Public Transport Use in Slovakia Surpasses Pre-Pandemic Levels in 2025, Freight Activity Weakens

Public transport in Slovakia continued its recovery in 2025, with passenger numbers exceeding pre-pandemic levels, while freight transport remained under pressure, according to the latest data published by the Statistical Office of the Slovak Republic.

Nearly 748 million passenger journeys were recorded last year, representing a 5 percent increase compared with 2024 and almost 7 percent more than in 2019. The growth confirms a sustained return to public transport following the sharp declines seen during the pandemic years.

In the fourth quarter alone, passenger transport recorded 193 million journeys, up 4.3 percent year-on-year. Urban public transport and suburban as well as long-distance bus services saw notable increases, while rail transport experienced a slight decline in the number of trips during the final quarter.

Road-based transport continues to dominate the sector. Over the long term, close to 90 percent of public transport journeys are carried out by road. In 2025, road transport accounted for the vast majority of trips, with nearly 656 million passengers using urban, suburban and long-distance road services.

When measured by distance travelled, passenger transport performance grew even more strongly. In the fourth quarter, total passenger-kilometres rose by 9.5 percent year-on-year to 3 billion. For the full year, passenger transport performance increased by 11.8 percent to 12.1 billion passenger-kilometres. The growth was driven particularly by longer travel distances in suburban and long-distance road transport, as well as continued gains in urban public transport.

In contrast to passenger growth, freight transport indicators pointed to stagnation and decline. During 2025, more than 198 million tonnes of goods were transported, representing a 6.4 percent drop compared with the previous year. Road transport remained the dominant mode, accounting for three-quarters of total freight volume, while rail held an 18 percent share.

The overall decrease in freight volumes was influenced by significant reductions in pipeline transport and lower volumes in public road freight services. Rail freight also recorded a year-on-year decline. Freight transport performance, which reflects both volume and distance, fell by 7.6 percent to 36.2 billion tonne-kilometres.

In the fourth quarter, freight volumes declined by 4.2 percent compared with the same period of 2024, reaching 50.1 million tonnes. The reduction was primarily driven by a sharp drop in pipeline transport. However, non-public road transport, carried out by companies for their own business needs, recorded double-digit growth in the volume of goods transported.

The data suggest a diverging trend within Slovakia’s transport sector: while passenger mobility continues to strengthen and exceed pre-pandemic levels, freight transport remains subdued amid weaker demand and structural challenges across certain modes of transport.

Source: SSOSK

Czech Residential Property Prices Reach New Highs in 2025, Growth Expected to Moderate

Residential property prices in the Czech Republic climbed to new record levels in 2025, driven by strong demand and limited supply, according to the latest ČSOB Housing Index.

Apartment prices rose by 13.6 percent year-on-year, while single-family homes recorded a 9.5 percent increase and land prices grew by 7.2 percent compared to 2024. Analysts attribute the continued growth primarily to sustained buyer interest amid constrained availability of properties on the market. However, a gradual easing of price growth is expected this year across all residential segments.

In the final quarter of 2025, apartment prices increased by 2.7 percent compared to the previous quarter. Although prices have risen significantly since the end of 2023, quarterly growth has been slowing in recent months. According to Martin Vašek, CEO of ČSOB Hypoteční Banka and ČSOB Building Savings, the pace of quarterly apartment price increases has been declining for three consecutive quarters.

Regional differences remained pronounced. The Karlovy Vary and South Bohemian regions recorded the strongest quarterly apartment price growth at the end of the year, exceeding four percent. In the Central Bohemian Region, prices rose by 3.4 percent quarter-on-quarter. Smaller apartments, including studio units and two-room flats, continued to attract the highest demand, while larger units saw more moderate price increases due to weaker buyer interest. The average time required to sell an apartment extended slightly to nearly five months.

