complemented by investments in Europe. Its holdings currently span nine companies, with plans to nearly double this number in the near future.

Key companies in the fund’s portfolio include Exclusive Networks, a global cybersecurity distributor operating in 170 countries; Focus Financial Partners, which manages over USD 400 billion in client assets; MFG, the UK’s largest petrol station network; Resideo, a smart home solutions provider with products in 150 million households; and Truist Insurance, the fifth-largest insurance broker in the United States.

Štěpán Tvrdý, director of NWD investiční společnost, noted that private equity has been a core area of expertise for the company over the past decade. In addition to the NWD Private Equity I fund, the firm also manages the NWD Private Equity II fund, which was launched a year and a half ago and recently closed to new investors after reaching its target allocation.

NWD currently manages 20 funds and sub-funds covering a range of strategies, including real estate, equities, private equity, supply chain finance, physical gold, and multi-asset portfolios. The majority of the firm’s assets—around 92%—are invested outside the Czech Republic, primarily in euro and U.S. dollar-denominated assets, with the option to hedge against Czech koruna risk.

The broader private markets sector experienced a notable increase in activity in 2024. Rising interest rates influenced corporate valuations and contributed to an 18% year-on-year increase in total deal value, making 2024 the second strongest year on record. Private equity buyout transactions rose to 4,828 in the first quarter of 2025, compared to 4,462 in the same period of 2024, with total transaction value increasing from USD 354 billion to USD 495 billion.

Recent data from consulting firm McKinsey shows sustained institutional interest in private markets, with 30% of institutional investors planning to increase their allocations to this asset class over the next year.

Obermeyer Helika appoints Ing. Pavel Subally as new TECH & BIM Manager

Obermeyer Helika has announced the appointment of Ing. Pavel Subally as its new TECH & BIM Manager. The move is part of the company’s ongoing focus on strengthening its capabilities in Building Information Modeling (BIM) and integrating modern technologies into project delivery.

Subally joins Obermeyer Helika with several years of practical experience, most recently from YIT Slovakia, where he worked extensively with the Dalux Common Data Environment (CDE) platform to support digitalisation efforts in construction processes. He began his professional career as a Revit modeler at Compass studio in Bratislava and progressed to roles in construction engineering and BIM project management.

A graduate of the Brno University of Technology in civil engineering, Subally has also gained international experience through an internship at TCA Architects in California and a study program at the Technical University of Riga.

At Obermeyer Helika, Subally will be responsible for advancing BIM implementation, improving project documentation workflows, and supporting internal process development. He noted that the role represents a significant step in his career and emphasized the company’s long-standing presence in the market. His focus will include not only project execution but also exploring how emerging trends and methodologies can be meaningfully integrated into the company’s operations.

Obermeyer Helika has been active in the architecture, engineering, and consulting sectors for over 35 years and continues to adapt its practices in line with technological developments in the construction industry.

Student housing in Prague reaches full capacity ahead of fall semester

Zeitraum Student Housing has reported full occupancy across all four of its student accommodation campuses in Prague for the upcoming fall semester. With a total of 450 beds now booked, the high demand reflects both a growing student population and evolving expectations for student housing in the city.

Applications for accommodation began increasing in late February and early March, quickly filling all available spaces. According to Zeitraum’s director, Zdena Noack, students are increasingly seeking housing options that go beyond basic furnishings, with many now prioritising modern design, comfort, and access to services such as round-the-clock reception, maintenance, and communal areas for both study and social activities.

Zeitraum operates student residences in Karlín, Holešovice, and Žižkov, offering a mix of private and shared rooms. Each location is connected to public transport and provides amenities including study areas, communal kitchens, high-speed internet, laundry facilities, and welcome starter packs. These facilities are designed to meet the expectations of today’s student demographic, which values functionality alongside quality of life.

Despite the strong demand, Prague continues to face a broader shortage of student accommodation. The gap between supply and demand affects both public and private housing providers. The issue is particularly acute for students seeking modern facilities that meet current lifestyle and academic needs.

Zeitraum has plans to expand its network in Prague and other cities, but acknowledges that individual providers cannot resolve the overall shortfall alone. Noack emphasized the need for coordinated investment at the national level to increase capacity and raise the standard of student housing across the country.

