ZEITGEIST Asset Management

21/08/2026

Poland: a market where the PRS story is only just beginning to bloom.

The latest Centrum AMRON report (https://amron.pl/en/analizy_i_publikacje/evolution-instead-of-revolution-why-have-polands-prs-and-pbsa-sectors-abandoned-the-sprint-in-favour-of-a-marathon/) paints a clear picture: Poland's PRS sector has reached 29,900 units – a tenfold increase since 2018. Sounds mature? The numbers tell a different story.

That's still just 0.2% of the national housing stock. 98% of Polish housing remains privately owned. In Western Europe, institutional rental accounts for double-digit percentages of the market – here, that story is just beginning.

What we see as the foundations of this growth:

👉 Rising home prices and limited mortgage access mean owning your own place by 30 is no longer a given for a growing share of Poles
👉A rising group of "renters by necessity" who expect more than a unit — they expect stability, predictability, and professional management
👉 Warsaw accounts for over a third of national PRS stock, but Wroclaw and Krakow are closing the gap fastest
👉 In parallel, PBSA (purpose-built student accommodation) is scaling toward 25,000 beds, driven by chronic underinvestment in public dormitories

Yes, there are barriers – high land prices, regulatory uncertainty, a limited supply of projects built with institutional rental in mind. But those barriers are exactly why there's still so much room to build. A market where everything is already solved offers no edge to those who know how to build and manage quality.

At Zeitgeist, we see Poland as one of the most compelling destinations for long-term living-sector capital in Central Europe, backed by strong demographic fundamentals, a real supply gap, and space to build something from the ground up.

Currently in Poland, Zeitgeist operates around 400 rental apartments under the HOME by Zeitgeist brand and nearly 850 student beds under the Zeitraum Student Housing brand.

23/04/2026

Thrilled to share that ZEITGEIST Asset Management has made it to the CEEQA Awards 2026 shortlist!

Keep fingers crossed 🤞 for the nominations of:
🔹 BARBARY HOME by Zeitgeist - our latest PRS project, located in a refurbished historical townhouse in the very heart of Warsaw
🔹 Peter Noack - as the Industry Leader of the Year

The winners will be announced at the CEEQA Gala on May 20th at the Wyścigi Racecourse in Warsaw.

We hope you’ll join us at the event—looking forward to connecting and chatting soon!

10/03/2026

To accompany our presence at MIPIM, we are pleased to share our latest interview for Property Forum, showcasing how ZEITGEIST is scaling its PRS and PBSA platform across Central and Eastern Europe.

We talk about why Czechia and Poland remain the core markets, where we currently manage around 1,000 long-term rental apartments and 2,000 student beds, and why we believe up to 25% of households will migrate towards high-quality, professionally managed rental housing in the coming years.

We discuss how hybrid projects like ZEITRAUM Racławicka in Kraków – combining 249 student beds with 182 fully furnished serviced apartments – are helping us future-proof our assets by flexibly responding to changing urban living patterns, remote work and evolving lifestyle expectations.

Finally, we address office-to-living conversions such as Táborská in Prague and ZEITRAUM Solec in Warsaw, which turn underperforming, well-located office buildings into much-needed housing and student accommodation, aligning strong investment performance with urban revitalization and ESG goals.

We invite you to read the full conversation and to meet us in Cannes to continue the discussion on the future of rental living in the CEE region

Institutional rental housing and student accommodation are expanding rapidly across CEE as urbanisation, housing shortages and changing lifestyle patterns reshape demand. At the same time, investors are increasingly exploring conversions, hybrid living concepts and heritage revitalisations to create...

03/03/2026

We are pleased to share that we have completed the changes in the ownership structure of ZEITGEIST Asset Management, s.r.o. As part of the transaction, the Family Office of co‑founder Sebastian Junghänel has sold its shareholding to Family Office Noack, s.r.o., concluding a long‑standing entrepreneurial partnership.

Following the transaction, ownership is held with 85% by Family Office Noack, s.r.o. and 15% by RAV SICAF. This new structure marks the beginning of a stable next phase for ZEITGEIST and is intended to support continued and accelerated investments in key real estate assets across Europe.

Since 2014, ZEITGEIST has managed a portfolio of 67 projects in five countries, totaling approximately 340,000 sqm and €1.2 billion in Assets under Management. In real estate development, the company focuses on three core areas: Living, Working, and Revitalizing.

“I am proud of what we have built together at ZEITGEIST over the past years and of the team we have developed across markets. The sale of my family office’s stake to Family Office Noack is a natural next step and creates a clear, long‑term ownership structure. I am confident that ZEITGEIST is in very good hands and well positioned for its next growth phase,” says Sebastian Junghänel.

