Schibsted & Vend Polska Extends Lease at High5ive Office Complex in Kraków

Schibsted & Vend Polska has extended its lease for 2,500 sq m of office space at the High5ive complex in central Kraków. The tenant was advised during the renegotiation process by Walter Herz.

Operating in Poland since 2012, Schibsted & Vend Polska develops digital platforms, including news services, classified applications and AI-based tools. The company’s Kraków technology hub cooperates with teams in Sweden, Norway, Finland and Denmark within the international structures of Schibsted and Vend, which manage media and marketplace platforms across the Nordic region.

Commenting on the decision, Katarzyna Kowalczyk, CEO/CFO of Schibsted & Vend Polska, said: “The decision to extend the lease forms part of the organization’s long-term strategy, focused on building an engaged team and creating a work environment that supports collaboration, integration, and professional growth. A key factor was the ability to further adapt the space to evolving business needs, as well as to objectives related to talent acquisition and retention. The lease renegotiation process, carried out with the support of Walter Herz advisors, made it possible to optimally secure these objectives. In this context, the High5ive complex offers a high standard and comfortable working conditions, solutions that promote efficient and employee-friendly space organization, as well as a strong pro-environmental approach. An additional advantage is its attractive location, providing excellent access to public transport and Cracow’s service infrastructure.”

Kamil Kowalewski, Associate Director at Walter Herz, added: “Our role was to provide comprehensive support to the client in renegotiating the commercial terms of the lease. Schibsted & Vend Polska decided to extend its lease at the High5ive complex based on a thorough business analysis and benchmarking of the Cracow office market. Through negotiations and an analysis of available options, a lease variant was selected that ensures the company an optimal cost structure, operational stability, and flexibility for growth over the coming years in one of the region’s leading office developments.”

High5ive consists of five office buildings located in the city centre and offers approximately 70,000 sq m of space. The complex provides amenities such as concierge services, landscaped outdoor areas, a public basketball court and access to nearby retail and dining options. Facilities for cyclists include bicycle parking, charging stations, showers, changing rooms and repair points.

The development is situated close to several universities and the Old Town Market Square, with public transport connections and access to city services nearby. Kraków Balice Airport is reachable in around 25 minutes.

Bulgaria Amends Real Estate Registration Rules

Bulgaria has adopted amendments to its Property Registration Rules, marking one of the most significant recent legislative changes affecting real estate transactions. The rules govern the procedures and requirements for registering transfers, encumbrances, claims and other legally relevant circumstances in the Real Estate Register, as well as the provision of information, references and certificates issued by the register. The amendments entered into force on 15 January 2026.

The stated purpose of the amendments is to address property fraud in real estate transactions, strengthen the protection of property rights and reduce interference in citizens’ private lives. The changes primarily concern access to information and documentation held in the register.

Until mid-January 2026, any person could obtain information regarding entries, notes and deletions related to real estate, certificates confirming the existence or absence of entries, and uncertified copies of registered acts. Under the amended rules, this open access has been significantly restricted. Uncertified copies and extracts from registered deeds, notes and deletions may now be issued only to interested private parties such as the parties to the registered act and their successors or authorised representatives, to legal, enforcement and judicial authorities including notaries, lawyers, private enforcement agents and courts, and to other persons who can demonstrate a legal interest. In cases where a legal interest is claimed, the registration judge assesses each request individually and the applicant must provide supporting documentation. The updated rules also provide examples of what may constitute a legal interest, such as individuals negotiating the acquisition of property or providing intermediary real estate services.

In parallel, the Registry Agency has introduced specialised automated services for individuals and entities holding rights over real estate. These services allow users to receive information regarding inquiries made through their personal account in the Property Register and details of issued copies and extracts from deeds, notes and deletions recorded in the registration books. Access to these services is subject to fees determined by the Tariff for State Fees collected by the Registry Agency.

From a practical perspective, the amended framework means that individuals and legal entities can generally obtain only references concerning the status of titles and encumbrances and certificates confirming the existence or absence of registrations. Such references confirm that a deed exists and provide identification details, such as volume number, act number and year, but they do not provide access to the full content of the document. This reflects the structure of the Bulgarian registration system, which focuses on the registration of deeds rather than maintaining comprehensive property-based files. In practice, a dedicated property file may not exist, and the content of a deed is often of greater importance than its registration details. An additional concern that predates the amendments is that references are not formally verified by Registry Agency staff, meaning there is no guarantee that the information contained in a reference fully corresponds to the registered deed, which may result in errors or omissions.

