Panattoni expands Czech industrial land portfolio to 1.5M sqm in 36 months

Panattoni has significantly expanded its presence in the Czech industrial real estate market, reaching 1.5 million square meters of development land acquired in just 36 months. The latest milestone was achieved with the acquisition of 38 hectares near Leoš Janáček Airport in Mošnov, allowing the company to develop nearly 600,000 square meters of modern industrial space. This expansion is expected to generate over 8,000 new jobs, further strengthening the Czech Republic’s position as an attractive destination for industrial investment.

As Germany faces economic stagnation, rising energy costs, and increasing labor expenses, Czech industry is positioning itself as an alternative destination for companies looking to relocate production. The country’s skilled workforce, lower operational costs, and strategic location make it an attractive option for industrial firms seeking to maintain proximity to Western European markets while reducing expenses.

“The challenging situation for many German companies presents a growth opportunity for the Czech economy,” said Pavel Sovička, Managing Director of Panattoni for the Czech Republic and Slovakia. “With a sufficient supply of prepared industrial zones, the Czech Republic can gain a competitive advantage over neighboring countries in attracting new investments.”

Panattoni has been actively acquiring land nationwide, with major projects including:
• Panattoni Park Ostrava Airport – Developed in cooperation with the City of Ostrava, this industrial park will accommodate manufacturing and logistics companies with international reach, supporting the economic transformation of the Moravian-Silesian Region. The project is expected to create over 2,000 jobs and strengthen the region’s industrial competitiveness.
• Panattoni Park Pilsen West III – Located in Úherce, near the German border, this site offers exceptional transport accessibility, including direct access to the D5 motorway, making it a prime location for high-end manufacturing and logistics companies.
• Kladno-South Industrial Zone – Utilizing Panattoni’s Blue Solutions for a Green Future approach, this project enabled Hanon Systems to reduce its carbon footprint, meet EU taxonomy requirements, and upgrade facilities through a leaseback model.

“The acquisition of Panattoni Park Ostrava Airport was not just another major step in regional development but also a milestone that pushed us past the 1.5 million m² mark in just three years,” said Vladimír Kosek, Panattoni’s Acquisitions Director for the Czech Republic and Slovakia. “We plan to acquire another 500,000 m² for development in 2025, further strengthening our position in the market.”

Panattoni’s rapid expansion has been supported by major capital partners, including Accolade, AEW, RSJ, and Wood & Co. Their investments have facilitated land acquisitions, accelerated project implementation, and created a foundation for long-term economic benefits. The strategic collaboration between Panattoni and its financial backers is playing a key role in integrating the Czech Republic more deeply into European production and logistics networks.

The newly acquired industrial sites are expected to generate thousands of jobs, ranging from technical and manufacturing roles to administrative and management positions. These projects will also stimulate local economies by boosting wages, tax revenues, and municipal growth. Property tax revenues, in particular, will directly benefit local communities, providing financial resources for further infrastructure improvements.

With its aggressive expansion strategy, Panattoni is positioning the Czech Republic as a major hub for industrial development, ready to welcome companies relocating from Western Europe while fostering regional economic growth.

HSF System Group building OC Klokan shopping centre in Žilina

A new modern and environmentally friendly shopping centre, OC Klokan, is under construction in Žilina, bringing an enhanced retail experience to the city. The project, located in a prime area next to the football stadium and near the railway station, is being developed by KLM Real Estate a.s. with HSF System SK, part of the PURPOSIA Group, serving as the general contractor. The shopping centre is set to be completed by autumn 2025.

HSF System Group has extensive experience in retail construction, having successfully delivered four Klokan shopping centres across the Czech Republic and Slovakia. “Klokan shopping centres focus on accessibility, functionality, and sustainability. In Žilina, we will apply our expertise to ensure the project meets the latest trends in retail development,” said Tomáš Kosa, Director of HSF System Group.

The OC Klokan project will feature two main buildings with retail spaces, technical facilities, and supply areas, alongside four additional standalone structures for fast food outlets, a flower kiosk, and a self-service car wash. The centre is designed to offer a wide variety of shops and services to cater to local residents and visitors.

Convenient surface parking will be integrated into the development, ensuring easy customer access from two main entry points. The project will seamlessly connect to existing and newly built transport infrastructure, enhancing accessibility.