Single-family homes posted a 2.2 percent quarter-on-quarter increase in the fourth quarter. Growth in this segment has stabilized above two percent in recent quarters. Construction activity was most concentrated in the Central Bohemian Region and around Brno during the final months of the year.

Despite rising prices, demand for new home construction has shown signs of softening. High construction material costs have weighed on buyer interest, while older properties in poorer technical condition have become less attractive, particularly following the suspension of certain renovation subsidy programs.

Land prices rose by 2.5 percent in the fourth quarter, marking the strongest quarterly growth in nearly three years. The shortage of available building plots is linked to outdated zoning plans and limited infrastructure capacity. As a result, buyer interest has increasingly shifted toward locations further from larger urban centres. In some cases, modern technologies such as photovoltaic systems and off-grid solutions are compensating for limited public infrastructure.

While 2025 was characterized by strong price growth across residential property types, the outlook for 2026 suggests a more moderate trajectory as affordability pressures and market adjustments begin to take effect.

Source: CTK

Czech Economic Sentiment Improves Slightly in February as Business Outlook Strengthens

Economic confidence in the Czech Republic showed a modest improvement in February, driven largely by a more optimistic outlook among businesses, while households became slightly more cautious.

The latest survey data indicate that overall sentiment in the economy edged higher compared with January. Companies across several key sectors reported improved expectations for the coming months, helping to lift the broader indicator of economic confidence. Compared with the same period last year, both corporate and household sentiment remain on firmer ground.

Manufacturing posted one of the strongest monthly improvements. Firms reported better expectations for production in the near term after several months of weaker outlooks. Although inventories of finished goods increased, fewer industrial companies described current demand as insufficient. At the same time, more manufacturers anticipate raising prices in the months ahead.

Construction also continued to show resilience. Companies in the sector reported stable demand conditions and an increased willingness to expand staffing levels in the short term. Expectations regarding price developments remained relatively steady. Compared with a year ago, construction companies appear more confident about business conditions.

Retail trade presented a more mixed picture. While companies expressed improved expectations for the coming quarter, assessments of recent performance softened. Stock levels declined slightly, and pricing expectations remained largely unchanged. On an annual basis, sentiment among retailers remains below last year’s level.

In service industries, including financial services, business sentiment weakened compared with January. Firms reported softer demand conditions and more cautious expectations for the months ahead. However, confidence in services remains somewhat higher than a year earlier.

Households, meanwhile, displayed a slight dip in confidence. Although fewer consumers expect a worsening of the broader economic situation over the next year, optimism about their own financial prospects declined modestly. Concerns about rising prices increased, while fears related to unemployment eased somewhat. Spending intentions for major purchases remained broadly stable.

Overall, February’s data suggest that business sentiment is stabilising and gradually improving across much of the economy, even as consumers continue to weigh price pressures and financial uncertainty. The divergence between corporate and household confidence highlights a cautious but gradually firming economic environment as the year progresses.

Source: CSO

Panattoni Exceeds Two Million Square Metres of Industrial Space Delivered in Czechia

Industrial developer Panattoni has delivered more than two million square metres of logistics and production space in the Czech Republic since entering the market in 2007. The milestone was reached following the completion of a 214,000 sq m facility at Panattoni Business Park Cheb, handed over to its tenant in February 2026.

Over nearly two decades of activity in Czechia, the company has developed facilities for a range of international manufacturers and logistics operators, including Amazon, Tchibo, KION, WITTE Automotive, ZF Automotive, Shape Corp., Jungheinrich and Steelcase.

According to the company’s Czech and Slovak management, the projects have contributed to public finances through tax revenues generated over the lifetime of the properties. Panattoni states that its developments are designed to support long-term business operations and attract advanced manufacturing and logistics activities to the country.

Among the largest schemes delivered are Amazon facilities in Dobrovíz and Kojetín. The Kojetín distribution centre spans 187,000 sq m across four floors. The building includes a rooftop photovoltaic installation designed to supply a significant share of its energy consumption.

