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Office Market News

Strabag: Romania is again on the multinationals investments map

Austrian group Strabag, which has built two highway segments between Deva and Sibiu, estimates that the local construction market, evaluated at approx. EUR 9.6 billion, will register this year an advance of 5.8 pct.

Former DTZ Echinox investment director switches to Immofinanz

Cristian Ustinescu, former investment director for real estate consultancy group DTZ Echinox, have left for a new position at Immofinanz, one of the biggest European developers in the field. Ustinescu will be in charge of the Austrian group’s transactions in Eastern and Central Europe.

Real estate investments aimed by Globalworth in Romania

Globalworth, a company controlled by the businessman Ioannis Papalekas, active for 15 years on the real estate market in Romania and SEE invested EUR 72.6 million in real estate projects on the local market and has cashed out form these investments EUR 341.4 million (investments in 2001-2009). Currently the company has 10 investment objectives on the local market, including developing an office complex in Pipera and the acquisition of the office building occupied by UniCredit Tiriac Bank.

EC improves its economic prognosis for Romania

The European Commission has improved its prognosis for Romania’s economic growth in the following two years. The EC anticipates that the economy will slow down after an excellent 2013 for agriculture, but it will maintain is upward momentum based on investments.

Bucharest offices – best quarter in the last 21 months

The office request (except for renegotiations and extensions) reached 48,500 q. m in the first 3 months of the year, with more than 55% prelease transactions.

Multinational groups dominate Romanian business

Only 5,600 groups of companies were locally-owned in Romania in 2012, while the number of multinational groups was six times higher, according to data from the National Statistics Institute INS. About 31,000 groups were controlled by companies from abroad, stats show.

January 1, 2019 – Government’s new target date for Euro Zone

Romania has set out to adopt the euro currency in 2019, when it will hold the EU presidency for the first time. “It is extremely important to put into action the convergence plan in order to align ourselves with EU standards and to reach the objective of acceding to the Euro Zone in 2019,” Prime Minister Victor Ponta stated yesterday.

Microsoft, Linde Gaz and ZTE rented 3,500 sq. m in Timisoara

The companies Microsoft, Linde Gaz and Chinese group ZTE rented offices with a total area of nearly 3,500 sq. m within the first building of Optica Business Park project developed by the brothers Marius and Emil Cristescu in Timişoara, the building reaching 90% occupancy rate, according to Activ Property Services, in charge with renting the spaces.

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