New office lease and renegotiation agreements were signed for 158,923 sqm during Q3 2023, up 36% compared to the previous quarter on the Bucharest market, according to data from Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
Bucharest is the largest retail market in Romania with a total stock of 1.24 million sqm in operational projects, while across the country Timișoara has the biggest volume of shopping centres and retail parks of all regional cities.
Office leasing in Bucharest totaled 128,915 sqm in the second quarter of 2023, up 48% compared to the same period of last year, driven by large deals closed by retail, financial and technology firms, according to a report by Fortim Trusted Advisors, a member of BNP Paribas Real Estate Alliance.
Bucharest accounted for 75% of the total office space that was leased across major Romanian cities in Q1 2023 according to a study by Fortim Trusted Advisors, a member of the BNP Paribas Real Estate Alliance.
Business park Dageco Expoziției Estate is among the first the first office buildings in Bucharest that will produce renewable energy after the installation of 260 photovoltaic panels on the roof. The clean energy will also power two car charging stations.
Office leasing across the country totaled 108,747 sqm in Q3, up 9% compared to the same period of last year, with Bucharest, Iași and Cluj-Napoca recording the biggest volume of transactions, according to real estate consultancy Fortim Trusted Advisors.
The total stock of retail park spaces in Romania will exceed the supply of commercial spaces located in shopping malls if the current investment activity continues, according to a report by real estate consultancy Fortim Trusted Advisors, member of the BNP Paribas Real Estate Alliance.
Investments in Romania’s commercial real estate market amounted to €566.9 million in the first half of this year, compared to €194 million in the same period of last year, according to a report by real estate consultancy FortimTrusted Advisors, an alliance member of BNP Paribas Real Estate.
The office market in Cluj-Napoca is the second largest in Romania following the one in Bucharest and there are eight office buildings with a total leasable area of 130,000 sqm under development that will be completed by 2025, according to real estate consultancy Fortim Trusted Advisors, part of BNP Paribas Real Estate Alliance.
Companies in the IT&C sector had a share of 32% in Bucharest’s office lease market in Q1 and generated 93.6% of new leasing transactions in regional cities such as Cluj-Napoca, Iași, Timișoara and Sibiu.
iO Partners Serbia concluded its first office deal when Office Me, a coworking space, leased 1,100 sqm of office space in the Artklasa building in Belgrade.
With the support of Coreside Savills, video game development company Nordeus has decided to renew its lease for 6,100 square meters of office space within Green Heart Business Park, located in Belgrade.
Natura Bakery will lease almost 200 sqm of space on the ground floor of Poznan's Nowy Rynek E office building, developed by Skanska. The premises are scheduled to open in spring 2024.
New appointments
As of December 2023, Dorota Lachowska has joined the market research team at Knight Frank Poland as director of the department.
MLP Group is strengthening its sales team in Poland with the appointment of Przemysław Fijałkowski as Leasing Manager responsible for the lease of space in projects located in southern Poland.
Axi Immo is developing its Capital Markets Department. As of November 2023, Jakub Grabara was appointed as Associate Director in the Capital Markets Department. He will be responsible for transactional services, i.e., acquiring, purchasing, and selling commercial real estate.
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