BREC MEDIA BRIEFING, 16.02: THE NEW FACE OF BUCHAREST: THE NEWEST OFFICE CLUSTERShttps://brec.ro/wp-content/uploads/2021/02/oneT_740X528.jpg740526BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2021/02/oneT_740X528.jpg
On Tuesday, February 16.00, BUCHAREST REAL ESTATE CLUB organizes the Press Conference announcing the latest cumulated data on the new real estate investments on the Bucharest market. In the spotlight: THE NEW OFFICE CLUSTERS IN BUCHAREST.
Agenda highlights:
Major investments completely changing the Bucharest Real Estate landscape
Urban Regeneration Projects
The New Office Clusters in Bucharest
Bucharest Central Business District
Active investments
Status of new projects
Modern stock update
Post – pandemic trends on the office market
Speakers:
Despina Ponomarenco, Executive Director, BUCHAREST REAL ESTATE CLUB
Cristi Moga, Head of Research, Cushman&Wakefield Echinox
Mihai Paduroiu, CEO, One United Properties – Office Division
Skanska: EUR 45 M investment in the 2nd phase of the Equilibrium Office Projecthttps://brec.ro/wp-content/uploads/2021/02/Equilibrium-Bucharest-740X528.jpg740532BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2021/02/Equilibrium-Bucharest-740X528.jpg
Skanska invests EUR 45M, in the 2nd building of the Equilibrium office project located in the Northern part of Bucharest, Romania. The 12-storey building will comprise of a total leasable area of 19.900 sqm and 229 parking lots above and underground. At its completion, the entire two-building Equilibrium complex will offer 40,800 square meters of leasable area.
The project has a mix of green relaxation spaces, with modern exterior furniture that incorporates wireless chargers, power sockets and free WiFi, but also with numerous facilities to encourage urban mobility and an active lifestyle – locker rooms and showers for those who practice sports before or after working hours, parking spaces for two-wheeled vehicles, but also fast charging stations for electric cars.
Construction works are planned to be started in February 2021 and are scheduled for completion in the first quarter of 2023. The first phase of the project, Equilibrium 1, became operational on November 1, 2019.
Through a partnership with the start-up Bright Spaces, future occupants of the second Equilibrium building can already visualize the office space virtually. The interactive 3D visualization platform, operational since October, allows the developer to present its spaces in an innovative, interactive way and more adapted to the current needs of customers. The solution provides a complete user experience and creates a new standard in the virtual presentation of office space.
The new real estate technology platform is the result of a PropTech hackathon organized by Skanska in 2019, and it was implemented for the first time in the Equilibrium project.
„Equilibrium, located in one of the well-known business areas of the Capital, is representative for our portfolio in the region, and after the implementation of the second phase, we will double the leasable area of the entire project. The second building will incorporate the same quality standards as Equilibrium 1, and will include additional measures for protection against viruses. Placemaking, which is the main attraction of this project, plays an essential role: it is that common and dynamic place where people can meet, interact and socialize, and during the weekends it becomes a space for recreation and relaxation. Through the hybrid concept which we propose, we will integrate workspaces with relaxation facilities and quick access to urban mobility services. In addition, to support those interested in moving their offices into our buildings, we have implemented the first 3D interactive visualization platform on the local market, SkanskaSpaces. Despite the current context, we continue to invest in our projects, in the economy and in the sustainable development of the city”, said Aurelia Luca, Executive Vice President of Operations Romania for Skanska’s commercial development division in CEE.
The future building will meet some of the highest standards in the field. Following the prevention measures implemented and the safety standards that have become an industry requirement, the Equilibrium 1 project is among the first in the Skanska portfolio in Central and Eastern Europe to receive WELL Health-Safety Rating. This is the newest building rating system introduced by the International WELL Building Institute (IWBI) in the pandemic context.
MEMBER NEWS: Gran Via sold 478 apartments in 2020, in total value of EUR 44.2 Mhttps://brec.ro/wp-content/uploads/2021/01/740X528-2.jpg740525BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2021/01/740X528-2.jpg
Spanish developer Gran Via Real Estate announces results beyond expectations for 2020 on the Romanian market. Despite two months of lockdown measures due to the pandemic, the company traded 478 residential units, with a total value of 44.2 million euros, in projects such as Timișoara 58 (phase IV and the last in the development), Aviației Apartments (phase I), Gran Via Park (phase IV and the last in the development) and Gran Via Marina in Constanța (phase I).
“Although we encountered the two months of total lockdown in the spring, we managed to recover during the year, reaching a monthly average of 47 apartments sold,” said Ana Maria Nemțanu, Sales & Marketing Director, Gran Via Romania, adding: “The best-selling products were the two-room units, for which we had the largest stock, but the demand for the three-room apartments exceeded the stock we had.”
In 2021, the developer finalizes phase IV of Timișoara 58 compound in Bucharest and phase I at Gran Via Marina in Constanța, working on phase IV at Gran Via Park. The company plans to launch new phases at Aviației Apartments and Gran Via Marina, as well as a new project in Bucharest.
The first project of Gran Via in Romania was Timișoara 58, built on the former Frigocom platform, in sector 6. The project totals 800 apartments.
