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Office Market News

Office space for employees, halved

The number of companies interested to rent offices in Bucharest is increasing this year, although the space assigned for an employee has decreased in certain cases from 10sq. m / person to 5-6 sq. m / person, which involves larger costs for the developers.

Papalekas to buy new distressed office projects the following year

Globalworth, the fund controlled by the businessman Ioannis Papalekas, intend to add new real estate assets in its portfolio in the next year and a half, the company being mainly interested in offices with financial problems in Bucharest, according to Dimitrios Raptis, deputy executive manager within the company.

Oracle could expand outside Bucharest to grow its business in Romania

Oracle intends to expand its business outside Bucharest, as the company will need more office space, following its plan to continue the investments in Romania and growing its business, has declared on Tuesday the American IT company’s president, Safra Catz.

Ericsson expands to 16,000 sq.m its offices in West Gate Bucharest

Ericsson Romania, local subsidiary of the Swedish telecommunications equipments producer, expands with 4,000 sq. m the office area occupied in Wes Gate business park, owned by Genesis Development in Western Bucharest. The area rented by Ericsson reaches 16,000 sq. m, while the contractual period extends by 2019.

Crisis has affected Romania, results of adjustments were visible in 2013

Central bank Governor Mugur Isarescu mentioned the measures for Romania’s scheduled switchover to the European single currency in 2019.

Soravia converts Bucharest hotel in office space, wants to invest EUR 80 million in new office project

The local subsidiary of Austrian real estate developer Soravia Group has completed a EUR 1.5 million investment in the conversion of the Starlight Suites hotel in Bucharest into office space, the company announced today. The hotel was located on the grounds of Metropolis Center, an office and retail project Soravia opened in 2009.

How much values nowadays the most expensive land in Bucharest, bought before the crises

The seven hectares land near Romexpo in Bucharest (60,798 sq. m), bought by a joint-venture for EUR 72.9 million from Compania Industrială Griviţa in 2007 is the most expensive transacted plot before the crises.

NEPI, nearly 20 pct. higher profit in 1Q

The investment fund New Europe Property Investments (NEPI) registered a net profit of EUR 13.3 million in the first quarter of this year, with 18.6 pct growth compared to the same period of last year, according to a company’s report.

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