The return to the office continues to grow this year as employees increasingly feel the need for direct interaction with colleagues, and employers implement strategies that encourage a full-time return to the office while balancing the hybrid model. According to a survey conducted by Genesis Property, one of the leading office building owners in Romania, among 1,168 respondents nationwide, nearly 63% of employees are already working exclusively from the office, while 13% opt for a 3-4 days workweek in the office. Additionally, only 10% of respondents continue to work exclusively remotely.
In a survey by Fortim Trusted Advisors in Romania, 75% of respondents said the most important factors for tenants choosing office space were shops/services, restaurants/cafes and public transport.
The first half of 2024 ended with real estate transactions totaling 419 million euros in Romania, which represents a two and a half times increase compared to the volume of the same period last year, according to the Colliers report on the evolution of the real estate market in the first semester of this year. The outlook remains favorable, and with a significant volume of ongoing transactions, including some recent ones where owners want quick completion, reaching the €1 billion mark in 2024 seems an achievable goal, Colliers consultants say.
Personal development and nutrition workshops, massage sessions and multisensory experiences such as cheese or ice cream tastings organized by office building landlords are highly appreciated by employees. These initiatives aim to create a work environment which encourages a gradual return to offices. The budget allocated for these actions can reach up to €10,000 per year per building, an amount which has a minor impact on the owners’ rental income.
Today's employees are not just looking for a simple job, but for a work environment that offers them a complete experience and allows them to combine work with recreation and relaxation. According to a survey conducted by Genesis Property, out of 1,247 respondents representing multiple generations nationwide, nearly 61% of employees believe the ideal office should be in a campus with many amenities and options for office life and leisure time, with different spaces where they can work according to their needs.
The Romanian investment market recorded transactions of around 476 million euros last year, down by more than half over 2022’s cycle high of 1.25 billion euros, according to the 2023 Annual Report released by Colliers.
Construction and real estate sectors are among the most cyclical sectors. Sensitive to changes in the labour market, prices in commodities and, first and foremost, the interest rate environment and accessibility of credit, they are currently under strain. And things are unlikely to get any better in 2024, according to a survey by Coface.
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.
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