OC Klokan aligns with the broader vision of Kangaroo Shopping Centres, which aim to create accessible, practical, and sustainable retail parks. These centres prioritize easy access to retail units, ample adjacent parking, and a diverse tenant mix.

“We want Kangaroo Shopping Centres to not only provide a modern and convenient shopping experience but also contribute to the local community by creating new job opportunities and improving transport access,” said Michal Kozáček, Board Member of KLM Real Estate a.s. “In Žilina, we aim to demonstrate once again that retail parks can be both effective and sustainable elements of urban development.”

With its strategic location, modern infrastructure, and focus on sustainability, OC Klokan Žilina is poised to become a key retail destination in the region upon its completion in 2025.

Warsaw Office Market in 2024: Stable demand, limited new supply, and growing ESG focus

The Warsaw office market remained stable in 2024, with continued high demand for centrally located office space and a significant slowdown in new supply. According to the latest report “At a Glance: Office Market in Warsaw – Q4 2024”, published by BNP Paribas Real Estate Poland, tenants are increasingly prioritizing sustainability and flexible workspaces as part of their leasing decisions.

Lowest New Supply in Years

In Q4 2024, Warsaw saw the delivery of just 11,000 square meters of new office space, all within a single development—The Form, located in the Centrum Zachód zone. For the entire year, 104,000 square meters of new space were added to the market, marking the second-lowest annual supply level in history.

“Between January and December 2024, over 86,000 square meters of new space was delivered in central locations, accounting for 83% of the total new supply. This trend is set to continue, as around 90% of office space under construction with completion expected by the end of 2025 is being built in the city centre,” said Małgorzata Fibakiewicz, Senior Director of the Office Space Leasing Department at BNP Paribas Real Estate Poland.

Developers face challenges in expanding outside the central business district, as projects in these areas typically require pre-lease agreements before construction can begin. Additionally, the limited availability of attractive land in central Warsaw could further restrict development activity.

Demand Outpacing Supply

Despite the low new supply, total gross demand for office space in Q4 2024 reached 244,000 square meters, a 35% increase compared to Q3, though 4% lower year-on-year. The city centre remains the most sought-after location, with 54% of all leases signed in this area.

The imbalance between strong demand and limited supply contributed to a slight decline in the vacancy rate, which stood at 10.6% at the end of 2024. Vacancy was lower in the city centre (8.8%) but higher outside the centre (12%).

Although Warsaw had 664,000 square meters of available office space at the end of the year, much of it consisted of smaller, scattered modules, making it challenging for tenants looking for large, open-plan office spaces. By the end of Q4 2024, only five office buildings in Warsaw had over 10,000 square meters of available space.

Sustainability and ESG Compliance Shape Market Trends

ESG (Environmental, Social, and Governance) standards are playing an increasingly significant role in tenant decision-making, prompting developers to prioritize sustainable office buildings.

“The real estate sector accounts for up to 40% of global energy consumption and 30% of greenhouse gas emissions. As a result, sustainable development has become a key priority for developers, investors, and tenants alike,” said Dorota Mielke, Deputy Director of the Office Space Rental Department at BNP Paribas Real Estate Poland.

Demand for energy-efficient buildings with ecological certifications, such as BREEAM and LEED, is rising. The adoption of energy-saving technologies and green building initiatives is expected to be a major factor shaping the future of Warsaw’s office market.

Changing Work Environments Drive Office Design Trends

As companies rethink how they use office space, there is increasing emphasis on flexibility, revitalization, and long-term planning.

“Clients are closely evaluating the relationship between office design and budget, seeking comprehensive solutions that incorporate trends like space optimization and functionality,” said Jan Pawlik, Workplace Management Director at ISS. “Office planning is becoming more complex, requiring strategic foresight to minimize long-term risks, particularly in the face of market volatility and shifting workplace trends.”

Outlook for 2025

With new supply expected to remain low and demand for prime office space continuing, competition for modern, centrally located offices will likely intensify. ESG compliance, sustainability, and flexibility will remain key considerations for both tenants and developers, shaping investment decisions and office market dynamics in the coming year.

LIP Invest announces leadership transition as founder prepares to step down

fletcher@cijeurope.com
20 February 2025
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LIP Invest, one of Germany’s leading logistics investors, has announced a leadership transition as its Founder and Managing Director, Bodo Hollung, prepares to step down after eight years of guiding the company’s growth.

