Leasing activity in the Bucharest office market in the first half of 2024 saw new demand rise by 7% year-on-year, reaching 64,000 square meters, while total demand slightly decreased to 160,000 square meters, according to Colliers’ report on real estate market developments for the first half of the year.
CPI Romania, part of CPI Property Group, signed lease contracts in 2024 for a total area of 41,500 sqm, adding multinational companies active in key sectors of the economy to the local portfolio of offices, and maintained its average occupancy rate of retail projects at 98% as a result of investments in the remodeling of its shopping centers.
The net office take-up in Bucharest across Q2 exceeded the renewal and renegociation transactional volume for the first time during the last two years, with a positive impact on the average vacancy rate, given that no new office projects were delivered in H1, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
Hili Properties plc, the owner of the MIRO Office property in Romania has leased the last 1,540 square meters of office space to Radio ZU, one of Romania’s most popular radio stations, taking MIRO’s occupancy to 100%.
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.
Sports HUB, a non-governmental association specializing in the development of programs and events dedicated to sport and education, is establishing its headquarters in YUNITY Park, the office campus owned by Genesis Property, one of the most prominent office building owners in Romania. Sports HUB, the initiator of the GO Scholarship program, will occupy 770 square meters in building G of YUNITY Park, where a new innovation center will be inaugurated following a total investment of over 50 million euros in the campus.
A team of lawyers from Reff & Associates | Deloitte Legal and tax experts from Deloitte Romania assisted the local company Helinick, specialized in the design and implementation of electronic security, fire safety, communications and building management systems, one of the leaders of the local market in the field, in the sale to Convergint, one of the largest global players in this area. The transaction was completed in July 2024 and marks Convergint's entry into the Romanian market.
Copeland, a U.S.-headquartered global provider of sustainable climate solutions, today announced the opening of a new office in Cluj-Napoca, Romania, to help meet the demand for sustainable heating and cooling solutions for Copeland’s European customers.
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