ARTICLES LABELLED WITH TAG Cushman&Wakefield Echinox

Almost 60 hectares of land plots suitable for the development of real estate projects were transacted in the Bucharest – Ilfov region in the H2 2022 – H1 2023 period, with former industrial platforms accounting for some of the largest transactions, according to a report by Cushman & Wakefield Echinox.

The investment transaction market in Romania reached €181 million in H1 2023, down by 43% compared to the same period of last year over rising financing costs. At the same time, the average price per property decreased from €24 million to €11 million, according to Cushman & Wakefield Echinox. 

Bucharest-based office project Oregon Park, owned by Lion's Head investment fund, has achieved the Well Health & Safety certification, granted by The International WELL Building Institute (IWBI). 

Office rents in Bucharest rose by up to 15.8% in the 12 months to June 2023, with the highest prices recorded in the CBD area of the city, according to a report by Cushman & Wakefield Echinox. 

Bucharest is the fifth most attractive market out of 20 cities in CEE-12 in terms of the interest of the main operators to invest in new hotel facilities in the next period, while the results of hotel operators in the Romanian capital reaching pre-pandemic rates, according to a survey by Cushman & Wakefield Echinox. 

Companies have leased close to 550,000 sqm of industrial and logistics spaces across Romania in the first half of 2023, with more than one third of the volume represented by pre-lease agreements, according to Cushman & Wakefield Echinox.

Four new retail projects with a combined leasable area of 30,000 sqm have been delivered in four smaller Romanian cities in the first half of 2023. Giurgiu, Călărași, Dej and Vaslui are the cities which benefited from these new investments, while the new supply will be significantly more substantial in the second half of the year, when almost 260,000 sqm of retail spaces are due to be completed, according to data from Cushman & Wakefield Echinox. 

Logistics operators accounted for approximately 50% of the Q1 2023 demand for industrial spaces in Romania which totaled 330,000 sqm, up 10% year-on-year, according to Cushman & Wakefield Echinox. 

The occupancy of Bucharest hotels increased by 33% in the first quarter compared with the same period of last year, and remains about 5% below the 2019 level, according to a report by Cushman & Wakefield Echinox.

E-commerce player eMAG has leased 10,000 sqm in Globalworth Square in Bucharest for its new HQ in one of the largest office leasing deals closed in the year to date.