Czechia: Majority of young people doubt government will resolve housing crisis

Most young people in the Czech Republic do not believe the current government will significantly improve access to housing, despite expecting the state to play a role in addressing the issue. This follows a survey conducted by building materials producer Xella in cooperation with research agency Ipsos, involving 1,050 respondents aged between 18 and 30.

According to the findings, only 16 percent of respondents believe the government will succeed in improving housing affordability. A further 39 percent expect conditions to remain largely unchanged over the next four years, while 35 percent anticipate a deterioration. At the same time, 96 percent of those surveyed said they expect some form of state support to help them secure housing.

When asked about potential measures, roughly one third of participants supported the construction of affordable state-backed housing for young people. Nearly 30 percent favoured the introduction of interest-free housing loans, while around one fifth suggested government intervention to reduce apartment prices or mortgage costs.

High property prices were identified as the main barrier to home ownership by 69 percent of respondents. Expensive mortgages were cited by less than half, while 43 percent pointed to rising land prices and 39 percent mentioned insufficient income as key obstacles.

Housing affordability has worsened in the Czech Republic in recent years, according to international and domestic analyses. Rising property prices and rental costs have placed increasing pressure on household budgets, with young families and lower-income groups among those most affected. Prague continues to rank among the least affordable European capitals for housing, although some regional markets have also seen sharp price growth, partly due to increased investor interest.

The government coalition has announced plans to amend construction legislation with the aim of accelerating the approval process for large residential projects and recognising housing development as a public interest. It has also indicated that support schemes for young families, including preferential housing loans, are under consideration.

Source: CTK

Garbe Industrial extends lease with MBS Logistik at Port of Regensburg

Garbe Industrial has extended its lease agreement with logistics service provider MBS Logistik at a logistics property in the Port of Regensburg, Bavaria. MBS Logistik occupies approximately 7,000 square metres at the site, where it carries out storage, order picking and distribution services for industrial and commercial clients.

According to Garbe Industrial, the extension reflects continued tenant demand for modern logistics facilities. Company representatives noted that the agreement supports ongoing cooperation between the two parties.

The logistics building, completed in 2019, has a total area of nearly 19,000 square metres and is fully leased. Under the renewed contract, MBS Logistik uses around 5,900 square metres of warehouse space, 800 square metres of mezzanine storage and approximately 280 square metres of office space. The remaining areas are leased long term to another logistics operator.

The property is situated on a plot of about 34,400 square metres within the Port of Regensburg, close to the Danube and the port basin. The location provides road, rail and water transport connections. Access to the A3 and A93 motorways is available via the nearby Odessa-Ring and the B15 federal road, while freight railway tracks run directly alongside the logistics complex.

Cushman & Wakefield Echinox appointed to sell HempFlax agricultural portfolio in Romania

Cushman & Wakefield Echinox has been mandated on an exclusive basis to market and sell an agricultural portfolio in Romania owned by HempFlax Netherlands, a company active in hemp cultivation and processing. The assets are located in the Sebeș–Alba Iulia area.

The portfolio includes nearly 800 hectares of contiguous agricultural land situated close to an existing processing facility. The transaction also covers related agricultural equipment and machinery. According to the adviser, the scale and configuration of the land allow for various types of farming or agribusiness use.

The properties are positioned in a region known for industrial activity, with established automotive, wood-processing and food production operations nearby. Market participants note that agricultural land values in Romania remain below those in many Western European countries, which has supported investor interest in recent years.

HempFlax’s decision to divest its Romanian assets follows a shift in the company’s strategic priorities toward activities closer to its core Western European markets and a stronger focus on value-added processing rather than large-scale primary production.

Despite the company’s exit, the land and associated infrastructure remain available for potential agricultural or mixed agribusiness development. Cushman & Wakefield Echinox stated that both domestic and international investors are being targeted in the sales process.

HempFlax was founded in 1993 and operates hemp cultivation and processing facilities in several European countries, including the Netherlands, Germany and Romania, with production sites in Oude Pekela and Alba Iulia.

Scrap Export Restrictions from Ukraine Raise Concerns for Polish Steel Producers

At the start of 2026, companies in Poland’s steel sector are facing renewed uncertainty over the availability of key raw materials. For several years the industry has been under pressure from high energy prices, tighter environmental regulation and competition from producers outside the European Union. In this context, access to metal scrap — an important input for both steel mills and non-ferrous smelters — has become increasingly important for maintaining production levels and controlling costs. Ukraine has traditionally been one of the nearby sources of this material for Polish buyers.

