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Flydubai, the UAE-based airline, opens an office in Bucharest in the Eminescu Offices building

flydubai, the UAE-based airline, opens an office in Bucharest in the Eminescu Offices building through a transaction brokered by the Cushman & Wakefield Echinox real estate consultancy company.

Modern office stock in major regional cities exceeds 1 millon sqm

Developers finalized the construction of 83,000 sq. m of new office projects in the major regional cities (Cluj – Napoca, Timisoara, Iasi and Brasov) in 2023, as the modern office stock exceeded the 1 million sq. m threshold, representing around 30% of the corresponding total in Bucharest. Iasi is the only city which benefited from the delivery of office projects throughout 2023, as it overtook Timisoara and thus became the second – largest regional hub outside Bucharest, after Cluj-Napoca, according to the Cushman & Wakefield Echinox Office Market Regional Cities report.

Cushman & Wakefield Echinox now manages CPI Romania’s Expo Business Park office project in Bucharest

The Cushman & Wakefield Echinox real estate consulting company has been appointed to manage the Expo Business Park office project, one of the most representative projects in the Expozitiei area of Bucharest, starting from January 2024.

Reluctant investors in the year with the highest take-up ever

Real estate investment transactions amounting to more than €600 million are currently in advanced stages of negotiation, as the volume registered throughout 2023 could be matched in the first half of this year, according to data from the Cushman & Wakefield Echinox real estate consultancy company. Ongoing negotiations target office buildings (30% of the value above), retail projects (30%) and logistics parks (40%), with around half of the assets being located in Bucharest.

Bucharest office take-up hits record level in 2023

116,000 sq. m of office spaces were leased in Bucharest in Q4 2023, thus bringing the total 2023 transactional volume to over 463,000 sq. m, an all – time annual take-up record, according to data from the Cushman & Wakefield Echinox real estate consultancy company. The volume in question increased by 43% y-o-y, with a 19% growth also being recorded when compared with the previous benchmark of 390,000 sq. m set in 2019.

Securitas relocated its offices to @Expo office complex developed by Atenor

Securitas, a global leader in security services, relocated its offices in Romania to @Expo office complex developed by Atenor in the Expozitiei area of Bucharest, in a transaction brokered by the Cushman & Wakefield Echinox real estate consultancy company.

The average office transaction size increased by 35% in 2023 compared with 2022 while approaching the record level set in 2019

The average office transaction size during the first 9 months of 2023 has been of 1,810 sq. m, the highest average registered in the last 4 years and close to the record level of 1,900 sq. m set in 2019, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

The number of sold properties increased in H1 2023, but the average price per asset decreased by more than 50%

The number of sold income – generating real estate properties (office, retail, industrial & logistics spaces and hotels) during the first half of 2023 increased by 30% when compared with the same period of last year, but the average price per property decreased from €24 million to €11 million. Therefore, the transactional volume has seen an y-o-y decline of 43%, to a level of €181 million, according to data from the Cushman & Wakefield Echinox real estate consultancy company.

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