Posts - Cushman & Wakefield Echinox

STRONG RECOVERY OF THE BUCHAREST HOTEL MARKET; THE OCCUPANCY RATE, ONE OF THE HIGHEST IN THE CEE REGION, INCREASED BY 33% IN Q1

Bucharest, May 2023: The occupancy of Bucharest hotels increased by 33% in the first quarter compared with the same period of the last year, and remains about 5% below the 2019 level. When compared to other cities across the CEE-6 region, Bucharest recorded the second-highest occupancy rate, just be [...] Read more

OFFICE INVESTOR GLOBALWORTH AND EMAG SIGN LARGEST NEW RENTAL CONTRACT IN ROMANIA THIS YEAR

Globalworth, the leading office investor in Central and Eastern Europe (CEE), said on Tuesday that it signed an agreement with e-commerce leader eMAG to set up its headquarters in the Globalworth Square building in Bucharest. The deal targets a space of 10,000 sqm GLA and marks the largest new lease [...] Read more

WITH ALMOST 300,000 SQ. M OF OFFICE PROJECTS DELIVERED IN THE PAST 3 YEARS, THE CENTER - WEST SUBMARKET HAS BECOME THE MAIN OFFICE HUB IN BUCHAREST, OVERTAKING FLOREASCA - BARBU VĂCĂRESCU

Bucharest, May 2023: The Center - West area (Politehnica, Orhideea, Cotroceni) has become the largest office hub in Bucharest, overtaking the Floreasca – Barbu Vacarescu submarket in Q1 2023. This situation is expected to remain constant on a medium term at least, given the plans announced by deve [...] Read more

THE ROMANIAN INVESTORS HAVE BEEN THE MOST ACTIVE ON THE REAL ESTATE TRANSACTION MARKET DURING THE PAST 5 YEARS, WITH ACQUISITIONS EXCEEDING €1.1 BILLION

Bucharest, May 2023: The Romanian investors have made real estate acquisitions worth €1.1 billion in the last 5 years, having a share of 28% in the investment volume recorded during this interval. Therefore, they have been the most active buyers of income-producing real estate assets in Romania, a [...] Read more

LIMITED ADJUSTMENTS OF THE CAPITALIZATION RATES OF ROMANIAN COMMERCIAL PROPERTIES, IN THE CONTEXT OF RISING INTEREST RATES AND INFLATION

Bucharest, April 2023: High inflation and rising interest rates have increased the banks’ caution in financing the real estate sector, but the commercial property market in Romania remains stable, with limited adjustments of the capitalization rates. In a context where the upward movement of yield [...] Read more

THE DEVELOPERS OF BELVEDERE RESIDENCE IN THE NORTHERN PART OF BUCHAREST SOLD THE COMMERCIAL GALLERY WITHIN THE COMPLEX TO A PRIVATE INVESTOR, IN THE LARGEST TRANSACTION OF HIGH STREET RETAIL SPACES

Bucharest, April 2023: The developers of Belvedere Residence in northern part of Bucharest, one of the most dynamic premium residential areas, sold the commercial gallery on the ground floor of the residential buildings within the complex to a private investor, in the largest transaction of high str [...] Read more

OFFICE FIT-OUT COSTS INCREASED BY UP TO 30% IN 2022, BUT THEY STILL REMAIN THE LOWEST IN THE REGION

Bucharest, March 2023: The average office fit-out costs increased by around 20-30% in 2022, due to rising prices, supply chain disruptions, higher commodities and materials’ costs, but also as a result of the increased labor costs. Therefore, companies incurred average expenses of €820 per sq. m [...] Read more

SOMPRODUCT OPENS A NEW SHOWROOM IN THE ISHO PROJECT, DEVELOPED BY MULBERRY DEVELOPMENT IN TIMISOARA

Bucharest, March 2023: SomProduct, a Romanian brand with an experience of 15 years in the Home & Deco industry, opens a showroom in the ISHO project Timisoara, developed by Mulberry Development. SomProduct leased space of 1,100 square meters in the Isho project, the transaction being brokered by [...] Read more

