Trnava Rises as Slovakia’s Next Urban Growth Hub

Trnava, once a quiet regional centre best known for its baroque churches and university, is fast emerging as one of Slovakia’s most dynamic cities. With its strong local economy, active urban policy, and close proximity to Bratislava—just under 30 minutes by train—the city is now attracting families, investors, and developers seeking both quality of life and opportunity.

According to Karol Šebo, CEO of UNITED Real Estate, Trnava’s transformation reflects a wider shift in Slovakia’s urban landscape. “Trnava’s closeness to Bratislava is everything,” he said in an interview with CIJ.World. “When housing prices in the capital rise, people naturally look here. You can reach Bratislava faster from Trnava by train than from some of its own suburbs. The city offers strong infrastructure, jobs, and good services, but it’s still more affordable.”

Šebo noted that the connection between the two cities has reshaped local housing demand. “The situation in Bratislava directly affects us,” he said. “When there’s a shortage of apartments in the capital, Trnava’s prices go up because demand spills over. Approvals here are a bit faster, but the affordability gap is closing. Trnava is becoming Bratislava’s suburb, even though it’s a strong, independent city.”

The city’s leadership, under Mayor Peter Bročka, is responding proactively. In the past decade, Trnava has become a model of modern urban governance—expanding its cycling network, restoring green areas, and involving citizens in participatory budgeting. New development zones are being planned with a long-term goal of increasing the population to around 100,000.

“The mayor has a very clear strategy,” Šebo said. “The city is preparing new zones for residential growth that will go through design competitions before being offered to developers. It’s a smart way to guide expansion while keeping the city livable and affordable.”

Šebo pointed out that population growth is essential for Trnava’s continued success. “For years, people didn’t leave Trnava for jobs—they just moved to nearby villages,” he explained. “They still used the city’s infrastructure but paid taxes elsewhere. The city understands now that residents are its biggest asset. Keeping them within city limits helps sustain schools, public transport, and local services. It’s encouraging to see the population rising again after two decades of stagnation.”

Private developers, Šebo added, have an important role in ensuring this growth remains balanced. UNITED Real Estate’s flagship Cukrovar project—a large-scale redevelopment of a former sugar factory—combines new housing with cultural and office space, while preserving historic industrial buildings.

“Our goal is not just to build apartments,” Šebo said. “We want to create complete neighborhoods where people can live, work, and spend their free time. Cukrovar brings together heritage, modern design, and public space—it’s a project rooted in the city’s past but built for its future.”

Looking ahead, Šebo expects the city’s real estate market to remain strong. “Demand will stay high as long as Bratislava remains limited in new housing,” he said. “Competition among developers will increase, and that’s a good thing—it will push everyone to focus on quality and sustainability. Trnava has every chance to become one of Slovakia’s most desirable cities: urban in spirit, but still accessible and human in scale.”

Trnava’s ongoing transformation is part of a broader trend across Central Europe, where regional cities are absorbing economic and housing demand from national capitals. Over the last ten years, Trnava has led Slovakia in green infrastructure, bicycle mobility, and heritage-based regeneration—an approach that is now being reinforced through coordinated public and private investment.

Photos: Trnava Regional Tourism Board

Romania’s Retail Development Accelerates in 2025 as New Supply Surpasses Previous Year’s Total

The volume of new retail space delivered across Romania in the first nine months of 2025 has already exceeded the total recorded for the entire previous year, according to the Q3 2025 Romania Retail Marketbeat report published by Cushman & Wakefield Echinox.

Between January and September, developers completed 186,000 square metres of new retail space, overtaking the 180,000 square metres delivered during 2024. A further 30,000 square metres is expected to be finalised by year-end, bringing the projected total for 2025 to approximately 217,000 square metres — positioning this year as one of the most active for retail development in the past decade.

Regional Growth and New Projects

Three new schemes were completed in the third quarter, all located in the Transylvania region. The largest, Agora Arad (36,000 sq m), opened after a full redevelopment of the former Galleria Arad centre, now hosting a mix of retailers including Senic, Sinsay, Pepco, CCC, and Happy Cinema. Cushman & Wakefield Echinox advised on the leasing strategy for the project.

