ARTICLES LABELLED WITH TAG Romania

The office leasing activity in Bucharest totaled 292,000 sqm in the first three quarters of 2023, up by 46% compared to the same period of last year, according to iO Partners data.

Bucharest-based Calea Victoriei is the 50th most expensive main retail street out of 57 locations based in Europe, according to a Cushman & Wakefield report. On this ranking, Bucharest is behind Ljubljana, with a monthly rent of €55 per sqm.

Hospitality group Accor and Romanian construction firm Construcții Erbașu have signed hotel management agreements for two new hotels in Bucharest and Oradea. The companies have also extended the current management agreement for ibis Styles Bucharest Erbas.

Residential sales in the Bucharest and Ilfov area were only 3.8% smaller in Q3 2023 than those registered in Q3 2022, which was a record year, according to a SVN Romania report.

Public transport remains the most important amenity among office-based employees from Generations Z, Y, X, and Baby Boomers, according to a CBRE Romania survey. Furthermore, more than half of them would attend events organised in the office space leased by their employer. Meanwhile, the office workspace remains popular among Gen Y employees.

Scallier has opened a new retail park in Moșnița, near Timișoara, making it the sixth in the company’s portfolio based in Romania.

Speedwell expects to break ground in 2024 with its new villa project near Bucharest, in Corbeanca, with the first residential units set to be delivered in early 2025.

Real estate group NEPI Rockcastle has recorded a net operating income of €365 million in the first nine months of 2023, up by 23% compared to the same period of last year. The result was boosted by improved tenant sales and the contribution of the acquisitions completed during 2022.

Around 555,000 sqm of industrial and logistics parks are currently under construction and are planned to be completed in the Q4 2023 - Q4 2024 period across Romania, with 315,000 sqm being already pre-leased, according to a Cushman & Wakefield report.

The office subleasing market in Bucharest is gaining ground as the development pipeline of new projects is falling, while tenant companies are looking for better locations to reduce commute times for employees, concluded speakers of the hybrid work panel of SEE Property Forum 2023, held in Bucharest.