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Office Market News

After a robust first half of 2022, the market recovery has slowed down

Activity in the office market recorded its first slowdown in the third quarter of this year after four strong quarters. Overall, total demand of 68,800 square meters was stable compared to last year and also to the average of the last four quarters, but new demand was at only 22,200 square meters, which is a decrease of 39% from last year, according to data from Colliers.

Forte Partners sells to Pavăl Holding the first phase of the U•Center office project

Forte Partners announces the signing of the sale transaction of the first phase of the U•Center office project in the Tineretului area of Bucharest to Pavăl Holding. The office building is 100% leased to companies such as Booking Holdings, Endava, Lensa, Up Romania, BT, Neuroaxis, DCS plus.

E.ON consolidates offices in Record Park Cluj-Napoca

E.ON Business Services Cluj, one of the largest employers and most active players in business support services field in Cluj-Napoca, will relocate their center to Record Park, the mixed-use project developed by Speedwell, and owned by AYA Properties Fund, in the center of the city, in a move to mark 10 years of presence on the local market. Griffes real estate advisory, through Andreea Paun, mediated the office leasing transaction.

SkyTower signs 10-Year Lease with CAFÉLIER

SkyTower Building, the tallest office building in Romania, signs a new 10-year lease contract with CAFÉLIER – a premium specialty coffee shop operator offering a wide range of specialty coffees, artisanal sweets, and drinks.

Top cities that attracted the most office tenants in the third quarter of 2022

Across the country, in the last three months, companies have leased modern offices with a total area of 108,747 sqm, both new offices and contract extensions, up 9% from the same quarter of 2021, according to an analysis by Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

Nooka Space start-up brings innovation to airport terminals by introducing the concept of flex office booths on demand

Nooka Space, the company who designed the first smart proximity office network in the world, back in 2020, introduces the concept of flex office on demand in airport waiting areas, to provide passengers with private spaces to work or relax, while waiting for their flight. As such, Nooka Space launches Nooka Air, a smart office booth designed to offer better airport experience during the waiting hours in terminals.

Hermes Business Campus, the first Access4you® certified office complex in Romania for disabled people

The Hermes Business Campus office project, part of the Hungarian real estate investment fund Adventum Group’s portfolio, has achieved the Access4you® certification, becoming the first complex in Romania to hold accessibility certification for wheelchair users, the Elderly, people with limited mobility, and people with strollers.

Real estate assets’ values in Romania are under pressure amid accelerating growth in government bond yields

Romania’s 10-year Eurobond yield has recently surpassed the 8% level compared to below 2% three years ago, while for countries in the region, as well as for major economies such as Germany, the increase has been significantly lower.

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