Other Q3 completions included Zacaria Retail Park Cisnădie (8,600 sq m) and the third phase of Prima Shops Sibiu (4,500 sq m). These additions highlight continued investor confidence in regional markets beyond Bucharest, driven by expanding purchasing power and steady consumer demand.

Stable Rents and Growing Pipeline

Prime headline rents remained stable during Q3, with flagship high-street units on Calea Victoriei achieving around €70 per square metre per month, while major shopping centres in Bucharest and other large cities command €50–90 per square metre per month for ground-floor units of 100–200 sq m.

The total modern retail stock in Romania now stands at 4.8 million square metres, equating to 252 sq m per 1,000 inhabitants. Meanwhile, projects exceeding 700,000 sq m of gross lettable area (GLA) are in various stages of construction or planning, scheduled for delivery by the end of the decade.

Developer and Consumer Confidence

Despite a challenging macroeconomic backdrop—marked by 8.5% inflation and new fiscal measures to reduce the budget deficit—the report highlights a resilient retail sector supported by consumer demand and active developer pipelines.

“The retail market’s performance throughout 2025 reflects its resilience and the confidence developers and retailers have in Romania,” said Dana Rădoveneanu, Head of Retail Agency at Cushman & Wakefield Echinox. “We are pleased to see major investments in regional cities and an increasingly diverse offer for consumers. Even in a complex economic environment, Romanians continue to seek new shopping and social experiences, and developers are responding with modern, community-oriented projects.”

Outlook

Romania’s retail market remains on an upward trajectory, buoyed by steady household consumption and the ongoing expansion of regional hubs. Cushman & Wakefield Echinox expects the robust pipeline of developments—particularly in secondary cities—to sustain activity levels over the next several years, reinforcing the country’s position as one of the most dynamic retail markets in Central and Eastern Europe.

Source: Cushman & Wakefield Echinox, “Romania Retail Marketbeat Q3 2025”

Sansui Kaihatsu Uses Atlas Copco Compressor for Water Well Drilling in Toyota City

Reliable water access is vital for urban landscapes as well as residential and industrial use. To support irrigation at a local golf course in Toyota City, Sansui Kaihatsu Co., Ltd., a Japanese underground construction company based in Miyoshi City, Hiroshima Prefecture, completed the drilling of a 250-meter water well using an Atlas Copco Y35 portable air compressor.

Sansui Kaihatsu specialises in underground and boring works, including water wells, geothermal systems, and foundation piling. For this project, consistent airflow and pressure were required to maintain drilling speed through varying ground conditions. The company selected the Y35 compressor for its ability to sustain stable performance throughout the drilling process.

“The Atlas Copco Y35 offers strong airflow and pressure, making it suitable for many of our drilling applications. It has performed reliably and improved our project efficiency,” said Kazuyoshi Ikawa, CEO of Sansui Kaihatsu.

Supporting Broader Underground Projects

Beyond this golf course application, Sansui Kaihatsu has used the Y35 compressors on a range of projects including hot spring wells, geothermal installations, seismograph drilling, and temporary piling. The company owns two Y35 units, providing flexibility to adapt to diverse projects across Japan.

According to Jaehoon Ahn, Product Marketing Specialist at Atlas Copco Korea & Japan, the Y35’s pressure and flow range make it well-suited to contractors operating in different ground and environmental conditions. “Its versatility allows users to handle varied underground works efficiently, from water wells to geothermal drilling,” he said.

Consistent Performance and Efficiency

For Sansui Kaihatsu, the Y35 compressors have reduced drilling time and fuel consumption compared with previous equipment. This has improved cost control and reduced downtime on site.

Tatsuo Seko, Sales Engineer at Atlas Copco Japan, noted that reliability and after-sales service are key factors in the company’s relationship with clients. “Our goal is to provide durable machines supported by responsive service, ensuring contractors like Sansui Kaihatsu can maintain productivity over the long term,” he said.

