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Office Market News

The Real Estate and Construction sector has attracted around 12 billion euros of FDI in the last 10 years

The real estate and construction sector has attracted around 12 billion euros of foreign direct investments (FDI) in the last ten years, as the share of this economic activity in the overall FDI stock increased to a level of 17.4% at the end of 2021, compared with 9.2% in 2012, according to data from the National Bank of Romania analyzed by the Cushman & Wakefield Echinox.

Alpha Bank Romania leases 5,000 sq m in GTC office building City Gate Bucharest

GTC real estate company has announced one of the most important lease transactions of the year. Alpha Bank Romania, part of Greek Alpha Bank Group, will be relocating part of its operations to City Gate North Tower starting January 2023.

PPF Real Estate Launches Works on Bucharest ARC Project

PPF Real Estate announces the launch of the first stage of the ARC office development project by clearing the existing structures on the site. The company has acquired a construction site in an extended Bucharest center with a building permit. The planned ten-story class A office building is due for completion in 2025.

Dennis Selinas appointed Chief Executive Officer Globalworth Group

Globalworth, the leading office investor in Central and Eastern Europe (CEE), is pleased to announce the appointment of Dennis Selinas as the new CEO of the Group. The Board of the company and Dimitris Raptis, CEO, have agreed for Mr Raptis to step down from his role as CEO and as a member of the Board with effect from 31 December 2022, but he will continue to support Globalworth in an advisory role. Mr Raptis joined the Board of the Company as Deputy CEO and Chief Investment Officer ahead of its IPO on AIM in 2013, later becoming CEO during 2020.

Office market under pressure at the end of Q3

The office market is going through a period of stagnation, recording demand values similar to those of 2021. Deliveries of office space have slowed down and will remain at a low level in 2023, according to JLL.

One United Properties transforms a building within the One North Gate office complex into One North Lofts

One United Properties (BVB: ONE), the leading green investor and developer of residential, mixed-use and office real estate in Romania, announces a new residential development, One North Lofts, located in a highly desired area on Pipera Bulevard, five minutes’ drive from the Promenada Mall business district of Bucharest and 10 minutes’ drive from Herastrau Park.

GTC completed the City Gate refurbishment project, following a EUR 3.5 million investment

GTC, one of the leading real estate companies in Central and Eastern Europe, completed the City Gate Complex refurbishment project, following an investment of EUR 3.5 million.

Office vacancy is at a record high, amid a shortage of new office buildings

At the end of the third quarter of 2022, Bucharest modern office stock reached 3.30 mln. sq m, registering only 5 office projects delivered in the first nine months of this year. By the end of the current year, just one additional project is estimated to be completed, making 2022 a particularly record year, with the lowest number of office buildings delivered in the last five years, according to CBRE Romania.

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