People of Cushman & Wakefield Echinox
Bucharest, July 2024: Cushman & Wakefield Echinox is pleased to announce that four local businesses – Sciccheria, Steam, Velocita, and French Revolution – are the newest tenants within the boutique office building Arghezi 4, located in the heart of Bucharest, near University Square.
The Italian restaurant Sciccheria, the coffee shop chain Steam, the artisanal gelateria Velocita, and the artisanal patisserie French Revolution have leased a total of 375 square meters of retail space. These lease transactions were brokered exclusively by Cushman & Wakefield Echinox, represented by Dana Radoveneanu, Head of Retail Agency, and Raluca Zlate, Retail Agency Consultant.
Dana Radoveneanu, Head of Retail Agency at Cushman & Wakefield Echinox: “Arghezi 4 is one of the newest office developments in Bucharest, offering modern spaces in a building with unique architecture. It is located in a highly sought-after area by retail operators. The building provides an alternative to the high street retail spaces in central Bucharest, where although we’ve seen vibrant activity in recent years, development potential is limited due to the scarcity of quality spaces.”
Arghezi 4 is a boutique office building in central Bucharest, completed in 2023. The structure consists of 3 underground levels, a ground floor, and 6 upper floors (3S + P + 6E), encompassing 7,700 square meters of leasable office space, 420 square meters of ground-floor retail facilities, and 100 underground parking spaces.
Raluca Zlate, Retail Agency Consultant at Cushman & Wakefield Echinox: “We are delighted to have worked with the owner of Arghezi 4, Strabag Real Estate, to create a mix of retailers in the building that meets the needs of employees working here, while also positioning the property as a modern and relaxed destination in the city center. The retail area of the office will be completed by another operator who is set to lease the remaining 50 square meters of ground-floor space.”
Local businesses have been very active in the high street retail market, especially during the pandemic and in the following years. The retail spaces on the ground floors of office buildings, particularly in central and ultra-central areas of Bucharest, have attracted a significant number of restaurants, coffee shop, patisserie, and gelateria operators.
The expansion of restaurant and coffee shop networks has been reflected in the sales growth of this segment in 2023, as well as during the period from 2019 to 2023. According to the Romania Retail Snapshot 2024 report, recently released by Cushman & Wakefield Echinox based on the financial results of 116 retailers across 12 different sectors, the restaurant and coffee shop segment recorded a turnover increase of 14.5% in 2023 compared to 2022, marking the fourth highest growth among the analyzed sectors, with an average growth of 14% from 2019 to 2023.
