In an interview for wall-street.ro, Ilinca Paun, managing director Colliers, says that 2016 is outlined as an extremely interesting year regarding transactions on main sectors in the real estate.
“There are very large transactions in the market, investment transactions through acquisition, as significant projects are on sale. There are developers interested in exits, their activity being focused on offices, industrial and also retail sectors. I expect the total transaction volume would exceed EUR 500,000 this year”, said Ilinca Paun.
She also said that interesting projects are on sale in the northern Bucharest, in Central Business District (CBD) or in the western part of the city.
In mid-April, Global Trade Center (GTC), one of the largest local office investors and owners, signed a takeover agreement for buildings Premium Point and Premium Plaza in Piata Victoriei, in one of the most important office transactions this year. This represented the office second sale agreement signed this year in Romania, following the sale in mid-March by Aberdeen Asset Management Deutschland AG and Commerzbank of the office building Phoenix Tower in Bucharest to Adamamerica.
Large real estate investors are paying more and more attention to Romania, a market which will succeed this year, only on the office segment, to break the built area record from 2009. Thus, the players in the industry estimate that by the end of 2016 will be completed not less than 400,000 sq. m office space, and the large developers are preparing their entries on the local market in one of the most dynamics sectors in the region.
As well in an interview for Romanian magazine wall-street.ro, Horatiu Florescu, one of the most well-known local real estate consultants, CEO and chairman of Knight Frank, considers that Romania is becoming a more and more trusted destination for the investors and developers.
“Romania is one of the markets the developers with pedigree believe in. This is visible through acquisitions as well. The sophisticated developers trust the office market in Romania and this is visible. There are developers asking even EUR 20-24 per square meter. It is the first time in Bucharest asking rents exceed EUR 18 per square meter for A class project. It is the first sign that the request exists and it is very high and this thing shows that we could witness a growth of rents and of the interest of the large investors in the market”, he said.
In his opinion, the office market is facing a development poles change, the biggest part of the activity being focused in the next years in between the areas of Northern and Centre-Western Bucharest.
First three months of this year registered a new record on the local office market and it is expected that 2016 would be a reference year after the crises in 2008, considering that the first quarter registered office transactions exceeding 100,000 sqm, according to data of the market specialists.
The office market in Romania will register this year five times more deliveries than the level registered last year and the market will register a new high, shows the data of CBRE. (source: wall-street.ro)
