The office sector accounted for 66% of total investment volumes recorded in Romania’s commercial real estate sector in the first semester. Deals worth close to €290 were closed in the first half, down 41% year-on-year, according to a report by real estate consultancy Colliers.
During the pandemic, banks continued to finance ongoing commercial real estate projects but they are more careful with financing new ones, looking for higher corporate credentials and imposing more restrictive conditions to fulfil. Monia Dobrescu, Partner at Romanian law firm Mușat & Asociații talked to Property Forum about the pandemic’s effects on client relationships and provided market insight from the legal advisor’s perspective.
Property developer Atenor says it has concluded the sale of Hermes Business Campus in Bucharest to Adventum Group, an investment manager focused on Central and Eastern Europe.
Transactions in Romania’s commercial real estate market amounted to €298 million in the first half of the year, down 23% compared to the same period of 2020, according to a report by real estate consultancy Cushman & Wakefield Echinox.
In Romania, the hotel transaction volume reached about €9.5 million in 2020, down 87% from approximately €75 million in 2019, Cushman & Wakefield Echinox data shows.
After a year in which the volume of investments amounted to about €900 million, 2021 will not be as rosy. Colliers consultants foresee a total volume for commercial real estate transactions in excess of €500 million. They also see room for a slight decrease in yields by the end of the year for prime office and prime industrial, if the economy, political and monetary system will be satisfactory.
The pandemic has affected all economic sectors, and the real estate market is no exception. However, Skanska Romania ended the first year of the pandemic with the sale of two buildings in the Campus 6 project in Bucharest for €97 million, one of the largest transactions on the market. Aurelia Luca, EVP Operations Hungary and Romania at Skanska talked to Property Forum about the company's operations in Romania.
The office space market in Bucharest registered a total volume of transactions of approximately 240,000 sqm in 2020, a level similar to that of 2015, CBRE data shows.
The total volume invested in real estate assets in Romania reached €914 million in 2020, a 28% increase compared 2019, according to the Romania Investment Marketbeat launched by Cushman & Wakefield Echinox.
Internet radio station, newonce.radio will move its headquarters to the Norblin Factory in Warsaw. On an area of 366 sqm there will be a new radio studio, editorial offices and office facilities, including a conference room.
Specjał Group, Polish-owned FMCG distributor, has leased another 1,400 sqm of warehouse space for its Warsaw branch in Panattoni Park Konotopa II. The tenant was represented during the lease transaction process by real estate advisory firm Cresa Poland.
Poczta Polska has leased 3,300 sqm of warehouse space and almost 1,000 sqm of offices in 7R City Flex Gdynia. The agreement has been signed for ten years.
New appointments
Two new professionals are joining MDC2 - a warehouse and industrial developer operating on the Polish market. Wojciech Kosiór has been appointed as a Head of Development and will be responsible for project development in Central and Northern Poland. Bartłomiej Kazirod has been appointed as a Project Director working within the construction team.
Paweł Suracki joined Colliers as the Investment Services Director. He will be responsible for managing sales and purchasing processes on behalf of Colliers' clients and for establishing and maintaining relationships with potential and current Colliers' partners in Poland.
Avison Young has announced a key change to its directors’ team in Budapest with the arrival of Martina Cifer at the helm of its Office Leasing department. In her new capacity, she shall oversee both the company's Landlord and Tenant Representation divisions.
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