Other notable projects include Panattoni Business Park Pilsen West II, which accommodates manufacturing operations for Panasonic and Shape Corp., and facilities in Ostrov used by companies such as WITTE Automotive and ZF Automotive.

Sustainability features prominently in the developer’s Czech portfolio. Approximately 1.4 million sq m of its buildings have received certification under the BREEAM New Construction standard. The company states that all new projects are targeting high certification levels. Selected projects in Cheb South, including facilities for AUTODOC and Kaufland’s e-commerce operations, achieved high sustainability ratings at the time of their completion.

At the end of last year, Panattoni also delivered what it describes as its first net-zero operational building in Czechia, developed for ZF Automotive, with operational emissions offset and construction-related carbon emissions addressed.

In addition to new developments, the company reports that it has regenerated around 1.1 million sq m of brownfield land. One of the largest redevelopment projects involved the former Škoda Ostrov industrial site, now transformed into Panattoni Business Park Ostrov North. The developer is also active on the site of the former Poldi Kladno steelworks.

Panattoni’s activity reflects continued demand for industrial and logistics space in Czechia, alongside increasing emphasis on redevelopment of previously used industrial land and environmental performance standards.

Panattoni begins Panattoni Park Katowice Airport project with FIEGE as first tenant

Panattoni has started construction of Panattoni Park Katowice Airport in Silesia, with logistics operator FIEGE signed as the first tenant. The company will occupy more than 42,000 sqm of space in the new development.

The project is planned to deliver approximately 240,000 sqm of industrial space at full build-out, making it one of the larger logistics schemes in the region. According to Marek Dobrzycki, Partner at Panattoni, the development forms part of the company’s ongoing expansion in Silesia, where it has already delivered close to 3 million sqm of space.

FIEGE operates in 15 countries with more than 130 locations and provides logistics services to sectors including FMCG, fashion, industrial, retail, healthcare and e-commerce. The new facility in Katowice will support logistics and warehousing operations for one of the company’s clients.

Piotr Kohmann, CEO of FIEGE Poland, said the location near Katowice Airport was a key factor in the decision, alongside the flexibility of the planned space and the inclusion of energy-efficiency measures such as photovoltaic panels and an energy storage system.

The leased space will be fitted with automated logistics technologies including AutoStore systems, very narrow aisle (VNA) storage and vertical lift modules (VLM). The building will have a clear height of 13.8 metres and will be designed to meet FM Global fire safety standards. FIEGE will also occupy 646 sqm of associated office and social space.

The tenant is expected to receive early access to the facility in mid-2027, with full operations scheduled to begin in January 2028. The site is expected to employ around 120 people.

Panattoni Park Katowice Airport is located approximately 3 km from Katowice International Airport in Pyrzowice, at the intersection of the A1 motorway and the S1 expressway. The park is intended to accommodate a range of logistics, e-commerce and light manufacturing operations.

The development is planned to pursue BREEAM Excellent certification and will incorporate measures aimed at improving energy efficiency, reducing water consumption and lowering CO₂ emissions.

Office assets regain investor attention in Poland

The office sector is strengthening its position within Poland’s commercial real estate investment market, supported by sustained leasing demand and limited new supply in the country’s main office hubs, according to Walter Herz.

The firm points to a combination of high demand and constrained development activity as factors supporting rental growth and improving asset performance. At the same time, a more stable macroeconomic backdrop — including easing inflation and ongoing interest rate cuts — is helping to improve financing conditions and investor sentiment.

“The increase in investment volume in Poland’s commercial real estate market is supported, among other factors, by a stable macroeconomic environment,” said Katarzyna Tencza, Transaction Director at Walter Herz. She added that Poland continues to be viewed as a mature and scalable market, with the potential for increased investment activity in 2026.

