ARTICLES LABELLED WITH TAG Bucharest

Bucharest still has some of the lowest fit-out costs in the region for offices, despite an increase of around 15-20% during the past 12 months, according to Cushman & Wakefield Echinox data. Office fit-out costs in Bucharest have an average of €943 per sqm, which is 32% below Warsaw and Prague, and 32% above Sofia, which has the most advantageous costs in the region.

IBB Holding Romania, founded by Romanian entrepreneur Ion Crăciunescu, has started the development of a new residential complex in Pipera, near northern Bucharest, which will have a market value of around €160 million.

Office leasing in Bucharest reached 97,400 sqm in Q1 2024, up 71% compared to the same period of last year, while take-up transactions that cover relocations and new demand were flat year-on-year at 33,000 sqm, according to a CBRE report.

Fashion House Group will deliver in late June the second phase of its outlet centre in the Pallady area, eastern Bucharest, following an investment of €45 million.

Property group NEPI Rockcastle has completed its first residential project in Romania. The Bucharest-based Vulcan Residence complex features 254 apartments and has been delivered with an 80% sale rate.

Nexo Group, a Romanian full-service group for real estate development, construction, and housing installations, will invest €10 million in the construction of villas in Pipera area, near northern Bucharest.

Romanian developer One United Properties has purchased a 21-hectare land plot in Bucharest for an undisclosed amount. The company plans to start a new residential development that will feature around 5,000 homes.

InteRo Property Development, owned by the Canadian Topolinski Family, has planned investments in northern Bucharest that will exceed €170 million.

Industrial developer WDP has purchased wholesale retail park Expo Market Doraly from ARA Europe and Romanian investor Gheorghe Iaciu for an undisclosed sum.

Office leasing in regional cities reached 37,441 sqm during 2023, equivalent to 18% of the space leased on the Bucharest market in the same period, according to a Fortim Trusted Advisors report.