ARTICLES LABELLED WITH TAG Bucharest

Demand for office space in Bucharest was flat at 286,100 sqm in 2022 compared to the previous year, while the vacancy rate fell slightly to 12.54%. Demand was driven by the IT sector, which had a share of more than 25% of the office leasing market, according to JLL Romania.

ELI Parks, the industrial network developed by Element Group and D Craig Holding, will start two new projects with a total area of 42,000 sqm in the Buftea Chitila area, in northwestern Bucharest.

Polish fashion retailer LPP has leased 65,000 sqm in CTPark Bucharest West for its new regional distribution centre that will cover southeastern Europe. The park spans around 770,000 sqm and is located near the Romanian capital.

Alesonor said it would kick off the development of Agora, the facilities component of the Amber Forest residential complex, which includes commercial, medical and sports investments. The developer has already secured a partnership with Pescariu Sports and has leased the first commercial space in the complex located near Bucharest.

Romanian industrial developer Global Vision has purchased the Nova Building office project in northern Bucharest, with the overall investment in the building set to exceed €12 million.  

Demand for new offices in Bucharest rose by 13% in 2022 compared to the previous year, with 332,922 sqm of spaces leased in the city during the past year, according to real estate consultancy Fortim Trusted Advisors. 

Residential developer Redport Capital has purchased a land plot of 10,800 sqm and warehouses covering 4,700 sqm near a project that the company is currently developing in the Petrom City area in northern Bucharest.

Romanian developer STC Partners has secured bank financing from Banca Transilvania for the first phase of Quartier Azuga residential project in Bucharest worth €6 million. 

America House has become the first-Class A office building in Bucharest to obtain an Outstanding rating according to the BREEAM In-Use certification methodology, after a major investment of €10 million. The certification process was managed by BuildGreen. 

Asking prices of homes in Romania rose by 6% year-on-year to €1.682 per sqm during 2022, while the number of property deals slightly grew last and the demand in the residential segment has started to fall, according to a report by real estate classifieds platforms Imobiliare.ro.