Weekly CRE Market Commentary

CTP's 104,000 sqm Iłowa Lease and P3's New CEO Cap a Week of Logistics Leadership Moves

CTP secured over 104,000 sqm across two new leases at CTPark Iłowa in western Poland, driven by Asian-linked e-commerce and third-party logistics demand, while P3 Logistic Parks appointed Simon Carter, formerly of British Land and Logicor, as its new CEO. Poland's warehouse market vacancy fell to a three-year low of 6.6%, confirming that logistics remains the CEE region's most structurally tight asset class.

Market Mood

Poland's warehouse market entered what EuropaProperty and Property Forum both described as a new cycle phase this week, with net take-up surging 58% year-on-year in H1 2026, vacancy declining to 6.3% nationally and to a three-year low of 6.6% by the most recent count, and space under construction falling to a nine-year low. This combination of strong occupier demand and constrained new supply is beginning to translate into rental growth and, per market commentary, may soon stimulate a return of speculative development after several cautious years. Leadership continuity questions also touched the sector: P3 Logistic Parks announced Simon Carter as CEO-designate from September 7, formally taking over September 17 from Frank Pörschke, with a mandate to sharpen customer and operational focus as the firm pursues its ambition to be Europe's leading logistics real estate investor and developer.

Where Capital Is Moving

CTP's 104,000+ sqm leasing at CTPark Iłowa stands out as one of the largest logistics transactions of the week, reflecting sustained demand from Asian-linked e-commerce supply chains and third-party logistics operators establishing or expanding western Polish distribution footprints. Harden Construction completed Hall A at Panattoni Park Warsaw North III in Nadma, featuring automated warehouse racking and smart building systems. Martley Capital Group launched Amber, a new industrial platform targeting last-mile and urban industrial assets across Poland with an initial target of building a €200 million portfolio, seeded by two Upper Silesia acquisitions, a further sign that specialist last-mile logistics platforms are proliferating as a distinct CEE investment strategy.

In energy infrastructure, Futureal Group and Mithra Energy sold their 438 MW battery energy storage system project in Trębaczew, Poland, to ENGIE, with grid connection targeted for the end of 2029, one of the largest single BESS transactions in the region this year and a clear signal of utility-scale strategic buyers entering the Polish storage market at commercial operating scale.

Office leasing activity remained robust across multiple cities. Vastint secured over 8,600 sqm in new and extended leases at Business Garden Wrocław with tenants including Ceneo, COWI Polska, and VSB Energie Odnawialne Polska. Hyundai Motor Poland expanded its Warsaw office by nearly 30% to almost 1,700 sqm at Wołoska 24, and Sescom Group relocated its headquarters to the top floor of Gdańsk's Alchemia complex to serve as a central hub for its expansion across more than ten European countries.

In hospitality, Essendi sold the Sofitel Warsaw Victoria to DeSilva Group as part of a repositioning strategy toward owned economy and midscale hotels, marking DeSilva's step into the premium Warsaw segment with Accor continuing to manage the property. Radisson Hotel Group and Danubius Hotels opened Hotel Erzsébet City Center Budapest, Hungary's first Radisson Individuals property, following comprehensive renovation of the 126-room asset.

CEE/SEE

GEMO a.s. is progressing with the Dornych mixed-use development in central Brno, a brownfield regeneration project valued at over CZK 7 billion that will deliver 60,000 sqm of office space and 186 rental apartments, incorporating extensive geothermal boreholes for heating and cooling. SPEEDWELL Development entered the final phase of PALTIM in Timișoara, investing approximately €24 million to add 108 apartments and 1,200 sqm of retail and service space, having adjusted the project's functional mix from office to residential to better match current local demand. Matexi Polska listed PLN 105 million in Series D bonds on Poland's Catalyst exchange to refinance debt and fund further residential development, while Cordia Romania appointed Concelex as general contractor for its €65 million, 274-apartment Centropolitan scheme in Bucharest, targeting H2 2028 completion.

Romania's residential market showed signs of slowing, with nationwide apartment sales down approximately 9% in H1 2026 and Bucharest down 2%, though Bucharest showed a promising 3.6-fold increase in authorised residential net area, suggesting future supply constraints may ease. Bucharest's investment yields were separately confirmed to remain well above Western European levels across major asset classes, reinforcing the city's relative value proposition for regional and international investors alike.

Slovenia and Adriatic

Marjan Batagelj and Brilosa announced a €140 million investment to build nearly 600 affordable apartments in Ljubljana's Sibirija area on land acquired along Cesta dveh cesarjev, one of the largest single residential development commitments announced in the Slovenian capital this year. Ljubljana apartment prices renewed their sharp upward trajectory in Q2, surpassing €5,000 per sqm according to the latest market data. Box Now Slovenija outlined plans to expand its parcel locker network beyond 50,000 units nationally, underscoring continued last-mile logistics infrastructure investment in the Slovenian market. Prague was ranked 7th among Europe's most attractive cities for hotel investment in CBRE's 2026 investor intentions survey, with over 90% of European investors planning to maintain or increase hotel capital allocation.

Outlook

The combination of CTP's Iłowa lease, Martley's new industrial platform, and Poland's three-year vacancy low all point to logistics remaining the CEE sector investors and developers are most confident deploying capital into through year-end. P3's leadership transition under incoming CEO Simon Carter will be worth watching for any strategic recalibration at one of Europe's largest logistics platforms. In residential, Batagelj's Ljubljana Sibirija project and the broader Romanian slowdown present a study in contrasts: Slovenia's capital is seeing bold new supply commitments even as prices climb, while Bucharest's near-term sales softness masks a building supply pipeline that could reshape the market by 2028.