THE OWNERS OF THE BALVANYOS RESORT ACQUIRED THE K+K ELISABETA HOTEL LOCATED IN THE BUCHAREST CITY CENTER

Bucharest, March 2023: Lorand and Zsuzsanna Szarvadi, the owners of the Balvanyos Resort & Spa in Covasna, acquired the K+K Elisabeta hotel located in the Bucharest city center, and they will relaunch it under the newly established Peakture hotel brand, created by Brandient. Opened in 2006 by th [...] Read more

THE INDUSTRIAL AND LOGISTICS STOCK IS NEARING TOWARDS THE 7 MILLION SQ. M LANDMARK; BUCHAREST - ILFOV AND THE WEST, SOUTH - MUNTENIA, NORTH - WEST AND CENTER REGIONS ACCOUNT FOR MORE THAN 90% OF THE TOTAL STOCK

Bucharest, March 2023: The industrial and logistics market registered a new record year both in terms of supply and demand, with development being concentrated in the Bucharest - Ilfov and West regions. However, other areas have also benefited from consistent investments in such projects in the last [...] Read more

THE ASSET PORTFOLIO UNDER MANAGEMENT HAS TRIPLED DURING THE LAST 5 YEARS; GROWTH POTENTIAL REMAINS HIGH AMID THE OVERALL REAL ESTATE MARKET DEVELOPMENT

Bucharest, February 2023: The property portfolio under the management of the Asset Services department of the Cushman & Wakefield Echinox real estate consultancy company has tripled during the last 5 years, reaching more than 450,000 sq. m of office, logistics and retail spaces, both in Buchares [...] Read more

ADP ROMANIA PROLONGES ITS LEASE CONTRACT FOR ANOTHER 5 YEARS IN GARA HERĂSTRĂU, A BUILDING PART OF THE GLOBALWORTH PORTFOLIO

ADP Romania prolonges its lease contract for another 5 years in Gara Herăstrău, a building part of the Globalworth portfolio. The total surface operated by the company is 8,300 square meters. A comprehensive global provider of cloud-based human capital management (HCM) solutions, ADP unites HR, [...] Read more

OFFICE PROJECTS OF MORE THAN 275,000 SQ. M ARE PLANNED TO BE DEVELOPED OUTSIDE BUCHAREST IN THE NEXT 5 YEARS

Bucharest, February 2023: Developers announced the construction of more than 275,000 sq. m of new office projects in the major regional cities – Cluj-Napoca, Timisoara, Iasi and Brasov, and therefore the modern office stock should reach approximately 1.3 million sq. m in the next 5 years. An incre [...] Read more

AROUND 500,000 SQ. M OF OFFICE SPACES ARE VACANT IN BUCHAREST, 50% OF WHICH BEING LOCATED IN BUILDINGS OVER 15 YEARS OLD

Bucharest, February 2023: Around 500,000 sq. m of office spaces are unoccupied in Bucharest, reflecting a vacancy rate of 15.2%, the highest availability being reported in the Pipera North, Center-West and Floreasca – Barbu Vacarescu submarkets. There is still a significant discrepancy between A a [...] Read more

THE CEE PROPERTY INVESTMENT MARKET RETURNED TO GROWTH IN 2022, A POSITIVE EVOLUTION MAINLY DRIVEN BY ROMANIA AND SLOVAKIA

Bucharest, January 2023: The total volume invested in income-producing real estate assets - office, retail, logistics and industrial spaces and hotels - in the Central and Eastern Europe returned to growth last year, a positive evolution mainly driven by the activity recorded in Romania and Slovakia [...] Read more

THE DEVELOPMENT ACTIVITY IN THE RETAIL MARKET REMAINS ANIMATED; OVER 230,000 SQ. M OF RETAIL SPACES ARE PLANNED TO BE DELIVERED IN 2023, THE HIGHEST LEVEL OF THE LAST SIX YEARS

Bucharest, January 2023: Approximately 100,000 sq. m of retail spaces were delivered last year, with retail parks having an 80% share, while cities such as Bucharest, Timisoara, Pitesti, Turda, Baia Mare, Slatina and Miercurea Ciuc benefited from such investments. The new supply will significantly i [...] Read more