Similar issues arise in relation to certificates of encumbrances, which are widely used in real estate transactions. To obtain such a certificate, applicants must submit supporting documents, including a title deed. However, individuals who are neither the owner nor a lawyer may be unable to obtain a copy of the title deed, creating a practical barrier despite the formal availability of the certificate.

The introduction of automated monitoring services has also prompted concerns among creditors. When assessing a debtor’s financial position, creditors commonly review real estate ownership and recent property transactions. Automated alerts may allow debtors to become aware that a creditor or their legal representative is conducting checks, potentially giving them time to dispose of assets before protective measures can be implemented.

Source: CMS

Joanna Leńkowska Joins Savills as Workthere Lead in Poland

Joanna Leńkowska has assumed the role of Workthere Lead at Savills Poland, becoming the principal advisor for users of the Workthere platform, Savills’ flexible office advisory service. She succeeds Thomas Jodar in the position.

Leńkowska brings several years of experience in the flexible office sector, where she has been involved in leasing processes and community management. She previously worked with global operator WeWork and with CitySpace, a flexible office brand of Echo Investment. During her career she has overseen the commercialisation of new office locations and contributed to achieving occupancy levels of up to 85%. Her recent projects at CitySpace included the leasing and launch of the NOVO location and the expansion of space in the Rondo 1 office building. Together, these projects added more than 2,400 sq m of flexible office space to the market and supported the creation of nearly 400 jobs.

Her professional background also includes 14 years in the aviation sector, where she worked on operations for corporate and government clients in the Middle East and cooperated with engineering teams on refurbishment processes for private aircraft.

Commenting on her appointment, Leńkowska said her experience on the operator side of the flexible office market allows her to approach flex space as a practical business tool rather than a standalone product. She noted that her focus at Workthere will be on helping clients quickly assess available options, select suitable models and negotiate lease terms aligned with their operational needs.

Workthere is a Savills-launched platform that provides access to flexible office locations across major Polish cities. The service enables users to compare serviced and co-working offices and offers advisory support throughout the transaction process, from individual workstations to larger office modules for sizeable teams.

In addition to tenant advisory services, Workthere also provides strategic consulting for operators and property owners considering the introduction of flexible office concepts. Services include analysis of a building’s potential for flexible use, selection of operating models, structuring of market offers and entry strategies.

According to Jarosław Pilch, Head of Tenant Representation at Savills Poland, companies are increasingly viewing flexible offices as a long-term component of their workplace strategies rather than temporary solutions, leading to higher demand for advisory tools that combine market data with professional guidance.

Joanna Leńkowska is a graduate of English Studies at the University of Warsaw, has completed postgraduate studies in sales and marketing psychology at SWPS, and holds a bachelor’s degree in holistic nutrition obtained in the United States.

RRF Presents H2 2025 Office Market Data for Brno and Ostrava

Brno: In the second half of 2025, one new office building was completed in Brno, Cerit III – Botanická Living Lab, adding 10,800 sq m of space. At the end of the year, more than 92,300 sq m of office space was under construction. Demand during the period was led by technology companies in both net and gross volumes. The vacancy rate rose year-on-year by 2.7 percentage points to 14.4%, while prime headline rents remained stable at €17.00–18.00 per sq m per month.

Commenting on current trends, Jana Vlková, Head of Workplace Advisory & Office Agency at Colliers, said: “Brno is entering a new era as a rising innovation hub, where modern workplaces increasingly cluster around emerging districts shaped by local, forward-thinking developers. The office demand base is evolving, driven by business services and R&D functions that view Brno as a strategic alternative to larger Central European markets. With limited new supply stretched over the coming years, landlords active in the market start to consider targeted upgrades and repositioning of certain properties rather than pure speculative office development. We expect part of the pipeline will eventually be redesigned for residential use, driven by similar reasons as in the capital.”