Supporting Water Access and Construction Efficiency

The use of Atlas Copco’s Y35 portable air compressors has strengthened Sansui Kaihatsu’s capacity to deliver dependable water and energy infrastructure projects across Japan. Whether applied in water well drilling, geothermal works, or civil engineering, the equipment provides consistent high-pressure performance to meet the growing demand for efficient, sustainable underground construction.

UK Finalises Law to Regulate ESG Ratings Providers

The UK Government has introduced new legislation to formally regulate ESG (environmental, social, and governance) rating providers, marking a major shift in how sustainability assessments are overseen in financial markets. The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 has now been laid before Parliament, with the Financial Conduct Authority (FCA) expected to consult on detailed rules by the end of the year.

The Order establishes a new regulatory framework for firms producing ESG ratings that influence investment decisions. Under the new law, “providing an ESG rating” will become a regulated activity where a rating or score—based on environmental, social or governance factors—has the potential to guide investment choices. The regulation will apply to firms that both produce and make ratings publicly available, covering opinions, scores, or ranking systems that assess ESG performance.

This development aligns the UK with similar EU measures but introduces narrower criteria. Unlike the EU’s ESG Ratings Regulation, the UK’s version only applies where ratings are likely to affect investment decisions and where firms both produce and distribute those ratings.

The scope also extends to overseas providers if their ratings are made available to UK clients, although there is an exemption for non-UK firms offering ratings without payment. In practice, this carve-out is expected to be of limited use to commercial providers.

To avoid overlap with existing regulations, the Order includes several exclusions. ESG ratings produced within the scope of other FCA-regulated activities, or as part of credit ratings, benchmark administration, or intra-group analysis, will generally not require separate authorisation. Exemptions also apply to academic, media, or non-profit outputs, provided they are not commercial in nature or used for ongoing investment purposes.

The rules will take effect in two stages. Initially, the FCA and the Financial Ombudsman Service will be empowered to begin consultations and accept applications for authorisation. The main enforcement date—when ESG rating providers must be authorised—is set for 29 June 2028.

The FCA has signalled that its upcoming consultation will draw on international standards, including recommendations from IOSCO, with an emphasis on transparency, governance, and conflict-management requirements. It will also issue guidance to help firms determine whether their activities fall within the scope of regulation.

For firms already producing or using ESG ratings, this marks the start of a transition period. Those directly involved in providing ratings will need to map their products and assess whether they meet the statutory definition. Others, such as asset managers, insurers, and investment banks, may also need to review internal ESG scoring systems to ensure they do not unintentionally fall within scope.

The UK’s move is part of a broader international effort to bring greater consistency and accountability to the ESG ratings market, which has faced criticism for inconsistent methodologies and opaque governance. By introducing a clear authorisation framework, the government aims to enhance investor confidence and ensure that ESG assessments used in financial decision-making are reliable, transparent, and well-supervised.

Source: CMS

UK Finance Industry Responds to Parliament’s ‘Sexism in the City’ Inquiry with Promises of Cultural Reform

The UK’s leading financial trade bodies have responded to the Treasury Committee’s ongoing Sexism in the City inquiry, outlining plans to strengthen workplace culture, leadership accountability, and protections against harassment. The latest round of correspondence, published by Parliament in late October, includes statements from the Investment Association, the Diversity Project, and the Association of British Insurers — each pledging renewed efforts to address gender inequality and non-financial misconduct across the sector.

The Investment Association said its members were “committed to improving transparency and strengthening reporting systems,” adding that firms would begin publishing updated diversity and conduct data next year. It also announced that companies are reviewing how they handle incident reporting and settlements — an area the Treasury Committee previously identified as opaque and under-regulated.

The Diversity Project echoed that sentiment but warned that policy frameworks alone will not drive change. It argued that progress depends on visible leadership from senior managers and that inclusive behaviour must become part of performance expectations at every level. The group revealed that it is developing a new training and assessment framework for senior leaders, due to launch in 2026, alongside industry-wide definitions for measuring misconduct.