One of the most visible structural shifts is the gradual reduction of older office stock in Warsaw. In 2025 alone, more than 160,000 sqm was withdrawn from the market, bringing the five-year total to over 500,000 sqm. This process is concentrating supply around newer, higher-quality buildings in prime locations.

At the same time, the development pipeline remains limited. Approximately 200,000 sqm of office space is currently under construction in Warsaw and about 220,000 sqm in regional cities, with the largest volumes in Poznań and Kraków. This is significantly below the levels seen during previous market peaks. As a result, vacancy rates have been declining across major office markets, with central Warsaw experiencing a particularly tight availability of modern space.

“A consequence of the current conditions in the office market is upward pressure on rents,” said Monika Szymczyk, Senior Advisor at Walter Herz. Prime office rents in Warsaw have exceeded €30 per sqm per month in selected projects, with moderate growth also recorded in regional cities such as Kraków, Poznań and Wrocław.

Rising prime rents are contributing to improved investment metrics for office properties. According to Walter Herz, investor demand is strongest for buildings that combine competitive pricing with potential for further value creation through extensions or tenant repositioning.

The office sector regained its leading role in Poland’s investment market in 2024 and accounted for nearly 40 percent of total transaction volume in 2025. The return of core transactions has been supported by a closer alignment between buyer and seller pricing expectations. Domestic capital remains active, representing roughly 30 percent of office investment volume last year, particularly in value-add opportunities.

Leasing activity also remained strong. Total office take-up in Poland exceeded 1.56 million sqm in 2025, with renegotiations accounting for around half of the volume. Warsaw recorded nearly 800,000 sqm of leasing, including a particularly strong fourth quarter. Limited availability in the city centre has renewed interest in Służewiec, which accounted for more than one-fifth of last year’s leasing volume.

Regional markets also posted strong results, with both Kraków and Wrocław achieving record annual demand. Walter Herz notes that the rebound reflects more decisive occupier activity while confirming the continued role of the office despite evolving workplace models.

New supply remains relatively modest. Around 110,000 sqm of office space was delivered across Poland in 2025, with most new development concentrated in central Warsaw. Projects under construction include Skyliner II and Upper One, although current development levels are not expected to quickly rebalance supply and demand.

Walter Herz concludes that the combination of sustained demand, limited supply, improving financing conditions and a stable economic backdrop provides a supportive environment for further office investment activity in Poland.

CR Investment Management mandated to sell residential portfolio in Helmstedt

fletcher@cijeurope.com
24 February 2026
Company News, Deals, Indicators, Residential

CR Investment Management (CR) has been appointed to manage the structured sale of a residential real estate portfolio located in Helmstedt, Lower Saxony.

The portfolio comprises approximately 1,980 residential units across 87 properties, with total lettable residential space of around 116,000 sqm. According to CR, it represents one of the largest contiguous residential holdings in the local market. The mandate aims to place the assets with institutional and professional investors through a structured sales process.

“Due to its size and homogeneous structure in a regional centre, the portfolio in Helmstedt offers an attractive investment profile. The location is characterised by its favourable position between Wolfsburg, Braunschweig and Magdeburg,” said Claudius Meyer, Managing Director of CR Investment Management. He added that much of the portfolio offers potential for value growth through energy-efficiency upgrades.

The assets are located in the district capital of Helmstedt and in the nearby town of Schöningen, within the Helmstedt district, which has a combined population of around 36,000. Helmstedt lies approximately 36 km east of Braunschweig and about 45 km west of Magdeburg, close to the Saxony-Anhalt border.

Under the mandate, CR Investment Management will oversee preparation of the portfolio data, investor outreach and coordination of a multi-stage bidding process. The sales campaign is targeted at institutional investors, family offices and residential specialists from Germany and abroad, with the transaction planned as a share deal.

CR Investment Management said it has completed multiple residential and commercial portfolio transactions in recent years across different market conditions.