The situation changed at the turn of the year when the Ukrainian government introduced export restrictions covering various categories of metal scrap for 2026. The decision effectively halted regular commercial shipments abroad unless specific exemptions are granted. For Polish manufacturers that had relied on Ukrainian supply, the immediate effect has been reduced availability and upward pressure on prices, alongside the need to identify alternative suppliers in other markets. Facilities that base their production largely on recycled inputs are particularly exposed to such disruptions.

Ukrainian authorities have explained the measure as a way to secure sufficient raw materials for domestic processing industries and to support local employment and tax revenues. Similar export controls on scrap have been used periodically by several countries in recent years, especially during times of economic strain or geopolitical tension. In this case, the timing has drawn attention because the European Union has simultaneously been encouraging shorter and more resilient regional supply chains for strategic materials.

The Polish government has indicated that it intends to address the issue at the European level, arguing that the sudden limitation on exports affects industrial planning and cross-border trade relationships. Officials have also signalled that the matter will be raised in bilateral discussions with Kyiv. From Warsaw’s perspective, the dispute is not only about the steel sector but also about the broader question of how trade preferences and market access should function when one side introduces unilateral restrictions.

Beyond the immediate industrial impact, the episode has added to an ongoing debate about the balance between national economic policy and international trade commitments. Ukraine benefits from preferential trade arrangements and extensive financial and political support from the European Union, yet it also retains the right to regulate the export of certain resources deemed strategically important. Supporters of the restrictions view them as a temporary protective step, while critics see them as a signal of growing economic nationalism.

For now, the practical outcome is a tighter regional scrap market and higher input costs for some European producers. Whether the restrictions will remain in place for the entire year or be adjusted under diplomatic or economic pressure remains uncertain. The development illustrates how decisions taken in one country’s domestic policy sphere can quickly ripple across neighbouring industries and supply networks.

Source: WEI-Warsaw Enterprise Institute

Jitka Steinmetz joins Manova Partners as Chief Operating Officer

Manova Partners has appointed Jitka Steinmetz as Chief Operating Officer, expanding its management structure in response to increasing operational and regulatory requirements in the real estate investment sector. In her new position, Steinmetz will be responsible for the company’s operational activities, with a focus on process development, organisational structures, governance and technological infrastructure.

Steinmetz brings more than 15 years of international management experience in senior operational roles. Prior to joining Manova Partners, she served as Chief Operating Officer at a digital strategy and software development company, where she also held the position of Managing Director. In that role, she oversaw operations across several European branches, managing approximately 1,500 employees and an annual sales volume of around €140 million. Earlier in her career, she worked as Director of Operations at McKinsey & Company, coordinating operational functions across multiple Central European markets.

Commenting on her appointment, Steinmetz said, “We are currently seeing significant changes around framework conditions for companies, particularly due to regulatory developments, technological advancements and intensifying organisational requirements. I look forward to bringing my experience to Manova Partners and working with the team to advance our operational structures.”

Florian Winkle, Co-CEO of Manova Partners, stated, “We are delighted to have gained such a high-calibre, experienced manager in Jitka Steinmetz. She will make a decisive contribution to the further expansion and success of Manova Partners. In her newly created role as COO, she will drive the strategic diversification of our business in a demanding market environment, master complex organisational challenges and ensure consistent improvement of our customer service offering.”

Deloitte study: majority of commercial real estate companies expect revenue growth in 2026

Most commercial real estate companies anticipate higher revenues in 2026, although expectations have moderated slightly compared with the previous year, according to the Deloitte 2026 Commercial Real Estate Outlook. The study indicates that 83 percent of respondents expect revenue growth in the coming year, down from 88 percent a year earlier, while 68 percent plan to increase operating expenses. In parallel, 65 percent foresee improvements in underlying market conditions such as access to capital, rental levels and vacancy trends, a marginal decline from last year’s figure of 68 percent.

Against this backdrop, nearly three-quarters of surveyed companies intend to raise their level of real estate investment during 2026. Inflation protection was cited as the primary motivation, followed by portfolio diversification and potential tax considerations. The findings suggest that companies continue to view property assets as a tool for balancing financial exposure in a volatile economic environment.

Regional sentiment varied. European respondents expressed the strongest confidence in market prospects, with around 70 percent expecting more favourable conditions in leasing, lending and capital market financing. Companies in the Asia-Pacific region were comparatively more cautious, with 63 percent anticipating improvements but close to one in five expecting conditions to worsen, particularly in relation to financing costs and capital availability. In North America, expectations were more neutral, with roughly a quarter of participants predicting stable trends in rents, vacancies and funding costs.