Since its founding in 2017, LIP has grown from a two-person startup into a market leader in logistics real estate investment, managing over €1.8 billion in assets across four logistics property funds, with a fifth currently in the placement phase.

After 46 years in banking and real estate, Bodo Hollung has decided that now is the right time to facilitate a generational shift in the company’s leadership. As part of an internal succession plan, he has transferred his LIP shares to long-standing colleague and managing director Sebastian Betz, as well as founding co-partner Bernhard Rückert. Both have been instrumental in LIP’s success since its inception and will continue to lead the company into the future.

To ensure a smooth transition, he will remain managing director until 30 June 2025, after which Betz will continue to oversee LIP Invest as managing partner, supported by a highly experienced team of 20 employees.

The transition ensures that LIP Invest retains its strategic direction and core values, operating with the same passion for logistics real estate that has defined the firm since its founding. Under Betz’s leadership, LIP is well-positioned to continue its strong market presence and expansion.

“I am very pleased that LIP’s strategic continuity is secured with Bernhard Rückert increasing his stake, allowing the company to stay true to its philosophy,” Hollung said. “This gives me the peace of mind to enjoy my well-earned retirement, knowing the company is in capable hands.”

He also extended his heartfelt gratitude to partners, investors, and business associates for their support and trust throughout his tenure, urging them to continue to support the LIP team under Sebastian’s leadership in the years ahead.

With a strong leadership team, a clear vision, and a well-established market position, LIP Invest is set to maintain its trajectory as a powerhouse in the logistics real estate sector.

Photo: Sebastian Betz and Bodo Hollung, LIP Invest

Pegasystems extends lease at Bonarka for business in Kraków

Revetas Capital has secured a lease extension with Pegasystems, an international software development company, at the Bonarka for Business (B4B) office complex in Kraków. Pegasystems, which has been a tenant at B4B since 2011, will continue occupying 3,980 sqm of office space in Building C.

According to Jarosław Maślanka, Senior Manager, Facilities EMEA at Pegasystems, the decision to renew the lease reflects the strategic location, modern infrastructure, and strong property management of the B4B complex. He emphasized that the owner’s flexible approach and the professional management team have ensured a comfortable and secure workplace for employees, enabling efficient operations.

Antonio Pomes, Director – Country Head of Portfolio Management at Revetas, highlighted that Pegasystems’ long-standing presence at B4B—now extending beyond 14 years—demonstrates the quality and attractiveness of the office park for the IT sector. He credited the investment management services of Revetas Capital, along with CERES’ top-tier property management, for maintaining high tenant satisfaction and long-term lease security, ultimately delivering lasting value to investors.

Anna Krztoń, Leasing Director at TriGranit, who facilitated the transaction, noted that Pegasystems’ lease renewal underscores the appeal of B4B’s vibrant business community. She emphasized that the complex’s location, diverse amenities, and collaborative environment continue to foster growth and innovation for tenants.

The lease renewal was brokered with the representation of JLL, further strengthening B4B’s position as a key hub for the IT industry in Kraków.

Poland’s regional office market sees supply slowdown as developers exercise caution

Poland’s regional office market is undergoing a period of adjustment as high vacancy rates and shifting tenant demands shape investment decisions. According to AXI IMMO’s latest report, covering Kraków, Wrocław, Tricity, Katowice, Łódź, Poznań, Szczecin, and Lublin, developers have significantly reduced activity, with only 120,000 sqm of new office space delivered in 2024—a 56% decline from the previous year. Despite a 5% year-on-year drop in total lease transactions, the market is showing signs of stabilisation, as landlords focus on modernising buildings and introducing flexible leasing models.

The total modern office space in regional cities has reached 6.78 million sqm, reflecting a 2% annual increase. However, the slowdown in new projects is evident, as developers remain cautious due to the high vacancy rate of 17.8%. Katowice has the highest vacancy rate at 23.2%, while Szczecin reports the lowest at 7.7%. Among the largest office completions in 2024 were Grundmana Office Park A in Katowice (20,700 sqm) and Quorum Office Park A in Wrocław (18,200 sqm) by Cavatina, as well as Vastint’s B10 office building in Wrocław (14,100 sqm). Currently, 230,000 sqm of office space is under construction, with Kraków and Poznań leading activity.