Panattoni reaches full occupancy at Park J28 Central M1

Panattoni has completed leasing at Panattoni Park J28 Central M1, bringing the UK logistics scheme to full occupancy. The developer said the milestone reflects continued demand for Grade A space along the M1 corridor.

The park benefits from direct access to the M1 and links to national distribution networks. Its occupier mix includes a Chinese third-party logistics provider and a pharmaceutical supply chain operator. The final available unit has been leased to Alloga, a pharmaceutical logistics specialist and part of Cencora. This is the second building Panattoni has delivered to Alloga.

The transaction comes amid steady demand from pharmaceutical occupiers across the UK and Europe, driven by tighter regulatory requirements and the need for temperature-controlled, GDP- and GMP-compliant logistics facilities. Panattoni noted that its recent projects in Germany and Poland have also reflected this trend, including a specialised pharmaceutical facility in Germany and a 9,500 sqm lease to Grupa Olmed at City Logistics Łódź VI in Poland.

Andy Preston, Senior Development Director at Panattoni, said the full leasing of the park reflects ongoing occupier interest in well-located, sustainable logistics space. He added that the developer continues to focus on opportunities along the M1 corridor.

Panattoni recently acquired development sites in Worksop, where it plans a 462,000 sq ft speculative building, and in Northampton West, which has potential for around 1 million sq ft of speculative logistics space.

FHP, CBRE and Apex acted as leasing agents for Panattoni Park J28 Central M1, while Savills advised Alloga.

Union Investment secures two new tenants at Neue Balan Campus in Munich

Union Investment has signed two new office lease agreements at Neue Balan Campus, Haus 27, in Munich, bringing the building’s occupancy to 98 percent.

Bonago Incentive Marketing Group GmbH has leased 1,543 sqm of office space for a ten-year term with immediate effect. Bittner & Krull Softwaresysteme GmbH has taken approximately 850 sqm, also on a ten-year lease, and is scheduled to move in this August. Haus 27 has been part of the open-ended real estate fund UniImmo: Deutschland since 2021.

“This leasing success shows that modern and flexible office space with good sustainability parameters remains in demand even in a challenging market environment. We are already in talks with several interested parties for the remaining space of around 540 sqm,” said Sven Lintl, Head of Asset Management Germany at Union Investment.

Haus 27 holds DGNB Gold, LEED Gold and WiredScore Gold certifications. The Neue Balan campus is located on the site of the former Infineon headquarters on Balanstraße in eastern Munich and forms part of an established office cluster together with the nearby Werksviertel district. The campus offers a range of on-site amenities including dining, retail, sports and educational facilities.

Colliers and E&G Munich advised on the transactions.

Hila multifunctional building in Brumlovka approaches completion

Construction of the 15-storey Hila building in Prague’s Brumlovka district is progressing toward completion, with the project expected to be finished later this year, according to Passerinvest Group.

The development combines office, retail and residential functions within a single structure. The administrative section and ground-floor retail and service units have been structurally completed, including installation of the full-height glazed façade at ground level. A glass atrium above the eighth floor and the steel structure for panoramic elevators are also nearing completion, while work continues on the upper residential floors.

Once delivered, Hila will provide approximately 20,200 sqm of office space, 2,300 sqm of retail area and 71 fully fitted rental apartments. Leasing is scheduled to begin next year.

“Hila is becoming one of the most distinctive buildings in the area, not only because of its height and multifunctional character but also due to technological upgrades aimed at user comfort and more economical building operation,” said Eduard Forejt, Director of Development and Sales at Passerinvest Group.

The building is designed to incorporate systems intended to support indoor environmental quality, including air ionisation, increased fresh air supply and radiant heating and cooling. Plans also include 418 parking spaces with electric vehicle charging points and outdoor terraces.

Located in the Brumlovka business district, the project benefits from established public transport connections and nearby amenities, including retail, dining, sports and green spaces. Passerinvest stated that the building is targeting LEED Gold certification, reflecting its intended energy performance and environmental standards.

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