ARTICLES LABELLED WITH TAG Romania

According to Christie & Co's recent hotel market snapshot, Bucharest is an emerging market for hotel investments. While the city's hotel market may yet to fully recover from the financial crisis, it has made tremendous progress in recent years, reporting upward trends in key performance indicators and growing investor interest.

Immofinanz rented approx. 80,000 sqm of office space in Bucharest during the abbreviated 2016 financial year. That represents more than 40% of the total standing office portfolio in Romania. These transactions are expected to increase the occupancy rate in the office sector in Romania from roughly 88% to more than 94%. New rentals and expansions accounted for roughly 47,000 sqm or 60% of the rented space, while the remainder represents contract extensions. 

Colliers International announced that Luke Dawson has returned to Colliers International, effective immediately, in the role of Managing Director & Head of Capital Markets for Central & Eastern Europe (CEE).

JLL has appointed Silviana Petre Badea as Managing Director of its Romanian business, based in Bucharest, with effect from 1 March 2017.

Warimpex announced the partial sale of its hotel portfolio to Thai investor U City Public Company Limited (U City). The transaction includes eight hotel participations – two of which are partially (50 per cent) owned by UBM Development AG (UBM) – which comprise approximately 50 percent of Warimpex's total real estate assets and which have a property value of approximately €180 million (excluding the stakes of UBM in that portfolio). 

Globalworth purchased a logistics project located near Pitesti, Romania, rented by Dacia from ELGAN, a company owned by businessman Simon Roth, for €42.5 million. Colliers International advised the seller.

This spring the Iulius Company will start the construction works for three new Class A office buildings within the Openville Timişoara mixed-use project, located in the vicinity of Iulius Mall. The three buildings to be developed under the United Business Center (UBC) brand add up to a total area of 73,000 sqm and shall be ready to use within a 12 to 18 months’ term.

The amount of industrial space leased in key Central and Eastern European markets in 2016 was the largest ever recorded, totalling 5.7 million sqm. This represents a 25% increase over the preceding two years when about 4.5 million sqm was leased. The strong take-up among tenants was linked with an extensive new development at 2.2 million sqm. The findings are based on the research conducted by Cushman & Wakefield, which has been monitoring the industrial property market in the Czech Republic, Poland, Hungary, Romania and Slovakia over an extended period.

Occupier and investment sentiment continues to be positive across Central and Eastern Europe according to the RICS Commercial Property Monitor for Q4 2016. Hungary and the Czech Republic remain the most upbeat markets, with Bulgaria and Croatia also gaining momentum. In Romania the pace of growth seems to be slowing down, although sentiment and projections continue to be broadly positive.

The Romanian retail market continued to expand in 2016 with total stock reaching 1.22 million sqm in Bucharest and 2.3 million sqm in regional cities. For 2017 no major retail project is scheduled for completion in the capital, while 130,000 sqm are expected to be delivered in regional cities. DTZ Echinox Romania published its retail reports for 2016.