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.
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, 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.
Macroeconomic uncertainty, consumption contraction, interest rates and also inflation are the main factors which may impact the Romanian real estate market, according to the real estate investors and developers who responded to the second edition of the Cushman & Wakefield Echinox “Real Estate Investors Sentiment Barometer”.
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 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.
Oregon Park, one of the largest and most sustainable office projects in Romania, owned by the Lion’s Head investment fund, achieved the Well Health & Safety certification, granted by The International WELL Building Institute (IWBI). The certification recognizes the implementation of measures that ensure a work environment with a positive impact over the health and well-being of employees.
Office rents in Bucharest increased by up to 15.8% in the last 12 months (June 2023 vs. June 2022), with the prime headline rent in the CBD area (Piata Victoriei – Aviatorilor)reaching €22.00/ sq. m/ month, an increase which also translated to other submarkets, according to data from Cushman & Wakefield Echinox.
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