Karimpol starts Warsaw office building without pre-lease requirement
Developer Karimpol has started construction works on the second phase of the Equator offices, a 21,000-sqm development in Warsaw.
The building permit has already been obtained and the first tenants are planned for October 2011. The general contractor is PORR. Equator II is a development of Zenith Real, a subsidiary of the Karimpol Group.
Martin Prokes, representing the Karimpol Group, announced that the construction of Equator II will start with no pre-lease requirement.
“This is an important but rare step on the Warsaw and wider CEE market, and represents a growing level of confidence in market conditions into 2011 and beyond,” he said.
Ewelina Kauuyna, senior consultant at Jones Lang LaSalle, added: “Because of the global financial crisis the Warsaw real estate market was restricted. Most of the investments scheduled to be delivered in 2010 and 2011 were blocked by banks not willing to grant financing. Equator II is one of only a few office buildings to be developed without a signed pre-lease agreement.”
ProLogis leases 35,100 sqm in Europe
Industrial developer ProLogis has signed agreements to lease 35,100 sqm for its development portfolio.
It has leased 9,700 sqm at ProLogis Park Neuenstadt Building One, in the trade and industrial park of Unteres Kochertal (GIK), which is located in the city of Neuenstadt, south-west Germany. Another 7,500-sqm lease was signed for ProLogis Park Bologna, in Italy, as well as a 6,300-sqm lease for ProLogis Park Clesud Building Seven, located in the south of France, among others.