Czech developer Lordship has secured key city approval for the reconstruction of Bratislava's Hotel Kyjev. This development highlights ongoing investment activity and market potential in the Slovak capital, a crucial factor for businesses evaluating office and warehouse opportunities.
Slovakia and the rest of the Central and Eastern European region are facing a favorable investment period in the field of commercial real estate. The dynamics that the sector is experiencing are in contrast to the geopolitical tensions and trade uncertainties that are affecting Western markets. While in Western Europe investors consider the risks associated with inflation, high interest rates and trade restrictions, the CEE region (Central and Eastern Europe) benefits from favorable structural factors, relatively low costs and a growing consumer base.
The volume of office leases in Bratislava increased by 36 percent year-on-year and total leasing activity reached 62,847 square meters. However, new office construction on the Bratislava market is stagnating, with three projects currently under construction. Despite the high vacancy rate, the supply of modern, quality offices remains limited, which creates pressure on premium rents. This is according to an analysis by real estate consultancy CBRE.
The office space market in Central and Eastern Europe is being affected by various factors, including changing working habits due to hybrid working, as well as geopolitical challenges. Cities such as Warsaw, Budapest and Prague are becoming centers of demand for modern office space, which must meet high standards of sustainability and flexibility. Given the growing demand for smart and flexible spaces, investors are focusing on renovating older buildings and constructing new ones that match the trends of hybrid working.
The Slovak real estate market struggled with high interest rates and investor uncertainty in 2024, leading to a 19 percent year-on-year decline in investment. However, some sectors showed resilience – retail and residential real estate saw growth. 2025 should bring a revival in investment activity, mainly due to falling interest rates and growing interest in larger transactions.
The new Construction Act, which will enter into force on 1 April 2025, brings with it a number of significant changes that should significantly affect construction and construction procedures in Slovakia. The new Construction Act has a positive impact on the efficiency of construction processes, promises a significant reduction in the administrative burden and should strengthen the professionalization of the state construction administration. Are brighter times ahead?
The third annual Green Roof of the Year 2024 competition, organized by the International Climate Adaptation Research Institute, brought awards for the best green roofs in Slovakia. The winners of various categories were announced at the international conference in Bratislava, including two-time winners Matej Erd from industrial stavieb.sk and Richard Masár from Landart in the categories "Public Green Roof 2024" and "Green Roof 2024 - Innovations".
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