THE INCREASE OF LABOR ELECTIVITY COSTS PLACES ROMANIA ON THE 8TH POSITION IN TERMS OF THE MOST ATTRACTIVE MANUFACTURING MARKETS IN EUROPE, AFTER THE CZECH REPUBLIC, POLAND OR HUNGARY

Bucharest, December 2022: The increase of labor, real estate and energy costs places Romania on the 8th position in terms of the most attractive manufacturing markets in Europe, after countries such as the Czech Republic, Poland, Hungary or Portugal, while also being ranked 22st globally, according [...] Read more

AKCENT DEVELOPMENT COMPLETES THE TENANT MIX OF THE EMINESCU OFFICES BUILDING BY ATTRACTING BRINGO WHITIN THE PROJECT

Bucharest, December 2022: The Eminescu Offices building, developed by Akcent Development in the central part of the Capital City and managed by the Asset Services team of Cushman & Wakefield Echinox, completes its tenant mix by attracting the delivery platdorm Bringo whithin the project. Brin [...] Read more

NEW YORK’S FIFTH AVENUE CROWNED WORLD’S MOST EXPENSIVE SHOPPING STREET; BUCHAREST HAS MOVED UP ONE POSITION, AND IS PLACED JUST BEHIND WARSAW

Best in class physical retail passes Covid-19 ‘stress test’ with global rebound in rents; Luxury brands showing resilience and cities experience increase in leasing activity; Cushman & Wakefield’s global report tracks 92 cities November 2022 – New York’s Fifth Avenue has reclaimed i [...] Read more

THE CUMULATIVE TURNOVER OF THE 6,000+ STORES OPERATED BY LARGE RETAILERS IN ROMANIA INCREASED BY 20%, MORE THAN THE INFLATION RATE AND THE NATIONAL CONSUMPTION GROWTH

Bucharest, November 2022: In 2021, the large retail chains recorded a cumulative turnover almost 20% higher than the corresponding one for 2019 (the last fully operational pre-pandemic year), an increase 60% above the consumption growth rate pertaining to the last two years (12.5%), and over the tot [...] Read more

PRIVATE INVESTORS, MAINLY ACTIVE IN THE RESIDENTIAL SECTOR, ARE NOW ALSO INTERESTED IN INCOME-PRODUCING REAL ESTATE ASSETS

Bucharest, November 2022: Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting "trophy" assets. Their focus is currently on all market segments [...] Read more

THE OFFICE RENTS IN BUCHAREST, ALTHOUGH INCREASING THIS YEAR ARE STILL AMONG THE LOWEST IN EUROPE, THUS ATTRACTING NEW IT&C COMPANIES

Bucharest, November 2022: The office rents in Bucharest are among the lowest both at regional and continental levels, an aspect which, along with the workforce availability and the competitive salary costs, represents a major point of attraction for tech companies, according to data from the Cushma [...] Read more

DEMAND FOR LOGISTICS AND INDUSTRIAL SPACES AT MAXIMUM LEVELS; ROMANIA NEEDS TO IMPLEMENT POLICIES TO SUPPORT THE DIVERSIFICATION OF THE BUSINESS AREAS WHICH COULD GENERATE ADDITIONAL DEMAND

Bucharest, November 2022: The demand for logistics and industrial spaces is close to registering a new record in 2022, a matter which is reflected in the vacancy rate, a rate of 4.3% (one of the lowest in the last decade) at the end of Q3, according to the Cushman & Wakefield Echinox real estate [...] Read more

CUSHMAN & WAKEFIELD ECHINOX: THE REAL ESTATE AND CONSTRUCTION SECTOR HAS ATTRACTED AROUND 12 BILLION EUROS OF FOREIGN DIRECT INVESTMENTS IN THE LAST 10 YEARS

Bucharest, October 2022: The real estate and construction sector has attracted around 12 billion euros of foreign direct investments (FDI) in the last ten years, as the share of this economic activity in the overall FDI stock increased to a level of 17.4% at the end of 2021, compared with 9.2% in 20 [...] Read more

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