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Office Market News

Government approves tax exemption for reinvested profit and vows to eliminate 70 taxes

The Government approved an emergency ordinance on Wednesday regarding the tax exempt for reinvested profit and eliminating over 70 taxes in the near future, prime-minister Victor Ponta announced.

EU Commissioner Johannes Hahn opens GREET Vienna 2014

GREET Vienna is the venue for international real estate with a special focus on projects and investments in Central, Eastern and South Eastern Europe, including Russia, Turkey and CIS. GREET Vienna, now in its second round, is fast approaching. The conference will be held at Palais Niederösterreich in downtown Vienna on 19 and 20 May 2014.

Former residence of Ceausescu, up for sale

The former private residence of late Romanian dictator Nicolae Ceausescu, the Primaverii Palace in Bucharest, will be up for sale, as the Romanian state only rarely uses it for three to four delegations a year, according to Mediafax. RA-APPS will take charge of transaction but it has yet to announce a starting price of a deadline for the sale.

Former GTC Romania’s head founded its own real estate development company and develop new office building in Bucharest

Former head of the real estate developer GTC Romania Shimon Galon founded a company together with several friends and former employees of GTC, which will deal with the development of its own real estate projects, but also for other investors.

Constructor Straco, EUR 140 million turnover, EUR 0.2 million profit

Bucharest’s constructor Straco Grup, controlled by the brothers Alexandru and Traian Horpos, ended last year with a turnover of 616.5 million lei (EUR 140 million), with 29% down compared to 2012.

Bucharest’s Top Office Tenants

Largest tenants in Bucharest’s office buildings are HP (32,000 sq. m), Romtelecom - Cosmote (28,000 sq. m) and UniCredit (28,000 sq. m), according to ZF study based on the data provided by the real estate agency Colliers, saying that only 20 companies and banks have rented in Bucharest spaces exceeding 10,000 sq. m each.

Epstein will invest EUR 40 million in total in Romania

Epstein owns projects worth of EUR 40 million in Romania currently in development, a similar level to the one reached last year. One of the contracts the American construction firm has on the roll is a new factory, where Aversa will relocate in the future.

The spaces exceeding 3,000 sq. m raised the office market in Bucharest in Q1

The share of the transactions exceeding 3,000 sq. m has increased from 19% to 43% of the total Bucharest office spaces in the first quarter.

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