The construction works of located in Cracow Avestus Real Estate have begun. The result of the two-phase construction process will be a modern complex Enterprise Park that will consist of three office buildings.
Eiffage Budownictwo Mitex SA. Avestus, the general contractor of the investment, plans to finish the first phase before September 2012. This phase is expected to deliver 15 K. sqm. of office space fulfilling BREEAM requirements.
There is no new speculative investments on the office market in the central districts of Krakow – said Guy Speir, a marketing and leasing director for East-Central Europe in Avestus RE for East. Despite the current high demand in Cracow, we anticipate even bigger interest in 2012 when the supply of the new space and the availability of vacant buildings will fall - he added. Expected increase in demand in next year conveyed the investor to commence speculative investments. Avestus undiscouraged by relatively heightened investment risk and lack of guaranteed lease of the entire building or its portion available via pre-let agreements have decided on securing the building by Raiffeisen Bank Polska SA.