After the initial concerned outlook on the future of the real estate market in connection with the health crisis’ all-encompassing effects, the second year of the pandemic has allowed us to draw some better informed conclusions.
At the end of the first quarter of 2022, the Bucharest modern office stock reached 3.27 mln. sq m after the delivery of three new buildings with a combined gross leasable area (GLA) of 73,500 sq m. From the total new supply, the Center-West sub-market claimed the largest share, respectively 43% with Sema Park II - Oslo & London office building developed by River Development. Together with Forte Partner’s newest office project Tandem and the first phase of @Expo developed by Atenor Group, the three new buildings have an overall occupancy rate over 70% at the end of Q1.
In Bucharest, the western area attracted the most office tenants, with rental transactions with a total area of 17,388 sqm, here deliveries are also at a record level in 2022. The surprise is the second place, the area of center-south, which quickly climbed to the top, thanks to the U Center project, in the Tineretului neighborhood, according to a study conducted by Fortim T.A., a member of the BNP Paribas Real Estate Alliance.
The office stock in the Center-West area of Bucharest, near Politehnica University, will surpass the existing stock from Floreasca-Barbu Văcarescu (which has been the main office hub in Bucharest for eight years) in 2022, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
Real estate developer Hagag Development Europe announces the lease of approximately 1,250 square meters of office space in H Victoriei 109. The new tenants, BTDConstruct & Ambient and Progetto Lusso Industrial Cluster, part of the BTD Group of Companies and strong players in the commercial and industrial construction industry, respectively engineering, architecture and design, are now fully occupying the 2nd, 3rd and 7th floor, and partially the 1st floor of H Victoriei 109, Calea Victoriei wing.
One United Properties (BVB: ONE), the leading green developer of residential, mixed-use, and office real estate in Romania, convened the General Meeting of Shareholders (GMS) for April 26th, 2022. On the agenda of the GMS are, among other items, the approval of the payment of the second tranche of the dividends, share capital increase with cash contributions, share buyback as well as the election of new members of the Board of Directors.
The local real estate market has rapidly adapted to the new social and business environment, largely countering the imbalances stemming from the restrictions imposed during the state of alert. Moreover, we can notice an upward trend in all market segments, even though there are still a few challenges, such as the increasing prices for construction materials, utility costs, inflation, decreasing purchasing power and also finding the best levers to get employees back to their offices.
Skanska's office development division in Romania obtains a new WELL Health & Safety Rating certification, this time accorded for its own office located in the Equilibrium 1 building. The dynamics of Skanska’s office space and the active involvement of employees in maintaining the WELL culture are just as equally important as the solutions and strategies implemented within the building.
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