According to Emilia Trofimiuk, Research Manager at AXI IMMO, developers are carefully assessing pre-leases before launching new projects, aiming to secure occupancy before breaking ground. Meanwhile, tenants benefit from increased negotiating power, as landlords offer more competitive lease terms and modern amenities to attract occupiers.

Tenant activity in 2024 totaled 710,000 sqm, with a notable shift towards lease renewals and renegotiations, which accounted for 51% of all transactions, while new leases comprised 41%. Kraków, Wrocław, and Tricity remained the most active leasing markets, driven largely by demand from the IT and business services sectors. Volvo Tech Hub signed the largest new lease of 2024, securing 10,100 sqm at Brain Park C in Kraków.

Rental rates have remained stable, ranging from EUR 9.00 to EUR 17.80 per sqm per month, with the highest rates in Kraków and Poznań. However, service charges have increased, now ranging from PLN 9.00 to PLN 36.80 per sqm per month, driven by higher building maintenance and energy costs.

Looking ahead, Monika Rykowska, Head of Research at AXI IMMO, forecasts moderate developer activity in 2025, with an estimated 160,000 sqm of new office space expected to be delivered. Future investments will depend on pre-lease commitments and market demand, while companies continue to optimize office space and prioritize flexible leasing solutions. The growing demand for co-working and serviced office formats is also expected to shape the market, as both building owners and external operators expand their offerings.

Real Management completes third warehouse at Good Point V, expanding logistics hub near Warsaw

Real Management S.A. has completed the third warehouse at its Good Point V logistics and industrial park in Łubna, near Warsaw, marking another milestone in the development of the fully leased complex. The newly completed Hall 2 has received its occupancy permit, with over 14,550 m² of warehouse and office space handed over to Fulfilio Sp. z o.o., a specialist in e-commerce logistics and Point-of-Sale (POS) material management.

Good Point V, a project by Real Management Group, consists of three buildings totaling 30,000 m². The first two halls (Hall 1 and Hall 4), completed in July 2024, are already occupied by tenants including Dr Irena Eris S.A., a leading Polish cosmetics manufacturer, and Sales Service Sp. z o.o., a company providing branding and visibility solutions for the beauty and pharmaceutical industries.

With the completion of Hall 2, Fulfilio has taken over 13,250 m² of warehouse space and 1,300 m² of office space under a long-term lease agreement. The company will convert the warehouse into a logistics hub for storage, packaging, and B2B and B2C shipping, while the office space will serve as its headquarters. The fit-out phase of the office was completed to high standards, ensuring a modern and representative workspace for the company.

Arkadiusz Płociński, Vice President of Real Management S.A., expressed satisfaction with the project’s progress, emphasizing that the timely completion of Hall 2 was made possible through strong collaboration with Bremer Sp. z o.o., the general contractor. He noted that the handover was completed ahead of schedule, reinforcing the company’s commitment to quality and efficiency. Płociński also hinted at future expansion plans, stating that Real Management S.A. intends to launch a new Good Point project in Karczew while continuing to develop the Łubna industrial and logistics hub.

Good Point V has been designed in line with ESG principles, ensuring high-quality and safety standards. Two buildings from the first phase have already been awarded the BREEAM International New Construction V6 Excellent certification, and the certification process for Hall 2 is now underway.

Located in Łubna, the Good Point V park benefits from excellent transport connectivity, with direct access to State Road 79 and the Góra Kalwaria interchange, ensuring seamless links to Warsaw and the surrounding regions.

ATAL introduces incentives to ease apartment purchases amid high interest rates

Nationwide developer ATAL has launched a series of promotions to support homebuyers facing high mortgage interest rates, offering 50% discounts on finishing services and a 10/90 payment plan. The initiative, available in over 30 developments, aims to ease financial burdens and encourage property purchases before the end of March.

The finishing discount applies to three ATAL Design packages—Basic, Optimum, and Premium—allowing buyers to customize their apartments at half the usual price. According to Agnieszka Majkusiak, Sales Director at ATAL, the turnkey finishing option not only saves buyers money but also speeds up the move-in process, as work is completed during construction. Customers who opt for this service can also apply for a single mortgage covering both the apartment and finishing costs, streamlining the financing process.

