ARTICLES LABELLED WITH TAG Romania

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.

The total modern retail stock in Romania, which includes both retail parks and shopping centres, has reached approximately 3.7 million sqm in the first half of 2019 and around 130,600 sqm are expected to be brought on the market by the end of the year, according to CBRE's latest research report.

Over the past five years CBRE, through the Building Consultancy Division, has managed the building projects of three production units in Romania with a surface area of approximately 50,000 sqm that totals customer investment of over €100 million.

Colliers International Romania has been assigned to provide property management services for the office complex The Office in Cluj-Napoca, owned by Dedeman, the DIY store chain who marked their entrance on the real estate market in 2018 by acquiring The Bridge offices in Bucharest. Thus, the total portfolio managed by Colliers reaches almost 500,000 sqm: 210,000 sqm are located outside Bucharest, out of which over 100,000 sqm represent offices only.

Around 77% of Bucharest’s modern office space is within 10 minutes’ walking distance from a metro station, according to the latest data from Colliers International. The interest in office developments is still focused on northern and western locations, as the largest office deliveries by the end of 2020 will be near Aurel Vlaicu (73,200 sqm) and Politehnica (58,400 sqm) metro stations.