ARTICLES LABELLED WITH TAG Bucharest

The share of IT companies in the Bucharest office leasing market has shrunk to less than 30% compared to a prepandemic level of more than 50%, according to data from real estate consultancy 24 REAL. 

Property developer Cordia Romania, part of Futureal group, says it has obtained the occupancy permit for the second phase of Parcului20, its residential complex based in northern Bucharest. 

The potential development of residential for rent (PRS) in Bucharest could reach 5,000 units by 2025, according to real estate consultancy Colliers Romania.

Speedwell has purchased a land plot of 14 hectares in Corbeanca locality, close to northern Bucharest, for a new residential development that will feature 210 villas. 

Romanian developer Prima Development Group has obtained a loan of €16.8 million from Libra Bank for the first phase of a new residential complex in Bucharest. 

WE RENT Bucharest, the first residential rental platform in Romania under the Vitan Estate brand, has appointed its Board of Directors at the beginning of this year. Kimberly Vrânceanu was named President of the Council, and Violeta Niculae is a member of the Board of Directors and Executive Director of the platform. 

With 17 new brands entering the Romanian market in 2022 and the opening of 11 new retail parks, the total stock of retail projects came close to 4.1 million sqm. On this backdrop, new opportunities appear in the market for developers as the available commercial spaces are mostly rented and the vacancy rate is 3% in malls and even lower in retail parks, according to CBRE.

Romanian developer One United Properties has purchased 5 hectares of land in Bucharest for a new mixed-use development in a deal worth €35 million. The company plans to develop One Cotroceni Towers, which will have a gross development value in the range of €400 million. 

While the overall value of land transactions in Romania totalled €450 million during 2022, two-thirds of the traded volume was generated in Bucharest, mostly in the residential segment, according to Colliers Romania. 

Romanian developer Genesis Property says it is committed to achieving zero carbon emissions for the buildings in its portfolio by 2030. This will be achieved by investments in energy efficiency and production from renewable sources.