Meanwhile, the Association of British Insurers supported stronger expectations on workplace culture but cautioned against duplicating existing regulation. It argued that layering new rules on top of current governance requirements could slow real progress, urging instead for practical, measurable commitments that firms can implement effectively.

While each organisation welcomed the Committee’s scrutiny, their letters highlighted different interpretations of how quickly change should happen — and how much regulation is needed to achieve it. The Investment Association focused on transparency and data, the Diversity Project on leadership culture, and the ABI on avoiding over-regulation.

The Treasury Committee’s Sexism in the City report, first released in March 2024, called for measurable progress on gender equality, harassment prevention, and pay transparency. It criticised the financial sector’s reliance on voluntary codes of conduct and warned that a lack of accountability had allowed misconduct and gender bias to persist in parts of the industry.

The new correspondence suggests that progress is underway but uneven. Firms are committing to internal audits, training programmes, and culture metrics — but much of the work remains self-regulated. Lawmakers are expected to review the industry’s progress in 2026, with some MPs suggesting that if voluntary measures fail, binding standards could follow.

For now, the tone from Parliament remains cautiously optimistic. As one committee member observed during the release of the correspondence: “The industry knows what needs to change. The real question is how quickly it will happen.”

Source: CMS

Poland’s Labour Market Shows Signs of Stabilisation as Impact of Reforms Eases

Poland’s labour market appears to be stabilising after several months of mixed signals, with early indicators suggesting that the effects of recent legislative changes to employment services are beginning to wear off. While unemployment ticked slightly higher in September, the overall outlook remains steady, supported by a growing number of people finding jobs and a gradual recovery in hiring activity.

According to recent data, the registered unemployment rate rose marginally to 5.6% in September, up just 0.1 percentage points from August. Analysts say this mild increase does not indicate a major shift, but rather a pause following months of adjustment linked to mid-year changes in how employment offices operate. The reforms, introduced in June, altered how job offers and jobseekers are recorded, initially causing volatility in labour statistics.

One of the clearest signs of resilience comes from the growing number of people leaving unemployment to take up new jobs. In September, more than 60,000 jobseekers deregistered after finding work — the highest level this year and a 12% increase from the previous month. This outflow exceeded the number of new job offers registered by labour offices, suggesting that more positions are being filled through direct hiring and private recruitment channels.

At the same time, new job listings showed a modest recovery. Employment offices recorded a 5% month-on-month rise in advertised positions, though the total remains around half of what was available a year ago. Online recruitment platforms also saw slight improvements, yet analysts caution that the overall job market remains subdued, with employers still wary of expanding staff levels amid economic uncertainty.

Data from business sentiment surveys point to a mild cooling of optimism across the industrial sector. Most companies continue to take a cautious approach to hiring, with layoffs still slightly outnumbering planned new positions. However, the balance is narrowing, and economists say the situation is far from alarming.

Experts interpret these trends as a sign that the labour market is slowly absorbing the effects of recent policy shifts. The initial disruptions that followed the mid-year reforms are fading, and a more predictable pattern of employment activity is re-emerging. While structural challenges such as labour shortages and an ageing workforce persist, Poland’s job market continues to demonstrate strong underlying resilience.

If the current trajectory continues, economists expect unemployment to remain stable in the coming months, with only minor seasonal fluctuations heading into winter.

Source: BIEC

Czech Republic Records Sharp Rise in New Entrepreneurs as Business Closures Decline

The Czech entrepreneurial sector has recorded one of its strongest performances in recent years, according to new data released by CRIF – Czech Credit Bureau. Between January and September 2025, 63,240 individuals started their own businesses, while 38,620 ceased operations, resulting in a net gain of 24,620 entrepreneurs — nearly five times more than during the same period last year.

Analysts attribute the growth primarily to a significant reduction in business closures, which fell by around 36 percent year-on-year. “September alone brought the highest increase so far this year, with more than 5,100 new entrepreneurs entering the market,” said Věra Kameníčková, an analyst at CRIF. “For every 10 entrepreneurs who closed, 29 new ones started. The market is showing momentum similar to pre-2022 levels, before the mandatory data box system came into effect.”