For students looking to secure accommodation, early planning remains essential. Zeitraum recommends arranging housing for the fall semester no later than March, and for the spring semester by October. Delayed booking often results in limited availability and less desirable options. Early preparation is increasingly becoming a critical part of the student admission process.

Wilo joins APES as supplier of energy-efficient technologies inCzechia

WILO CS, s.r.o., the Czech branch of global pump manufacturer Wilo SE, has joined the Association of Energy Service Providers (APES). The company becomes the 35th member of the association and joins the group of technology partners contributing to energy performance contracting (EPC) in the Czech Republic.

Operating in the Czech market since 1994, Wilo CS is part of the German family-owned Wilo SE, a company with over 150 years of experience in pump technology. One of its founders is credited with inventing the circulation pump. The company has a long-standing presence in the Czech Republic and is known for its technical solutions aimed at improving energy efficiency.

Wilo CS has been active in EPC projects for several years. Its pump systems have been used in various public buildings and institutions, including the Municipal House, the Rudolfinum, Bohnice Psychiatric Hospital, and the Valdice and Pankrác prisons, helping to improve energy performance and reduce operating costs.

According to Jan Cidlinský, director of Wilo CS, the company’s contribution extends beyond technology supply to include energy efficiency consulting. He noted that understanding client needs is essential for delivering effective solutions.

The company’s membership also brings added value to APES in terms of sustainability expertise. Wilo’s main production facility in Dortmund is carbon-neutral, and the Czech branch is working toward similar environmental goals. APES chairman Miroslav Marada noted that Wilo’s practical experience with pumps in EPC projects will be a useful asset to the association.

Wilo joins other APES technology partners such as Colmark, Hoval, Lamberga, and Systherm, contributing to the association’s efforts in promoting energy-efficient technologies and sustainable building solutions.

New mural at Norblin Factory pays tribute to Wola’s industrial past

A mural titled “Wola Fabr.” has been unveiled on the eastern wall of a historic building at the Norblin Factory in Warsaw’s Wola district. Created by graphic designer and local historian Jarosław Zuzga, the artwork highlights the district’s industrial history through a visual composition of historical logos and trademarks from former factories and workshops that once operated in the area.

Covering 33.5 square metres, the mural is installed on a structure dating back to the 1920s–1930s, which previously served as a measurement and laboratory facility until the Norblin Factory ceased operations in 1981. The graphic elements are arranged within an outline of the modern Wola district, forming a visual map that connects past industrial activity with present-day urban development.

Zuzga, who has documented the district’s history through his blog Okno na Warszawę and his book “Wola. People and Stories,” describes the work as more than a visual homage. He sees it as a narrative about the workers and industries that shaped Wola and a reflection on the evolution of a district still undergoing transformation.

The mural was commissioned as part of the Norblin Factory Museum’s cultural programme and produced by the Warsaw-based studio IDEAMO, known for public art and cultural installations. It is the fourth large-format mural on the premises. Previous works include:
• A mural inspired by Edward Dwurnik’s “Norblin Works” painting, created on the southern wall of the former metallurgical laboratory, in collaboration with the Edward Dwurnik Foundation.
• A piece by Pola Dwurnik on level -1 of the Plater building, referencing historical factory products.
• A mural based on a painting by Tytus Brzozowski, located on level -2, depicting the Norblin Factory and the city in a stylized, architectural form.

The unveiling of “Wola Fabr.” took place under the honorary patronage of Krzysztof Strzałkowski, Mayor of Wola District, who welcomed the initiative as a meaningful contribution to preserving the area’s heritage.

The project aligns with the Norblin Factory Museum’s broader goal of presenting Warsaw’s industrial legacy through preserved machinery, archival materials, and architectural restoration.

Globalworth Poland introduces WasteTracker system across 11 office buildings

Globalworth Poland has implemented the WasteTracker system in 11 of its office properties as part of its efforts to improve waste management and align with circular economy principles. The initiative is aimed at enhancing data accuracy, operational efficiency, and sustainability performance across its portfolio.