Total modern office stock in Brno reached 715,700 sq m by the end of H2 2025, with Class A buildings accounting for 72% of the market and Class B buildings representing the remaining 28%. Nine projects were under construction, totalling approximately 92,300 sq m. Major schemes include Dornych, Ponávka A4 and Nová Zbrojovka – D4. Around 52,000 sq m is scheduled for completion in 2026, with a further 40,400 sq m planned for delivery in 2027 and 2028.

Leasing activity in the second half of the year was led by the technology sector, followed by manufacturing and pharmaceutical and medical occupiers. Pre-leases represented a significant share of total activity. The largest transactions included a 4,600 sq m technology sector pre-lease in Ponávka A4, a 4,200 sq m manufacturing lease in Vlněna H and a 2,200 sq m pre-lease by Gymnation in Dornych.

At the end of the period, 103,100 sq m of modern office space was vacant in Brno, reflecting the increase in the vacancy rate. Prime rents remained unchanged, although certain premium units achieved higher levels depending on location and specification.

Ostrava: Office development activity in Ostrava remained limited throughout 2025, with no new buildings completed and only one project under construction. The vacancy rate was largely stable at 11%, rising only marginally by 0.06 percentage points year-on-year. Prime headline rents held steady at €14.00–14.50 per sq m per month.

Total modern office stock in Ostrava stood at 245,700 sq m at the end of the second half of the year. The only scheme currently under construction is the Václav multifunctional building, which will add approximately 3,000 sq m upon its planned completion in 2027.

The most significant leasing transaction recorded in H2 2025 was a 2,000 sq m new lease signed by an undisclosed medical company in the Nordica building. Pharmaceutical and medical occupiers, together with technology firms, accounted for the largest share of total take-up.

Vacant office space in Ostrava totalled 26,900 sq m at the end of the period. Despite the slight increase in vacancy, rental levels remained unchanged, indicating a stable pricing environment in the local office market.

Source: Regional Research Forum

43 Lease Agreements, Including 31 Extensions in 2025 at Pasaż Grunwaldzki

In 2025, Pasaż Grunwaldzki in Wrocław signed 43 lease agreements covering approximately 6,400 sq m, representing around 13% of the centre’s total leasable area. The shopping centre, owned by EPP, extended cooperation with 31 existing tenants, including MediaMarkt in its new Xpress format, Deichmann, Medicine, home&you and DOUGLAS. A further 12 agreements were concluded with brands entering the scheme for the first time. The tenant mix was expanded across seven categories: fashion, home and interior furnishings, toys, services, food and beverage, jewellery and accessories, and groceries.

Magdalena Małycha, Asset Manager at EPP, commented: “At Pasaż Grunwaldzki, new brands go hand in hand with the development of those already present. The relocation of home&you has allowed the brand’s character to be fully showcased, and MediaMarkt’s new location is a refreshed and unique Xpress format in Wrocław, which responds even better to the needs of our customers. Pasaż Grunwaldzki remains a place that is constantly changing, but still retains its character – it is a centre that people want to return to both for shopping and for a good experience.”

The MediaMarkt Xpress concept is designed to reflect local customer behaviour and demand. The format focuses on a selected product range, advisory availability and solutions supporting quick and self-service shopping. Store features include updated interior equipment, accessory displays, service stations and the option of home delivery, combined with an adapted visual identity.

In addition to new entrants, the centre reported continued cooperation with a number of established tenants. Lease extensions in 2025 were signed with brands including DOUGLAS, Yves Rocher, Deichmann, Medicine, MOHITO, home&you, Lancerto, Giacomo Conti, SOLAR, TARANKO, Costa Coffee, Grycan, Sony Centre, T-Mobile, VeloBank, Bank Millennium, TUI, W.KRUK and Apart.

Stable Returns: Sales Growth for Deka’s Retail Property Funds

In 2025, Deka Immobilien recorded higher purchases than redemptions in its open-ended real estate funds for private investors. The funds directly managed by Deka for retail clients achieved net sales of approximately €90 million during the year. For institutional real estate funds, which typically operate with lower volumes, the decline in net sales was less pronounced than in the previous year. Overall, the real estate business division reported positive net sales of around €20 million.

