Romanian developer Forty Management has sold commercial spaces covering 1,200 sqm in three Bucharest-based projects for €3.3 million, excluding VAT.

Nooka Space, a start-up that operates smart flex offices, has announced a partnership with NEPI Rockcastle for the implementation of flexible workspaces on the premises of the group’s retail portfolio in Romania. 

Romanian property company IMPACT Developer & Contractor recorded a net profit of RON 15 million (€3 million) in the first nine months of 2022, which was double compared to the same period of last year over higher residential sales. 

Industrial and logistics developer P3 closed transactions for 78,000 square meters of office and logistics space in Romania in the first nine months of this year. Of the total transactions, 34% are new long-term contracts, while the rest comprises short-term contracts or extensions of existing lease agreements. 

Residential and commercial developer Nusco Imobiliara has appointed Bogdan Iliescu as Commercial Director. He has over 15 years’ worth of experience in the real estate market and has previously covered sales, coordination, and management roles in property companies. 

Romanian developer STC Partners has started the construction of the first phase of the Quartier Azuga residential complex in Bucharest. 

Flexible workspace operators and investments in amenities are boosting the efforts of companies and developers to accelerate the return of employees to office buildings, although hybrid work arrangements remain in high demand, concluded speakers in the post-pandemic office panel of SEE Property Forum 2022, held in Bucharest.

Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector, according to real estate consultancy Cushman & Wakefield Echinox. 

Villar Group, a company listed on the Tel Aviv Stock Exchange, has under development 100,000 sqm of prime logistics space based on an investment budget of €50 million. 

Prime headline rents in Bucharest continued to increase in the third quarter, reaching a monthly level of €19.5 per sqm, compared with €18.5 per sqm at the beginning of the year. However, the capital city remains among the less expensive destinations in Europe in terms of office occupancy costs.