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In this November issue of our IVG Market Tracker, you may join us as we take a closer look at the situation in the 5 most important commercial office real estate markets in the region Eastern Central Europe. Sound bulky, geographically speaking? That's because it IS bulky - yet the classic CEE categorisation falls short of capturing the current market and investment structures formed by the countries Poland, Czech Republic, Hungary, Slovakia, and Austria.
With a view to the financial market crisis that started in 2008, the "group of four" consisting of the countries Hungary, the Czech Republic, Poland and - trailing them at some distance - Slovakia radically repositioned themselves. The winner when it comes to the favour of investors is Poland. Indeed, the currently most-favoured country experienced no recession at all, as virtually every market presentation is quick to point out, and the 2012 European Football Championship will keep the underlying demand dynamic up to speed. As a matter of fact, it does seem as if Poland has played its cards right throughout the crisis so far. Hungary, by contrast, is learning the hard way to what extent economic sentiment has come to manipulate the investor opinion. The public awareness of Hungary as an investment location is currently impacted by the ongoing Forint crisis and disturbing talk in the political arena. Meanwhile, an analysis of the Hungarian office real estate market has kindled hopes for a shift in trend even if the investment activity remains shock-frozen. Somewhere between overachieving Poland and ailing Hungary, you have the Czech Republic with its capital Prague and the smaller, but structurally sound Slovakian capital of Bratislava. And once you add the Austrian capital of Vienna to this circle dance of locations, it becomes quite evident that investor capital continues to take the same definitive approach.
This brief outline is to get one point across to investors: The end of the erstwhile CEE delineation is nothing more than the crystallisation of an autonomous and strongly differentiated location and market structure - especially in the eyes and investment strategies of "foreign investors."
Fonte: Ufficio Studi IVG
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