Developed by a technology start-up, WasteTracker is an intelligent system that monitors and documents waste streams by weight. It combines a weighing terminal, employee access cards, and an analytical platform, enabling detailed tracking of waste generation and sorting. The tool is intended to support tenants in managing their waste output more effectively and in setting measurable sustainability goals.

In the first quarter of 2025, 2,188 waste registrations were recorded across the 11 properties—an average of 24 entries per day. The system currently supports 215 registered tenants and allows access for 377 companies, indicating a relatively high level of engagement with the tool.

According to Globalworth Poland, the adoption of WasteTracker supports the company’s compliance with new regulatory frameworks, including the Corporate Sustainability Reporting Directive (CSRD). The system provides detailed metrics on waste composition and volume, which can be used by tenants for environmental, social, and governance (ESG) reporting and internal sustainability planning.

From an operational perspective, the system allows for the analysis of waste streams by type, helping companies to adjust their practices and set targets aligned with waste reduction and recycling strategies. Globalworth has also engaged in educational efforts with tenants and managers to raise awareness about sustainable waste practices.

The project reflects the company’s broader approach to sustainable property management. According to Globalworth representatives, there are plans to extend the WasteTracker system to additional buildings within its portfolio.

The initiative has been acknowledged by sector professionals as a step toward standardising responsible waste management in office buildings. Regular monitoring of waste not only supports environmental goals but also contributes to reducing landfill use, operational costs, and carbon emissions, while encouraging greater tenant participation in sustainable practices.

German hotel property market shows signs of recovery, values surpass pre-pandemic levels

The German hotel investment market showed a notable recovery in the first half of 2025, with transaction volumes exceeding those of the previous four years. Investor activity increased among both domestic and international players, supported by improving hotel performance indicators and steady growth in overnight stays. Despite ongoing global economic and political uncertainties, the sector’s fundamentals contributed to renewed confidence.

In 2024, Germany recorded 496 million overnight stays, marking the fourth consecutive year of growth. Rising occupancy rates across the country’s hotel sector were driven by a combination of domestic tourism, major events, trade fairs, and the European Football Championship. However, many hotel operators continued to face financial pressure due to elevated operating costs.

Hotel revenue performance improved considerably in 2024, approaching pre-pandemic levels. This recovery was reflected in the overall value of hotel assets. According to an assessment by Union Investment and bulwiengesa, the value of the investment-relevant hotel portfolio (excluding new developments) rose by 1.5 percent. The average value per hotel room increased to €152,000—surpassing the 2019 pre-pandemic figure of €150,800—for the first time.

The total market value of hotel properties, including both existing stock and completed developments, reached €64.3 billion at the end of 2024. This represents a 3.7 percent increase from the previous year’s estimate of €62.0 billion. Around 450,000 square metres of new hotel space were delivered in 2024, despite a continued decline in construction activity linked to prior delays in project development due to financing and cost concerns.

Much of the new development in 2024 met institutional investment criteria. Approximately 80 percent of newly completed rooms aligned with investor requirements, supported by demand for quality operators and adaptable asset concepts. The 4-star segment, excluding luxury properties, accounted for around 60 percent of completions, partly due to the inclusion of serviced apartments within this category.

Room values varied significantly by segment. The average ranged from €136,500 in the budget/economy sector to €284,000 in the upper-upscale and luxury segments. Properties in the upper-upscale category reported particularly strong gains, underpinned by higher occupancy and increased room revenues.

Serviced apartments emerged as a significant growth area, accounting for roughly 29 percent of all new room completions. These units, which focus on extended stays and digitalised operations, have demonstrated resilience and consistent occupancy. According to Apartmentservice, the average occupancy for serviced apartments reached 81 percent in 2024, with an average daily rate of €91. Operator groups such as Numa, Stayery, Bob W., and Limehome continued their expansion, emphasising automation and operational flexibility.

Conversions played an increasing role in hotel supply in 2024. Around 10 percent of all completed rooms came from change-of-use projects, particularly in urban office-dominated areas. The integration of hotels and serviced apartments into mixed-use developments is being explored as a way to promote neighbourhood diversity. However, the viability of such conversions continues to depend on structural suitability, local demand, and operator interest.

Overall, while challenges persist in terms of costs and construction pipeline, the German hotel property market has regained momentum, with growing investor interest and asset values once again exceeding pre-pandemic benchmarks.