Overall industry sentiment, measured through Deloitte’s sector index, remained elevated at 65 points out of 100, significantly above levels recorded in 2023 and only slightly below last year’s peak. Respondents identified access to capital as the most influential macroeconomic factor for 2026, moving sharply up the ranking compared with the prior year. Other concerns included interest rates, financing costs, currency fluctuations and tax policy changes. Cybersecurity risks declined in perceived importance, while employee retention moved higher on the list of business challenges. International trade policy appeared as a newly identified risk, ranking particularly high among Asia-Pacific participants.

“Developments in the real estate market are closely linked to the economic conditions in the respective market, so the optimism of the participants to the study indicates that they are adapting on the go to the volatility of the business environment they have faced over the recent years and are increasingly relying on the speed of reaction, while also quickly identifying long-term development opportunities. In Romania, real estate companies are counting on a gradual decrease in inflation and, implicitly, in financing costs this year, but also on the continuation of public investment, especially in infrastructure, which can generate increased demand in the real estate market (industrial, logistics, retail, offices, etc.),” said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal, and Real Estate Industry Leader at Deloitte Romania.

In terms of asset preferences, properties linked to the digital economy, including data centres and telecommunications infrastructure, ranked highest among investment targets. Logistics and warehousing moved into second position, while industrial and manufacturing assets slipped to third place. Office properties in both suburban and central locations improved their standing compared with the previous year, indicating a partial return of investor interest in the office segment.

The survey also noted a moderation in expectations surrounding artificial intelligence adoption within the sector. Around one fifth of respondents reported being at an early stage of implementation, while more than a quarter cited challenges such as technical limitations, limited expertise and organisational resistance.

The Deloitte 2026 Commercial Real Estate Outlook study was conducted among more than 850 commercial real estate companies worldwide, each managing assets exceeding USD 250 million, across Europe, North America and the Asia-Pacific region.

Source: Deloitte

WDP reports higher earnings and sets new growth targets through 2030

Warehouses De Pauw (WDP) reported increased earnings and continued leasing activity across its European logistics portfolio in its full-year 2025 results, while outlining a new five-year growth plan extending to 2030.

For 2025, the company achieved EPRA earnings per share of €1.53, representing a year-on-year improvement when adjusted for one-off items and regulatory changes affecting prior results. Dividend guidance for the year was confirmed at €1.23 per share. WDP stated that performance was supported by a combination of internal rental growth, development deliveries and acquisitions, alongside stable operating margins and controlled financing costs.

Leasing activity remained strong throughout the year, with more than 550,000 square metres of new lease agreements signed across both existing assets and development projects. Portfolio occupancy stood at 97.7 percent at the end of December 2025. The share of pre-let projects under development increased to above 80 percent, compared with 60 percent a year earlier, indicating continued demand for logistics space in the company’s core markets.

WDP’s total portfolio reached approximately 9 million square metres, with 750,000 square metres of fully pre-let developments and acquisitions delivered during the year. The active investment pipeline amounted to €708 million, providing visibility on future rental income growth. Portfolio valuation recorded a modest positive adjustment, while reported yields remained broadly stable.

On the financing side, the company highlighted an improvement in its credit profile, including an upgrade from Moody’s and the successful issuance of a €500 million public bond. Equity increased during the year, supported by retained earnings, an optional dividend and in-kind contributions. Reported leverage ratios remained within previously communicated targets.

Alongside its annual results, WDP introduced a new strategic plan covering the period 2026 to 2030. The company aims to grow into a logistics platform exceeding €10 billion in assets across Europe, with expansion supported by pre-let developments, selective acquisitions, internal portfolio growth and energy-related initiatives. Gradual market entry into Spain and Italy is also planned.

Under the new plan, WDP targets minimum EPRA earnings per share of €2.00 and a dividend of at least €1.60 by 2030, alongside a cumulative total shareholder return of at least 50 percent over the five-year period. Annual capital expenditure of around €500 million is expected to be largely financed internally, with debt levels maintained within established leverage parameters.

For 2026, the company forecasts EPRA earnings per share of approximately €1.60 and a corresponding dividend increase to €1.29, subject to market conditions and macroeconomic developments.

Deka Immobilien acquires premium hotel property in Vienna

Deka Immobilien has purchased the five-star Andaz Vienna Am Belvedere hotel for approximately EUR 92 million. The seller was a joint venture between affiliates of Hyatt Hotels Corporation and Signa Development Selection AG. The asset will be incorporated into the portfolio of the WestInvest InterSelect open-ended real estate fund.

The hotel, completed in 2019, comprises 16 floors and 303 guest rooms, including 44 suites. Facilities include four dining outlets, conference and event areas, a fitness and wellness zone, and an underground car park with 233 spaces, of which 62 are allocated to hotel use. The property is fully leased on a long-term agreement to MHP Hotel am Schweizergarten GmbH, part of MHP Hotel AG. It currently operates under Hyatt’s Andaz brand and is scheduled to transition to the Hyatt Regency brand in April 2026.