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<sup>EuropaProperty
- EuropaProperty — Panattoni Park Wałbrzych secures nearly 20,000 sqm e-commerce lease — https://europaproperty.com/e-commerce-firm-leases-nearly-20000-sqm-at-panattoni-park-walbrzych/
- EuropaProperty — Industrial market shows revival as demand grows by over 21% — https://europaproperty.com/industrial-market-shows-revival-as-demand-grows-by-over-21/
- EuropaProperty — Hellmann Worldwide Logistics Polska joins MLP Poznań — https://europaproperty.com/hellmann-worldwide-logistics-polska-joins-mlp-poznan/
- EuropaProperty — Vastint with 8,600 sqm of new office leases in Wroclaw — https://europaproperty.com/vastint-with-8600-sqm-of-new-office-leases-in-wroclaw/
- EuropaProperty — PALTIM enters its final development stage in Timișoara — https://europaproperty.com/paltim-enters-its-final-development-stage-in-timisoara/
- EuropaProperty — Futureal and Mithra Energy sell large BESS project in Poland — https://europaproperty.com/futureal-and-mithra-energy-sell-large-bess-project-in-poland/
- EuropaProperty — Sescom Group Opens New Headquarters at Alchemia — https://europaproperty.com/sescom-group-opens-new-headquarters-at-alchemia/
- EuropaProperty — Hyundai Motor Poland expands its office at Wołoską — https://europaproperty.com/hyundai-motor-poland-expands-its-office-at-woloska/
- EuropaProperty — Decathlon extends stay at Vis à Vis Wilanów — https://europaproperty.com/decathlon-extends-stay-at-vis-a-vis-wilanow/
- EuropaProperty — Serviced office operator The Shire stays at Kraków's Korona — https://europaproperty.com/serviced-office-operator-the-shire-stays-at-krakows-korona/
- EuropaProperty — Net Take-Up Surges 58% as Large Warehouse Space Becomes Increasingly Scarce — https://europaproperty.com/net-take-up-surges-58-as-large-warehouse-space-becomes-increasingly-scarce/
- EuropaProperty — Momentum builds in the Polish warehouse market — https://europaproperty.com/momentum-builds-in-the-polish-warehouse-market/</sup>

<sup>Property Forum
- Property Forum — Martley Capital launches industrial platform in Poland — https://www.property-forum.eu/news/martley-capital-launches-industrial-platform-in-poland/22009
- Property Forum — Matexi Polska lists bonds on Catalyst exchange in Poland — https://www.property-forum.eu/news/matexi-polska-lists-bonds-on-catalyst-exchange-in-poland/22007
- Property Forum — Cordia Romania appoints Concelex for Centropolitan project — https://www.property-forum.eu/news/cordia-romania-appoints-concelex-for-centropolitan-project/22005
- Property Forum — Simon Carter joins P3 Logistic Parks as CEO — https://www.property-forum.eu/news/simon-carter-joins-p3-logistic-parks-as-ceo/22011
- Property Forum — GEMO builds mixed-use Dornych complex in Brno — https://www.property-forum.eu/news/gemo-builds-mixed-use-dornych-complex-in-brno/22021
- Property Forum — Essendi sells Sofitel Warsaw Victoria to DeSilva Group — https://www.property-forum.eu/news/essendi-sells-sofitel-warsaw-victoria-to-desilva-group/22019
- Property Forum — Radisson Hotel Group opens first Individuals hotel in Hungary — https://www.property-forum.eu/news/radisson-hotel-group-opens-first-individuals-hotel-in-hungary/22010
- Property Forum — Romania's residential market slows down — https://www.property-forum.eu/news/romanias-residential-market-slows-down/22016
- Property Forum — Bucharest yields remain well above Western European levels — https://www.property-forum.eu/news/bucharest-yields-remain-well-above-western-european-levels/22028
- Property Forum — CTP signs 104,000 sqm at CTPark Iłowa in Poland — https://www.property-forum.eu/news/ctp-signs-104000-sqm-at-ctpark-ilowa-in-poland/22026
- Property Forum — Harden Construction completes Panattoni Park Warsaw North III — https://www.property-forum.eu/news/harden-construction-completes-panattoni-park-warsaw-north-iii/22025
- Property Forum — CBRE survey puts Prague in Europe hotel investment top ten — https://www.property-forum.eu/news/cbre-survey-puts-prague-in-europe-hotel-investment-top-ten/22032</sup>

<sup>Finance.si
- Finance.si — Megaprojekt Marjana Batagelja: v ljubljanski Sibiriji bo gradil skoraj 600 stanovanj — https://www.finance.si/megaprojekt-marjana-batagelja-v-ljubljanski-sibiriji-bo-gradil-skoraj-600-stanovanj/a/9050705 — Author: Mateja Bertoncelj
- Finance.si — Razkrivamo najnovejše podatke s trga nepremičnin: cene v Ljubljani znova krepko navzgor — https://www.finance.si/razkrivamo-najnovejse-podatke-s-trga-nepremicnin-cene-v-ljubljani-znova-krepko-navzgor/a/9050505 — Author: Jurij Šimac
- Finance.si — Kristina Šlatka, Box Now Slovenija: Cilj je mreža z več kot 50 tisoč paketnimi predali — https://www.finance.si/logistika-%26-prevozi/kristina-slatka-box-now-slovenija-cilj-je-mreza-z-vec-kot-50-tisoc-paketnimi-predali/a/9050908 — Author: Barbara Pavlin</sup>

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