Bucharest’s office development pipeline is low, with just 24,000 sqm expected for delivery by the end of 2025, which could further push pre-leasing activity to new lows, according to a report by iO Partners.
The industrial sector in Romania is recording a slowdown in Q1 2024, with the same trend being recorded across Central and Eastern Europe (CEE) markets, according to a iO Partners analysis.
Spaces leased by private medical operators now represent about 2.5% of the total modern office space available in Bucharest, with most of the players occupying buildings in Bucharest’s main office hub based in northern Bucharest, according to an iO Partners report.
Vlad Stanislav, Managing Director Romania at iO Partners, talked to Property Forum about the company’s expansion in the energy and infrastructure line of services and the higher yield environment in Romania’s property sector compared to other markets in CEE.
Industrial developer WDP has purchased wholesale retail park Expo Market Doraly from ARA Europe and Romanian investor Gheorghe Iaciu for an undisclosed sum.
Charles Boudet, CEO of iO Partners, spoke to Property Forum about the ongoing expansion plans of the real estate consultancy in the region and the trend of foreign investors returning to their core markets.
Romanian entrepreneurs Cristian and Teo Mercinoiu have bought a land plot near the Victoriei Square in central Bucharest, in a deal brokered by iO Partners.
The office stock in Bucharest’s sublease niche totaled 67,400 sqm in 2023, while new transactions in this segment amounted to 5,856 sqm, according to an iO Partners report.
Residential transactions in Bucharest fell by 17% in 2023 versus the previous year, while in neighbouring Ilfov County the volume of deals rose by 6% over smaller prices of homes, according to a iO Partners report.
The retail sector accounted for 58% of the total investment transaction volume that reached €500 million during 2023 in Romania, according to data from iO Partners in collaboration with JLL.
Gaya Studios has 190 sqm in Green Gate office complex, in a deal brokered by Rustler Romania.
Kalenda, a Romanian furniture and home décor retailer with nationwide presence, is expanding its operations by leasing 2,500 sqm at Industra Park Iași, a logistics park owned and managed by Oresa Industra.
CurryLab, a new dining concept by the owners of IndianTaste, has signed a lease for more than 150 sqm on the ground floor of the NEFRYT residential building in Warsaw. The brand’s fourth location in the city is scheduled to open this summer at SOHO by Yareal.
New appointments
Krzysztof Wróblewski (MRICS) has been named Head of Portfolio Management CEE at Peakside Capital Advisors, responsible for overseeing investments and managing the real estate portfolio. He succeeds Christopher Smith in this role.
Garbe Industrial is reorganising its senior leadership team. CEO Christopher Garbe will now focus on strategic orientation and international activities. Jan Philipp Daun assumes leadership of the Development division alongside his existing Investment and Joint Venture responsibilities. Andrea Agrusow expands her remit to include Portfolio Management while retaining control of Commercial and Real Estate Management. Additionally, Michael Marcinek and Maik Zeranski will now jointly head the restructured Development unit as Management Board Members, succeeding Adrian Zellner.
CPI Property Group is strengthening its leasing structure with the appointment of Agnieszka Baczyńska as Head of Leasing. In her new role, she will be responsible for shaping and executing the leasing strategy across the group’s office and retail portfolio in Poland. At the same time, Izabela Potrykus has been appointed Leasing Office Director. Baczyńska brings more than 20 years of experience in the commercial real estate market. Prior to joining CPI Property Group in 2022, she served as International Leasing Director at Neinver Polska.
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