CTP secures €500 million sustainability-linked loan to refinance existing debt

CTP N.V. has signed a five-year €500 million unsecured syndicated sustainability-linked loan facility with a fixed all-in cost of 3.7%. The new facility replaces a previous syndicated loan arranged in 2023 and is expected to deliver meaningful interest savings and reduce the company’s overall cost of debt.

The facility attracted strong interest from the lending market and was oversubscribed by more than two times. A total of 13 banks from Europe and Asia participated in the syndicate, with SMBC and ING acting as Global Coordinators and Sustainability Coordinators.

CTP stated that the financing aligns with its long-term capital structure strategy and supports the company’s sustainability objectives. The terms of the loan include sustainability-linked metrics, reflecting the company’s commitment to improving environmental performance across its portfolio.

Proceeds from the facility will be used to refinance the existing 2023 syndicated loan, enabling the company to optimise its debt profile amid evolving market conditions. The transaction is also expected to enhance liquidity and provide CTP with greater flexibility in managing future investments and operational needs.

As one of the largest logistics and industrial park developers and operators in Europe, CTP continues to focus on maintaining an investment-grade credit profile while integrating environmental, social, and governance (ESG) considerations into its financing strategy.

Fortim Trusted Advisors drives innovation in Property Management in Bucharest

Over the past five years, property management in Bucharest has undergone a profound transformation, shaped by green building standards, technological innovation, and shifting tenant demands. In a Q&A with CIJ EUROPE, Costin Nistor, Managing Director at Fortim Trusted Advisors, outlines how these changes are redefining the role of property managers and how Fortim is positioning itself as a leader in the evolving real estate landscape.

According to Nistor, all new office buildings delivered in Bucharest over the past five years—totaling over 675,000 sqm—have secured green certifications such as BREEAM or LEED, a clear indication of the city’s growing emphasis on quality and sustainability. Rising energy costs and a heightened demand for healthy workspaces, particularly in the aftermath of the pandemic, have compelled owners of older buildings to modernize and align with current expectations.

“The buildings are becoming greener and smarter,” says Nistor. “They are now equipped with advanced tools that not only monitor safety and budgets but also track real-time performance.” This shift has also redefined what clients expect from their property managers—no longer limited to administrative functions, they now seek strategic support to enhance asset value, implement ESG measures, and harness digital solutions for more responsive management.

One of the biggest challenges property managers face today, especially with high-density and mixed-use assets, lies in optimizing data and technology. “What cannot be measured cannot be managed,” Nistor emphasizes. “We need clear strategies and access to accurate data to fully understand and improve building performance.” At the same time, there is increasing pressure to deliver social value by creating healthier, safer, and more resilient tenant communities.

Sustainability is central to Fortim’s approach. The company assists clients in planning their ESG strategies, overseeing modernization projects, and achieving green certifications. Nistor points to successful implementations at America House and Maestro Business Center as examples of how Fortim integrates sustainability into its daily property management operations. These efforts are supported by digitalization tools that streamline operations and improve energy efficiency.

Remote and hybrid work models have further reshaped expectations around office buildings. Nistor notes that employers now seek locations that go beyond functionality to offer lifestyle benefits. “Modern tenants are drawn to buildings that provide dining options, fitness facilities, and cultural programs—places that help employees feel more engaged and motivated to return to the office.”

To support this trend, Fortim has developed a custom mobile app for premium building under its management. These apps allow tenants to manage visitors, access building services, and take advantage of exclusive offers from local businesses. They also serve as a platform for community engagement through charity drives and social events.

Looking ahead, Fortim’s strategy involves expanding its portfolio and strengthening its role as a full-service partner. “Our focus is not only on asset and property management but on being a one-stop shop,” Nistor explains. “We offer everything from leasing and regulatory support to green certifications and marketing. This integrated approach helps boost the market value of our clients’ properties and ensures long-term success.”
As competition intensifies in Bucharest’s commercial real estate market, Fortim Trusted Advisors is embracing innovation and sustainability as cornerstones of its growth strategy. Through a combination of expert management, community engagement, and forward-thinking solutions, the company aims to set a new standard in property management across Romania.

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