CRIF’s analysis, based on data from the portal informaceofirmach.cz, shows that nearly one-fifth of new entrepreneurs were registered in Prague (11,674), followed by the Central Bohemian Region (8,612) and South Moravia (7,016). Only Olomouc (+4%) and Karlovy Vary (+2%) recorded an annual rise in new business formations, while most other regions saw slight declines. Across all regions, however, the number of closures fell.

Prague recorded the fastest net growth, with 19 new entrepreneurs for every 10 closures, while the Central Bohemian and South Moravian regions each had 18 per 10. The slowest expansion occurred in Karlovy Vary and Hradec Králové, where 13 new businesses were created for every 10 that closed.

The construction industry remained the most active sector for new business formation, accounting for 9,032 new entrepreneurs, followed by manufacturing (7,341) and professional, scientific and technical services (7,231). The strongest growth was in water management (+19%) and transport and storage (+7%), while health and social care (-20%) and hospitality (-12%) recorded declines.

CRIF’s report also notes a shift in entrepreneur demographics. More than half of all new business owners were aged 18–30, while the number of older entrepreneurs, particularly those aged 51 and above, continued to decline. Meanwhile, around a quarter of all closures involved businesses that had operated for less than five years, suggesting greater market fluidity — or, in some cases, attempts to circumvent consumer credit rules that do not apply to registered entrepreneurs.

Over the past 12 months, from October 2024 to September 2025, a total of 80,854 new entrepreneurs entered the market — just 2 percent fewer than during the previous record year. Independent analyses from other professional sources, including Radio Prague International and PragueDaily, confirm the same trend of strong entrepreneurial growth supported by declining exit rates.

The data underline a cautiously optimistic outlook for Czech entrepreneurship heading into 2026. While the number of new business formations has stabilised, the sharp drop in closures suggests that more small enterprises are surviving — an encouraging sign for long-term business resilience in the Czech economy.

Source: CRIF – Czech Credit Bureau (Press Release, 26 October 2025); Informaceofirmach.cz; Radio Prague International; PragueDaily.

OECD Calls for Overhaul of Science and Innovation Policy Amid Technological and Geopolitical Shifts

The OECD Science, Technology and Innovation (STI) Outlook 2025 warns that governments must fundamentally reform their science and innovation systems to remain effective in a world of accelerating technological change, geopolitical competition, and rising economic insecurity.

The report, Driving Change in a Shifting Landscape, argues that current policy frameworks are struggling to keep pace with rapid advances in artificial intelligence, biotechnology, and quantum computing, as well as new global power dynamics affecting research cooperation and knowledge exchange.

According to the OECD, public R&D funding in the OECD area fell by 1.9% in 2024, exposing the limits of existing approaches. Policymakers are urged to leverage “policy complementarities” by aligning investments in competitiveness, sustainability, and resilience, rather than pursuing fragmented agendas.

“Science and innovation policy is at a turning point,” the Outlook states. “The ability of governments to mobilise science, technology and innovation for transformative change—while navigating geopolitical pressures and technological shifts—will be decisive in shaping the future.”

The 2025 report outlines seven areas for reform. These include strengthening links between science and non-science policy fields, expanding participation in innovation beyond leading firms and regions, and mobilising public funds to attract private finance through blended mechanisms. The OECD also calls for “mission-oriented” approaches to channel innovation toward long-term societal goals such as energy transition and health resilience.

A key theme is the reconfiguration of global scientific cooperation. With mounting geopolitical tensions and strategic competition in emerging technologies, governments are introducing research security measures to protect sensitive data and intellectual property. The OECD cautions, however, that these must be “proportionate, precise, and shaped in partnership with scientists and businesses” to avoid undermining collaboration or research quality.

Another focus is technology convergence, particularly the integration of AI with fields such as synthetic biology, neurotechnology, quantum computing, and satellite-based earth observation. The OECD notes that this convergence is generating breakthroughs—from AI-driven protein design to advanced biosensors—but also creating new regulatory and ethical challenges.