Net sales also remained positive at the start of 2026. In January, open-ended real estate funds for private investors recorded net sales of approximately €240 million, a figure that is traditionally influenced by reinvestments at the beginning of the year. In 2025, returns after costs for Deka’s large, established open-ended real estate funds ranged between 2.0 and 2.3 per cent.

Dr Matthias Danne, Member of the Deka Board of Management responsible for asset management, said: “The positive net sales in 2025 and the high reinvestment rate in January 2026 prove that investors have confidence in Deka’s fund management. And rightly so, because Deka’s funds have always generated positive returns to date. For 2026, we expect performance of between 2 and 3 per cent for the large, established funds. This proves that if open-ended real estate funds are structured and managed properly, they are indispensable for a diversified investment portfolio.”

Transaction activity

During 2025, Deka completed 20 property sales with a combined volume of €1.53 billion and 12 acquisitions totalling €1.14 billion. Among the transactions, WestInvest InterSelect acquired an office property in Ireland, while Deka-ImmobilienEuropa expanded its portfolio with office buildings in central Paris and Cologne. At the beginning of 2026, further acquisitions were announced, including the purchase of the “Tour Deloitte” office tower in Montréal by Deka-ImmobilienMetropolen and a hotel property in Vienna added to the WestInvest InterSelect portfolio.

Danne added: “Our funds benefit from our consistent cash flow management, our focus on properties in prime locations and our decision not to engage in project development. This enables them to take advantage of investment opportunities arising in the current market environment. At present, Deka is the most active buyer among German providers of open-ended real estate funds. We are systematically leveraging the current market situation to further enhance the quality of our funds.”

Assets under management and occupancy

The asset management volume of the real estate business segment stood at €55.2 billion at the end of 2025. Retail-focused open-ended funds managed directly by Deka recorded net sales of around €90 million during the year. Institutional funds reported net redemptions of approximately €105 million, compared with minus €330 million in the previous year. Deka’s retail property funds together account for a fund volume of roughly €40 billion.

Leasing activity in 2025 resulted in new rental agreements with a net annual rental volume of approximately €420 million. The overall occupancy rate across the portfolio reached 93.7 per cent at year-end.

Skyliner II in Warsaw Reaches 105 Metres as Construction Advances

Construction of Skyliner II, the second tower of the Karimpol Group’s office complex in Warsaw, has passed the 105-metre height mark. Approximately 25 metres remain before the building reaches its planned height of 130 metres, including technical floors and a 15-metre parapet designed to screen rooftop equipment. Works have now entered the phase focused on one of the project’s key architectural elements — four cascading terraces on the upper western side of the tower, designed by RS Landscape Architecture.

The structure has now exceeded 100 metres in height, with façade installation completed up to the 18th floor. On the western elevation, construction has begun on a series of stepped terraces intended to serve a range of workplace and leisure functions.

Szymon Zduńczyk, Member of the Management Board and Managing Director at Karimpol Polska, said:

“The cascading terraces are one of the most characteristic elements of Skyliner II and an important distinguishing feature of the entire project. They will have an individual character and various functions – from places for work and meetings to places conducive to relaxation and integration. The highest terrace on the 26th floor will be connected to a covered space for events and presentations. All terraces will be connected by external stairs and served by a dedicated lift, ensuring full accessibility. We want them to be a real extension of the office space – a place for employees and visitors to meet, work and relax and guests of the building in a green environment, high above the city.”

Interior works are continuing despite low winter temperatures, supported by the building’s sealed structure and temporary heating systems. Piotr Pikuła, Skyliner II Contract Director at WARBUD S.A., commented on current progress:

“We carry out bricklaying and installation works, finish bathrooms, lay tiles and install lifts. Advanced finishing works are currently underway in the technical areas on level +2, where we are installing a fan room – one of the key lungs of the building’s, ensuring proper ventilation of the entire skyscraper. The second lung, i.e. another fan room, is planned for the 24th and 25th floors. The prevailing weather conditions have also caused a temporary suspension of the installation of the façade, which has been completed up to the 18th floor. It is made of prefabricated glass modules – 102 pieces on each floor.”

