According to CB Richard Ellis, rents for office space in Central and Eastern Europe have fallen in 2Q05 by 2.6% yoy to EUR 18.5 per sqm in Prague, 9.1% yoy to EUR 20 per sqm in Warsaw and 5.6% yoy to EUR 17.0 per sqm in Bratislava. Rents remained flat in Budapest and Bucharest at EUR 16.5 and EUR 17.0 per sqm. We believe that rents are bottoming out in CEE while tenants are becoming more demanding in terms of quality and location of the office space.