The report proposes the creation of “convergence spaces”—institutions and programmes designed to foster interdisciplinary collaboration, ethical governance, and responsible technology deployment.

Governments are also encouraged to adopt ecosystem-based industrial policies that support innovation clusters and enhance strategic intelligence to remain agile amid uncertainty.

The OECD concludes that future prosperity and resilience will depend on how effectively nations align their innovation policies with social priorities, coordinate across sectors, and anticipate risks from disruptive technologies.

“Transformative change will require mobilising science and innovation at an unprecedented scale and speed,” the report notes. “Governments that act decisively now will be better positioned to steer these shifts toward inclusive and sustainable outcomes.”

(Source: OECD Science, Technology and Innovation Outlook 2025, Paris)

NEINVER and Nuveen Real Estate Maintain Top Global Sustainability Rating for Sixth Year

Neptune, the joint venture between NEINVER and Nuveen Real Estate, part of the TIAA group, has once again achieved the highest recognition in the Global Real Estate Sustainability Benchmark (GRESB), marking the sixth consecutive year it has earned a five-star rating.

The 2025 assessment gave Neptune a score of 93 out of 100, two points higher than last year. The result places the venture 10 points above the average in its European peer group and 14 points above the global GRESB average. Among the ten largest commercial real estate portfolios in Europe, Neptune ranks third.

The evaluation covered 15 properties managed by NEINVER under the joint venture, including 13 outlet centres and two retail and leisure parks located in Spain, France, Italy, the Netherlands, and Poland. The report highlighted strong performance in management practices and continued improvements in energy efficiency, waste recovery, and emission reduction.

“These results reflect the consistency of our sustainability strategy and our ability to continue making progress in key areas such as energy efficiency and environmental certification,” said David Hernández Núñez, Sustainability Manager at NEINVER. “They also reinforce our commitment to creating long-term value for investors, operators, and local communities.”

In 2024, the company recorded a five percent reduction in operational emissions and a three percent drop in energy consumption, despite higher commercial activity and adverse weather conditions. Since 2019, energy use has fallen by nearly 28 percent, while total emissions have declined by 31 percent. These gains have been achieved through upgrades to building management systems, replacing gas boilers with electric heat pumps, and sourcing 100 percent renewable electricity in almost all common areas.

NEINVER also reported a 92 percent waste recovery rate, maintaining its Zero Waste certification across all centres. The company continues to renew BREEAM and AIS certifications in line with its ESG “Building Tomorrow” strategy, which promotes continuous improvement and measurable performance.

The GRESB framework serves as a global standard for evaluating ESG performance in real estate. It measures companies and funds based on management, performance, and development indicators, offering investors a comparable benchmark across regions and asset types.

Neptune’s latest result confirms its place among the most sustainably managed commercial real estate portfolios in Europe and demonstrates the long-term value of consistent environmental management in the retail property sector.

Kamco Invest takes stake in Saudi tech firm Unifonic ahead of planned IPO

Kamco Invest has acquired a minority stake in Saudi-based Unifonic, a fast-growing customer engagement platform operating across the MENA region. The transaction, made on behalf of Kamco’s clients, strengthens the Kuwaiti investment firm’s exposure to regional technology ventures with near-term IPO prospects.

Founded in 2006, Unifonic provides cloud-based communication services to over 1,700 businesses, processing more than 10 billion transactions annually. The company, which serves banks, retailers, and public institutions, has raised roughly USD 140 million from investors including Sanabil Investments, SoftBank, and STV.

Dalal Jamal Al Shaya, Director of Private Equity at Kamco Invest, said the move “aligns with our focus on growth-stage technology opportunities in markets preparing for listings.”

Unifonic’s CEO, Ahmad Hamdan, said the new partnership would support the company’s preparation for an initial public offering expected within two years.

Analysts see Saudi Arabia’s maturing tech ecosystem and the Tadawul’s active pipeline as strong tailwinds for firms such as Unifonic seeking regional scale.

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