Skyliner II will form part of a two-tower office complex with a combined gross area of approximately 73,000 sq m. The second tower will provide more than 24,000 sq m of leasable space, including over 23,000 sq m of offices and close to 1,000 sq m of retail and service units on the ground floor. Typical office floors will measure around 1,100 sq m. The building will be served by ten lifts and will include a five-level underground car park with 217 parking spaces and 100 bicycle stands. Completion is scheduled for the fourth quarter of the year.

The architectural design was prepared by APA Wojciechowski Architekci, with WARBUD S.A. acting as general contractor and Hill International responsible for project supervision. The development has received a BREEAM New Construction certificate at the Outstanding level and is planned to operate on 100% renewable energy.

Skanska to Deliver Major Office Redevelopment in London under GBP 273M Contract

Skanska has signed a contract with British Land and GIC, acting through the Broadgate joint venture, to carry out the full construction and mechanical and electrical services installation for the One Appold Street redevelopment in London. The contract is valued at GBP 273 million, approximately SEK 3.4 billion, and will be recorded in Skanska’s European order bookings for the first quarter of 2026.

One Appold Street, originally completed in 1986 as part of a wider development in the City of London, is set to undergo a comprehensive transformation into a modern commercial office building with updated sustainability and design standards. The project includes a structural refurbishment involving the replacement of the existing façade, the expansion of floorplates on all sides and the addition of six new storeys to the current steel structure.

Upon completion, the scheme will comprise a 14-storey building providing around 33,500 sq m of office accommodation, alongside approximately 4,500 sq m dedicated to amenities including gym and restaurant facilities and a rooftop terrace.

BEOS Sells ‘PIRO Heilbronn’ Commercial Site to Technology Company

BEOS, part of Swiss Life Asset Managers, has sold the partially revitalised commercial site “PIRO Heilbronn” to an industrial end user operating in the technology and security sector. The transaction was concluded while the project was still in its development phase and follows the ongoing repositioning of the former industrial property into a multifunctional commercial campus.

Located in the southern part of Heilbronn, the site comprises approximately 21,000 sq m of usable space on a plot of around 15,000 sq m and benefits from proximity to the Heilbronn Sontheim university campus and established transport infrastructure. The existing buildings have been progressively redeveloped to accommodate a mix of storage, production, research, office and service functions.

According to BEOS, the sale reflects continued investor and occupier interest in adaptable commercial space despite a more cautious market environment. Daniel Schäfer, Head of Real Estate Development Light Industrial & Commercial for the Stuttgart region, said the transaction demonstrates demand for repositioned assets and confirms the appeal of the location and development concept.

Selected construction works are scheduled to be completed in the coming months, after which the buyer will assume responsibility for the final expansion and fit-out of the premises in line with its operational requirements.

BEOS focuses on the development and management of complex commercial properties within the Swiss Life Asset Managers platform, with an emphasis on research and light industrial locations across major German metropolitan regions.

Domoplan plans 190-unit Riva Residence scheme in Brno, with construction set for 2027

Domoplan Real Estate Fund is preparing a new residential development in Brno’s Horní Heršpice district, as it expands its pipeline in regional Czech cities. The project, Riva Residence, is planned on a site near the Svratka river and is positioned to combine residential use with access to green areas and transport links to the city centre.

The scheme is expected to comprise 190 apartments with a total residential floor area of approximately 9,000 sqm. Unit layouts will range from smaller apartments to larger family units. The project has obtained zoning approval, with construction scheduled to begin in the first quarter of 2027.

According to the developer, the architectural concept has been prepared by Zlamal Architects in cooperation with Identity Designers, with a focus on integrating the buildings into the surrounding environment. The design incorporates balconies and terraces, as well as landscaped outdoor areas intended for residents.

The total project value is estimated at close to CZK 2 billion, reflecting both development costs and anticipated sales revenue. The location in Horní Heršpice is part of a wider trend of residential expansion in Brno, where former industrial and underutilised areas are being redeveloped into housing.

Brno continues to attract residential investment due to its economic base, population growth and relative affordability compared with Prague. Developers are increasingly targeting districts with available land and potential for further infrastructure improvements, particularly in areas with access to green space and established transport connections.

Riva Residence adds to Domoplan Real Estate Fund’s portfolio of residential projects in the Czech Republic, as the company continues to focus on mid-scale developments in urban locations outside the capital.

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