In addition to the finishing discount, ATAL has introduced the “Good Start with ATAL” program, offering a 10/90 payment plan for most of its projects. Under this scheme, buyers pay only 10% upfront, with the remaining 90% due upon project completion. For developments in earlier construction stages, an intermediate 40% installment is required, with the campaign running until the end of June 2025.

Majkusiak highlighted that the flexible payment plan is an alternative to the traditional model, where payments are tied to construction progress. This approach delays the financial commitment for buyers, allowing them to avoid paying interest too early and potentially benefit from lower mortgage rates in the future. ATAL’s advisors are also available to help customers find the best financing options.

Photo: Hipoteczna Park, Łodzi – ATAL

VGP secures C.S.CARGO as new tenant at VGP Park Liberec

VGP has welcomed C.S.CARGO as its newest tenant at VGP Park Liberec. The Czech logistics company, which operates across Central Europe, has leased a 12,060 m² facility, including 8,223 m² of warehouse space, 893 m² of office space, and 2,944 m² of outdoor shelter. The company officially moved into the premises in January 2025, with the building undergoing BREEAM In-Use recertification at the Very Good level.

With over 30 years of experience, C.S.CARGO is a key player in the logistics and transport sector across the Czech Republic, Slovakia, and Poland, serving industrial, commercial, and manufacturing clients. Employing more than 1,700 people, the company focuses on quality, flexibility, and sustainability.

According to Petr Volák, CEO of C.S.CARGO, the strategic location of VGP Park Liberec will enhance the company’s regional presence and logistics network. The modern facilities and excellent transport links will improve service flexibility and help streamline operations, further strengthening C.S.CARGO’s market position.

Situated in Liberec Sever, an industrial zone near the E442 highway, VGP Park Liberec offers exceptional transport accessibility. The site is well-connected by public transportation, with bus stops providing direct access to the area. Additionally, Liberec’s Technical University and vocational schools contribute to a strong skilled workforce, making the zone attractive for logistics, industrial, and commercial enterprises.

With this new lease agreement, VGP Park Liberec continues to solidify its role as a prime logistics hub in North Bohemia, attracting prestigious companies seeking modern, well-located industrial spaces.

Survey: Only 1 in 10 Romanians Feel Financially Secure Amid Rising Expenses

The financial challenges of 2024, coupled with an uncertain economic outlook for 2025, continue to put pressure on Romanians’ purchasing power and savings ability. With rising expenses exceeding household budgets, an increasing number of people are turning to loans to cover financial gaps, according to a national survey conducted by tbi bank among over 1,000 respondents.

The survey reveals that only 11.4% of respondents felt they had saved enough in 2024 to meet their financial needs. Meanwhile, 43% managed to save only small amounts, 32% did not save at all, and 14% had to dip into their existing savings, reducing funds available for emergencies. As a result, nearly 28% of Romanians took out a loan in 2024 or plan to do so soon, while 24% already have ongoing loans.

According to Gergana Staykova, Market Lead at tbi bank, the increasing need for credit is driven by inflation and financial strain on households, making it harder for people to save as much as they would like. She emphasized the importance of assessing income, expenses, and debt levels before taking out a loan, encouraging consumers to explore cost-effective financing solutions like Buy Now, Pay Later (BNPL) options, which allow for interest-free installment payments.

When asked about their reasons for seeking financing, 28% of respondents cited a lack of savings, while 20% said their expenses exceeded their available budget. Among those considering a loan, nearly one-third plan to finance a major purchase, such as a car, while 27% need funds for unexpected expenses, 22% for healthcare costs, and 20.7% for everyday expenses.

The survey also highlights the preferred loan amounts and repayment capacities of Romanian borrowers. About a quarter of respondents would consider loans exceeding 80,000 lei, while 41% would take out loans under 10,000 lei. More than 60% prefer personal loans, while just 14% would opt for a mortgage. Regarding repayment capabilities, 24.3% could afford monthly installments above 1,000 lei, while 22.3% could only manage payments up to 300 lei. In terms of repayment periods, 28% expect to repay their loans within 3-5 years, while 25.6% estimate they would need more than five years.

The tbi bank survey, conducted via the iVox platform, analyzed how Romanians perceive the state of the economy and their financial habits. The sample of 1,003 respondents included 47% female participants, with over 50% reporting a net income above 4,000 lei. The findings underscore the growing financial strain on households and the increasing reliance on credit as a financial safety net heading into 2025.

Source: tbi bank

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