“This ownership change is an important step for us. With a strengthened capital structure and a long‑term oriented shareholder base, we are even better positioned to execute our sustainable development strategy and deliver high‑value projects,” states Peter Noack, Founding Partner and CEO of ZEITGEIST Asset Management.

In the photo:
Peter Noack, Founding Partner and CEO of ZEITGEIST Asset Management
Zdena Noack, CEO of ZEITRAUM

05/02/2026

There's nothing like ringing in the new year in a perfectly designed space 🙂 We are delighted to have settled into our cozy Warsaw office, which we built on the roof of a historic tenement house in the heart of Warsaw. Every element of the interior has been carefully thought out to support the focus, creativity, and well-being of the team that takes our Polish projects to the next level.

“The main function of the office was to support us in our daily work, helping us stay focused on what really matters and keeping us away from the distractions of the market,” says Tomasz Dąbrowski, Managing Director of ZEITGEIST Asset Management Poland.

30/01/2026

We are celebrating! Zeitraum, a daughter company of Zeitgeist, marked its tenth anniversary on the Czech market. Over the past decade, it has become one of the largest private providers of high-quality student accommodation and serviced apartments in the Czech Republic and Poland.

Today, Zeitraum operates three apartment buildings in the centers of Prague and Pilsen and manages seven dormitories in Prague, Krakow, and Warsaw, offering a total of over 2,000 beds. The company plans to expand to other university cities in the Czech Republic and beyond. Within three years, it intends to increase the number of beds by 700-1,000.

"When we started ten years ago, the concept of private student housing with full service, modern design, and flexible rental periods was virtually unknown in the Czech Republic. We have gradually expanded our portfolio to include serviced apartments for the general public," says Zdena Noack, CEO of Zeitraum, adding: "Today, we are proud to have helped define a new standard in this segment.”

Here’s to the next decade of innovation and growth! 🚀

13/01/2026

Great news! We are entering 2026 with even more ready-to-move-in living options: from January, the second tranche of serviced rental apartments at ZEITRAUM Racławicka in Kraków has been opened, 👉bringing the total offer to 182 units available for tenants.

Each apartment comes fully furnished and equipped to a high standard – from a comfortable sofa, through a fully fitted kitchen and bathroom, to bedding, towels, dishes and even small everyday essentials.

Residents have access to high-quality common areas designed to foster well-being and a sense of community, including a well-equipped gym and a dedicated yoga room.

🔸COMFORT, AMENITIES, LOCATION
For even greater everyday comfort, the property provides an underground garage and above-ground parking spaces, as well as bicycle racks and access to on-site services. A flexible rental model and the option of serviced apartments (including cleaning and linen changes) mean that all key needs are handled in one place.

ZEITRAUM Racławicka is a modern mixed-use development combining a student house and serviced apartments. It is located in Kraków’s dynamic Krowodrza district, just next to the railway station, from where you can reach Kraków Główny in only a few minutes. The neighborhood offers a wide range of restaurants, services and sports facilities.

We warmly invite professionals, students and anyone looking for comfortable, flexible and community-oriented living to discover our newly available serviced apartments!

The building is operated by ZEITRAUM, a daughter company of ZEITGEIST Asset Management.

09/01/2026

Ending the last year on a creative note, 🔹we took part in the Between Orthodoxy and Creation (Między ortodoksją a kreacją) architectural and conservation conference - 🔹an inspiring event that brought together architects, investors, local activists, artists, and public officials to exchange perspectives on revitalization and heritage.

Tomasz Dabrowski, Managing Director at ZEITGEIST Asset Management, together with Dorota Gołębiewska from Zabytki Kompleksowo, shared 🔹how we prepared the nearly 100-year-old Telecommunications and Telegraph Office for revitalization — uncovering its rich history and architectural value.

Marek Kaszewski, Project Manager at ZEITGEIST Asset Management, presented 🔹our Polish revitalization projects, including our latest initiative — the gallery building at 6/8 Św. Barbary Street in the heart of Warsaw, and a townhouse in Old Praga whose walls still recall the events of the January Uprising. He also discussed the architectural transformation of a student dormitory in Solec, created through the conversion of a 1960s office building.

🔹During the final debate of the first day, Tomasz also offered the investor’s perspective on revitalizing historic buildings in contemporary cities — a demanding process that few companies undertake, yet one that remains vital for preserving urban heritage.

Many thanks to the organizers — Oddział Warszawski SARP, SARP, NIAiU, and Trygon Agency — for bringing together the people shaping the future of architecture and conservation.