The building is located at Arsenalstraße 10 in Vienna’s Belvedere district, positioned between the city’s main railway station and the Belvedere Palace. The surrounding area, developed between 2012 and 2019, has become a mixed-use zone combining cultural institutions, office buildings and residential projects. The property holds LEED Gold environmental certification.

According to the fund management of WestInvest InterSelect, the acquisition represents the fund’s first hotel investment in Vienna and is intended to provide stable long-term rental income through a property in a central location.

Photo: Hyatt

São Paulo Office Market in 2025 Shows Gradual Recovery Driven by Prime Locations

São Paulo’s office real estate market in 2025 showed clearer signs of recovery than in previous years, supported by steady corporate activity and a limited volume of newly completed buildings. The balance between supply and demand gradually improved as several planned developments were postponed or delivered later than expected, reducing the amount of additional space entering the market. This situation contributed to a noticeable decline in empty offices across many of the city’s main business districts.

Leasing activity remained concentrated in central and well-established commercial corridors, where companies continued to prioritise accessibility, modern infrastructure and proximity to services. Financial firms, technology companies and professional service providers were among the most active occupiers, often choosing recently refurbished or newly built properties that offer flexible layouts and energy-efficient systems. As a result, the best-located and most modern buildings reported stronger occupancy levels, while older stock in secondary areas continued to face slower take-up.

Rental prices in prime locations experienced moderate upward movement during the year, reflecting improved confidence among landlords of high-quality assets. In contrast, owners of less competitive buildings frequently relied on incentives or renovation plans to maintain tenant interest. The divergence between premium and secondary properties became more pronounced, highlighting the growing importance of building standards, environmental performance and workplace amenities in tenant decision-making.

Investment in office assets in São Paulo remained selective but active, with buyers focusing primarily on properties that demonstrate stable income streams and long-term leasing potential. Institutional investors showed interest in assets located in established business zones, particularly those with modern technical specifications or recent upgrades. Transactions involving buildings that required significant capital expenditure were less common, as investors continued to prioritise predictable returns over opportunistic acquisitions.

Overall, 2025 was characterised by gradual strengthening rather than rapid expansion. The market’s progress was driven less by large-scale growth and more by the absorption of existing space, delayed new supply and a continued shift toward higher-quality workplaces. São Paulo’s office sector entered the year with cautious expectations and ended it with improved occupancy levels in key districts, though challenges remained for older or poorly located properties.

Rio de Janeiro Office Market in 2025 Marked by Stabilisation and Asset Repositioning

Rio de Janeiro’s office property market in 2025 continued to adjust to slower corporate expansion and changes in workplace strategies that began in previous years. While economic conditions in Brazil showed gradual stabilisation, demand for traditional office space in the city remained uneven, with many companies maintaining hybrid work models and reassessing their long-term space requirements.

Leasing volumes over the course of the year were generally moderate, with most transactions concentrated in higher-quality buildings located in established business districts such as Centro and Barra da Tijuca. Larger occupiers, including public institutions and companies linked to the legal and energy sectors, accounted for a noticeable share of new agreements and renewals. However, the overall pace of new occupier entry into the market was limited compared with earlier growth cycles.

Vacancy levels stayed relatively high across the city, particularly in older buildings that struggle to compete with newer developments offering improved technical standards, energy efficiency and flexible floor layouts. Landlords of prime properties were better positioned to maintain stable rental income, while secondary stock often required incentives or refurbishment to attract tenants. Rental prices showed only minor fluctuations during the year, reflecting a balance between cautious tenant demand and owners’ efforts to retain occupancy.

A visible trend in 2025 was the growing interest in repositioning underused office assets. Some property owners began exploring alternative uses for buildings that had experienced prolonged vacancies, including conversions to residential, hospitality or educational functions. This approach reflects a broader reassessment of how centrally located real estate can be adapted to changing urban needs rather than relying solely on traditional office demand.

Investment activity in Rio’s office sector remained selective. Transactions occurred primarily for well-located or modern assets with stable tenant profiles, while investors showed limited appetite for properties requiring significant capital expenditure or facing uncertain leasing prospects. As a result, deal volumes were modest compared with other commercial real estate segments.

Overall, the year was characterised less by expansion and more by consolidation and repositioning. The market continued to function, but with a focus on asset quality, tenant retention and long-term adaptability rather than rapid growth. These dynamics suggest that Rio de Janeiro’s office sector is moving through a period of structural recalibration rather than short-term cyclical change.

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