Knight Frank entered the Romanian commercial property market in May 2009, forming an association with The Advisers, led by Horatiu Florescu, who has over seventeen years real estate experience. Since its establishment, the company has become a trusted name and succeeded in being at the forefront of the local industry, building an outstanding track-record. The team recently transacted on the biggest leasing deals of the year: Oracle’s expansion in SkyTower (c. 10,400 sq m) and Genpact pre-lease of up to 25,000 sq m in Hermes Business Campus.
Under its new corporate identity, the business will continue to be headed by Horatiu Florescu. The team specialises in office, capital markets, retail, industrial and land advisory services, as well as valuation. Furthermore, the firm is now covering all property sectors, adding a new service line to its unrivalled strength in the commercial market: Corporate Residential, a unique and exclusive offer providing transactional support to corporate, diplomats and homeowners at global quality standards.
Chris Bell, managing director of Europe at Knight Frank said: “After six successful years together, we are delighted to officially become Knight Frank Romania, and look forward to expanding our presence and success in the local real estate market, under the leadership of Horatiu Florescu; an exceptional professional with outstanding results. We are confident the Knight Frank brand will continue to flourish in Romania.”
Horatiu Florescu, head of Bucharest office, Knight Frank, commented: “Following a highly productive six year partnership with Knight Frank, we felt the time has come to strengthen our commitment and our joined-up success. This exciting direction comes both as the recognition of our office as a local powerhouse and as a sign of confidence of a global leader in the Romanian market.”
“Together, we will continue to offer all the personal service, professional expertise and knowledge our clients are already accustomed to, combined with unrivalled global access and international vision.” commented Florescu.
Knight Frank is the leading independent global property consultancy. Headquartered in London, Knight Frank, together with its US alliance partner, Newmark Grubb Knight Frank, operate from over 335 offices, in 52 countries, across six continents and has over 12,000 employees.
The Knight Frank brand represents 110 years of heritage and continued growth in the real estate market. From iconic trophy property instructions such as the Stonehenge transaction in 1915 and the exclusive representation for the Empire State Building, to the largest transactions signed on the Bucharest market, our team provides best-in-class property advice around the globe.
In Romania, the company is market leader in the office segment, already having the largest market share yearly since its establishment. In terms of total leasing activity, in 2015 Knight Frank Romania has already signed circa 65,000 sq m office space, out of which over 57,000 sq m for IT&C sector alone.
Knight Frank’s new Bucharest Market Report states 2014 as the most successful year for the Romanian investment market since the global crisis, reaching total investment levels of €1.15 billion, with 2015 expected to follow suit. While the rising demand for office space in Bucharest resulted in 2014 take-up to reach its highest level since 2009, development activity has also increased, sustained by the surge in pre-leasing levels, triple the number of those transacted in 2013. On the back of Romania’s strengthening economy, forecast to grow by another 2.8% in 2015, both occupier and capital markets continue to benefit from improved sentiment across all business sectors. (source: Knight Frank)
