ARTICLES LABELLED WITH TAG Romania

The reconstruction of Magazinului Bucuresti, the former universal shop located at the crossroads of Lipscani Street and I.C. Bratianu Boulevard in Bucharest, will be finalized by the end of this year. The new building will accommodate diverse concepts, from retail and services spaces to office, co-working or dining spaces. Colliers International Romania was assigned as exclusive agent for the leasing of the project.

The Romanian real estate market recorded good results in the first half of 2019, with activity on office and investment segments getting more dynamic than that of some CEE peers. With the full-year GDP expansion figure likely to top 4%, Romania also remains an outlier in terms of economic performance when compared to other CEE economies. According to Colliers International Romania, there is a favourable perspective for the Romanian real estate market that could be maintained by year-end.

MHP Consulting Romania and Speedwell are proud to announce the signing of a new leasing agreement for a 5300 sqm office space in Record Park, a mixed-use project developed by Speedwell in Cluj-Napoca. The transaction was managed by Griffes, the broker entrusted with the commercial strategy and leasing for Record Park since the design stage of the mixed-use development.

Timpuri Noi Square, Vastint Romania’s first project, reaches an occupancy rate of 90% within the 3 buildings situated in Bucharest, leasing more than 47.000 sqm, and welcomes since last year tenants like Bolt (formerly Taxify), Allergan, Exiger and Streamwide, developing a community of more than 3,000 employees.

The Bucharest office market could have a record year in terms of deliveries in 2019, provided that all the announced projects are finalized on time, a scenario in which modern office spaces with a total area of ​​about 377,000 square meters will have been delivered in the capital city, according to data from Cushman & Wakefield Echinox.

Romania’s modern industrial stock exceeded the 4 million sqm during the first semester of 2019, since a new supply of 240,000 sqm was brought on the market and by the end of 20202 approx. 1 million sqm are expected to be delivered, according to the latest research report by CBRE Romania.

Over recent years, Romania has become one of Central Eastern Europe’s most attractive regions to start operations in. According to research by JLL, by the end of 2020 the country is expected to become the second largest economy in the CEE and continues to attract investors from all over the world – not only from Europe, but also those from South Africa, the USA and China.

The investment volume in H1 2019 amounted to almost €410 million on the Romanian market, a 6% increase compared to the similar period of last year, when the corresponding figure for investment transactions was of €386 million, according to Cushman & Wakefield Echinox calculations and estimates.

Delivery of retail space will accelerate in the second half of the year, when approximately 150,000 square meters will be delivered in several cities in the country with new deliveries in Bucharest amounting for 35,000 square meters, according to the H1 Romania Retail MarketBeat report, realized by  Cushman & Wakefield Echinox.

Real estate developer Hagag Development, part of Hagag Group Israel, breaks ground on its largest residential project to be developed in Romania: H Pipera Lake. Out of the total number of 390 apartments to be delivered in the first phase, 45% have already been sold.