31/12/2025

The sky is the limit – that is the best way to sum up 2025 for ZEITGEIST and ZEITRAUM Hospitality & Living. Over the past 12 months, we have grown our portfolio, entered new cities, and received international recognition for our projects.

PRS and long‑term rentals
✔️ This year, we completed three PRS projects: Św. Barbary 6/8 and Wrzesińska 2 in Warsaw, as well as Karoliny Světlé 12–14 in Prague.
✔️ Under the HOME by ZEITGEIST brand, we now manage approximately 1,000 long‑term rental apartments, with a portfolio that continues to expand across Central Europe.
✔️ We operate 16 residences in Prague with over 500 units, three in Warsaw with more than 200 units, and four in Gdańsk offering over 200 modern apartments – all fully renovated or newly built.

PBSA and serviced apartments
✔️ In autumn, ZEITRAUM Hospitality & Living opened ZEITRAUM Racławicka in Krakow: a mixed‑use project combining a 289‑bed student residence with 182 serviced apartments.
✔️ ZEITRAUM Racławicka received the 2025 CEE Investment Award for Best Mixed‑Use Project, recognizing the quality of its design, concept, and ex*****on.
✔️ Overall, ZEITRAUM now operates seven dormitories in Prague, Warsaw, and Krakow with more than 1,200 beds, as well as a network of 300 serviced apartments in Prague, Pilsen, and Krakow.

Urban development: “27 ha Möglichkeiten”
✔️ In Berlin‑Hohenschönhausen, the architectural competition for the new urban quarter “27 ha Möglichkeiten” (27 hectares of possibilities) was concluded this year.
✔️ The jury selected the design by Paris‑based ChartierDalix & serp SAS, praising its coherent and forward‑looking urban development concept for this new mixed‑use neighborhood.

Sustainability and certifications
✔️ Palác Dunaj in Prague earned LEED Gold certification, confirming its high standards for health, comfort, and quality of the internal environment.
✔️ Delta Hagibor and ZEITRAUM Racławicka obtained BREEAM certifications, underlining our commitment to sustainable, energy‑efficient residential and mixed‑use projects.

Awards for Palác Dunaj
✔️ 'ESG Champion Building' and 'Office Development of the Year' - the CEEQA2025 Awards
✔️ Legacy (Reconstruction) Development of the Year - the HOF Awards
The Best Office Investment - the Prime Awards

New Warsaw HQ and our team
✔️ This year, we also opened our new Warsaw headquarters in the revitalized townhouse at Św. Barbary 6/8, featuring a bright, airy roof extension with warm, homely interiors that reflect the building’s modernist character.
✔️ The design combines functionality with natural materials such as wood, stone, and soft fabrics, creating a welcoming atmosphere for both the team and our guests.

None of this would be possible without a committed team: Zeitgeist is, above all, wonderful people, highly qualified specialists, and a shared willingness to act.

This is what we wish you in the New Year: teammates who make success possible!

Happy New Year! 🎉

17/12/2025

We've reached another milestone! 🎉 The architectural competition for the new urban quarter “27 ha Möglichkeiten” (27 hectares of possibilities) in Berlin-Hohenschönhausen has been decided. The jury selected the design by the Paris-based firm ChartierDalix & serp SAS, which won with its coherent and forward-looking urban development concept.

The extensive area in Alt-Hohenschönhausen, long dominated by commercial and underused structures, will soon be transformed into a vibrant mixed-use urban quarter — with commercial spaces, about 2.500 residential units, social infrastructure, and generous green areas.

"With the design by ChartierDalix & serp SAS, we have selected a team that clearly recognised the urban development potential of the site. The firm combines design quality with a keen sense of the needs of the local people – exactly the balance needed for a vibrant neighbourhood that will strengthen Alt-Hohenschönhausen in the long term.”, said Steffen Jüstel, ZEITGEIST Asset Management's Managing Director.

The award-winning team merges contemporary design with a strong focus on ecology, seeing architecture as a living system that integrates multiple uses and forms of coexistence.

"The new “27 ha Möglichkeiten” urban quarter in Berlin-Lichtenberg clearly shows how forward-looking urban development can work. The winning design focuses on user-friendly open space design and a resilient mix of commercial, affordable housing, and social and green infrastructure.This combination enables short distances and a connected living environment in which work, education, and local amenities are close together.", says Camilla Schuler, Lichtenberg’s Deputy Mayor and District Councilor for Urban Development, Construction and Facility Management, Youth and Family Affairs.

The competition jury included representatives of ZEITGEIST Asset Management, external experts, and members of the BVV, the Senate, and district authorities.