From 2008 – 2013, the office department of CBRE Romania secured leases for a total surface area of more than 300,000 sqm with a total contract value of €275 million. CBRE Romania represented 100 tenants, occupying space from 130 sqm to 26,000 sqm and over 40 developers and landlords of office buildings in Bucharest.
In this period, the office market in Bucharest went through a major transformation from a landlords market (2008) to a tenants market (2009 – 2013). CBRE forecast for 2014 – 2016 is to bring a more balanced position between these players, in the context of a slow increase of demand and a volume of new stock under the average of the last 10 years. In 2013 the total leasing activity was of over 300,000 sqm, including here new lease contracts, relocations and renewals and lease prolongations. Compared to last years, this is the highest leasing volume registered in the last 6 years.
Razvan Iorgu, Managing Director CBRE Romania, commented: “The office team represented in a highly professional manner both top tenants and landlords, not just in the last year, but each year in the past 6 years. This is a clear proof of our constancy in commercial performance and the attention given to each of our clients. The CBRE brand power, as the world’s largest commercial real estate services firm, is consolidated through the local actions of the entire team, not just the office team.”
Last year was the biggest for CBRE Romania, they assisted a Global Technology client in signing the biggest office transaction ever recorded in Romania (26,000 sqm) and assisted the landlord in a noteworthy renewal and prolongation transaction (Rompetrol 9,300 sqm). Also, the industrial department signed the two most important transactions for this segment: the renewal and renegotiation contract of Carrefour (45,000 sqm) and the new occupation of Lear Corporation in Iasi within a production unit (12,000 sqm). CBRE also won the shopping center property management assignment awarded to a third-party management company in Romania (Sun Plaza 81,000 sqm). The valuation and project management departments registered a substantial development, by winning new accounts, both locally and regionally.
Razvan Iorgu added: “There continues to be some question marks over the recovery of the real-estate sector in Romania. Among them we can mention: the future of distressed assets, the chance of survival or transformation of secondary and tertiary projects, the lack of global institutional funds. The year 2014 will bring a slight increase of demand for all real-estate segments, but only in a context of macro-economic and political stability.”
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