Austrian developer resumes work on office building in Bucharest
Austrian company S Immo has resumed the office project The Mark, located in Bucharest’s Grivita area, after the EUR 60 million investment has been frozen for several years due to the hardships in the local real estate market and other infrastructure work in the area.
Bucharest’s office market, however, is showing signs of sustainable recovery, said Friedrich Wachernig, S Immo board member, cited by local Profit.ro. In 2014, the total rental activity on the Bucharest office market reached a record high, he added. The Sun Plaza Office building, which the group owns in Bucharest, is nearly fully leased.
The Mark, located near the Victoriei square, is the first office project built in Bucharest’s central area in the last ten years. The area, which includes other office buildings such as America House, Premium Plaza, or Tower International Center, was highly wanted by developers before the crisis. Their attention later shifted to Bucharest’s northern area Barbu-Vacarescu-Floreasca.
The Mark office project was first announced in 2012, but was delayed due to infrastructure work in the area.