Bucharest metro traffic doubled in March after the pandemic related restrictions were lifted; employees are gradually returning to the office
Bucharest, October 2020: The valuation department of the real estate consulting company Cushman & Wakefield Echinox will appraise by the end of 2020 properties with a total value between 4.2 and 4.5 billion euros, with a slightly higher increase than the previous year. The positive results come as an outcome due to the business model addressed to large customers who need periodic valuations for financial reporting, tax and revaluation of bank guarantees.
Bogdan Sergentu, Head of Valuation & Consulting, Cushman & Wakefield Echinox: “2020 was marked by the SARS-CoV-2 pandemic, the quarantine period and the restrictions that followed. It was a time full of changes in the way we work and interact with colleagues and clients, but we adapted more easily than we thought we would. While the pandemic and the uncertainty created by its effects on real estate values dominated the discussions with customers, we managed to increase the department’s activity, especially in the segment of large clients. The hybrid way of working and online communication led to a more efficient work without affecting the information and collaboration flow.”
Cushman & Wakefield Echinox Valuation & Consulting team consists of eight members with an average experience of over 16 years in the field and covers the national valuation sector through a local network of 20 specialized collaborators, experts in reports aimed to guarantee loans to individuals or SMEs.
“After 12 years, the real estate market is going through a period again whose long-term effects are difficult to anticipate. The urban mall sector was by far the hardest one hit, with significant declines in sales and traffic. Certain sectors, such as strip malls and retail parks, have been less affected, while the evolution of the office sector is uncertain as more and more companies opt for a hybrid work system. On the other hand, with the growth of online commerce, the industrial sector has registered a positive evolution.”, adds Bogdan Sergentu, pointing out the main effects of the pandemic that leaves its mark on the real estate valuation process.
Among the most representative clients of Cushman & Wakefield Echinox valuation department there are some of the major investors and developers on the local real estate market.
Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners and tenants.
Cushman & Wakefield, one of the global leaders in commercial real estate services, with 53,000 employees in over 60 countries and € 8.8 billion in revenue, provides asset and investment management consulting services, capital markets, leasing, properties administration, tenant representation, design and evaluation services. For more information, visit www.cwechinox.com.