WARSAW-Colliers International has hired Sean Dowsey as director of real estate management services for Central and Eastern Europe, for its office here. He has 13 years of experience in asset and property management. Dowsey was most recently with Carpathian Asset Management in London. Carpathian did not respond to inquiries from GlobeSt.com

The current status of the commercial real estate markets in CEE can be described as positive and continuing to improve, Dowsey tells GlobeSt.com. “Overall, 2010 produced a substantial improvement in volumes of investment transactions at $5.2 billion which is an increase of 94% on 2009 figures, although this is still somewhat short of a longer term turnover rate of $7 billion to $8.5 billion,” he says. “However, Poland and the Czech Republic have seen the most improved outlook with Hungary, Romania and the other CEE countries a little way behind due to the stronger impact of the recession in those markets,” he says.

One of the largest deals in CEE was completed for the $141 million sale of a prime office building in Bucharest at the end of 2010, he says. Colliers advised the buyer in the purchase.

Dowsey says while austerity packages, inflation and various other economic factors continue to affect the CEE countries in 2011, to varying degrees by country, the prospects for growth are there particularly in the stronger markets of Poland and Czech Republic. “Most institutional capital remains focused on these two ‘core’ CEE markets. Outside of these two markets, growth is improving and opportunities are there for investors to take advantage of current pricing levels with increasing interest in the Romanian market in particular, along with Hungary and Slovakia,” he says.