The second development was Gran Via Park, near the Plaza Mall, on the site of the former Electrotehnica factory, which today has become the company’s largest project in Romania, with 1,000 apartments completed and another 220 under construction.
Aviaței Apartments is the third Gran Via project in Romania, also built on an industrial lot of Paste Băneasa, in the Aviaței area. In this location, 291 apartments were delivered at the end of 2019.
The fourth project is Gran Via Marina, in Constanța, near Vivo! shopping mall, where the first phase will be handed over this spring, totaling 192 apartments. Upon completion, the entire complex will have about 1,000 apartments.
ABOUT GRAN VIA:
Gran Via has a 15-year history on the Romanian market, specializing in the conversion of former industrial lots into residential projects, which have changed the face of the city for the better. The developer completed over 2,000 apartments in Bucharest, in projects such as Gran Via Park, Timișoara 58 (both in sector 6 of the Capital) and Aviației Apartments, in sector 1. In Constanța, the developer is building the Gran Via Marina complex, near the mall Vivo!, 10 minutes from Mamaia resort. More information on www.granvia.ro
MEMBER NEWS: Superbet Moves its Offices to One Cotroceni Parkhttps://brec.ro/wp-content/uploads/2021/01/featured.png740528BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2021/01/featured.png
One United Properties announces the lease agreement with Superbet, the largest omni-channel sports betting and gaming operator in Romania, for an 8.206 sqm of office space in the One Cotroceni Park building.
Superbet will thus move its offices within One Cotroceni Park, the largest urban regeneration project in Bucharest developed by One United Properties in the Cotroceni area, near Academia Militara. The new office spaces are designed to provide a higher degree of safety and comfort for employees, on a generous area and access to many facilities, as well as a direct connection to Academia Militară metro station, a premiere for an office project in Bucharest.
One Cotroceni Park phase 1 project has currently exceeded a rental rate of 72% and will be delivered at the end of this year. At the same time, the developer started the works for the second phase of the office component of the project.
“Superbet is one of the companies that have chosen to focus on improving the post-pandemic work environment with the relocation in the office park we are developing at One Cotroceni Park. In addition, 72% of phase 1 of the project is already leased, which shows that many companies have realized that the office is an essential part of the organization system and are willing to invest in modern, certified spaces, in the latest technology, and access to facilities such as shopping gallery, residential area, subway station”, says Mihai Paduroiu, CEO Office Division One United Properties, while emphasizing the importance of the “work near home” concept lately gaining ground.
One Cotroceni Park will also include a residential component with approximately 754 apartments, which will be developed in several phases.
“The main reason behind our decision to move to a new headquarters is related to the desire to bring under the same roof the entire Superbet Group team in Bucharest, which currently operates in three different locations. Then, the advantages of the new workspace are obvious – it is a new building, which ensures air quality, generous spacing, a greater number of parking spaces, access to many facilities, proximity, and flexibility in terms of transport etc. Last but not least, the new location supports Superbet’s strong recruitment campaign for IT-high tech talents, given that we will be close to relevant academic communities – the Faculty of Electronics, Polytechnic, but also other local and international tech companies”, said Cristian Gheorghiță, Group Employee Communications Director.
Beyond the pragmatic reasons, the decision is closely linked to the philosophy and culture of Superbet Group, focused on greater collaboration and creativity. “It will be more of a meeting space, not only for the Romanian team but also the international teams of the group. No one will have an office of their own, it will be a place for social gatherings and town halls”, he also added.
One United Properties is on the point of obtaining a WELL HEALTH AND SAFETY certification for all its office buildings, which is the most rigorous certification focused on employee and workplace benefits – such as air quality, access to sports, mental comfort, light, water quality, comfort at work, access to healthy food etc. One Cotroceni Park mixed project is designed in a holistic approach of Live / Work / Play type, offering both employees and future residents integrated facilities, from commercial spaces, retail or sports, and outdoor spaces. The project will be developed on an area of 5.8 ha: 20,000 sqm allocated to retail spaces, 74,000 sqm GLA dedicated to the business park, and a residential component with approximately 754 apartments.
In 2019, Superbet and Blackstone Group, world’s largest private equity fund announced a €175m strategic equity investment in Superbet by funds managed or advised by Blackstone’s Tactical Opportunities business.
MEMBER NEWS: Eli Park 3, A New Logistics Investment in Buftea – Chitila Areahttps://brec.ro/wp-content/uploads/2021/01/elipark-3.png740528BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2021/01/elipark-3.png
Element Industrial announces the start of a new project, in Buftea Chitila area: Eli Park 3 logistics development, with a 72.000 sqm area, a total investment of EUR 37 mil.
The new logistics park will be built in several phases, the first consisting of a distribution center of 18,500 square meters.
The project is developed in the vicinity of Eli Park 1, on DN7, in an area that will be transformed into a logistics hub near the new ring road of Bucharest – A0. Eli Park 3 is served by several public transportation lines and it is located at a distance of 4 km from Bucharest. The main advantages are the easy access to the north & center of Bucharest and the location in an area with a surplus of labor force (Chitila / Buftea).
Eli Park 3 will be developed according to international class A standards, benefiting from technical specifications such as free storage height of 11.5 meters, one loading bay for each 800 sq. m. of warehouse, generous 35 meters truck court and numerous parking spaces. The minimum rentable area is 2.500 sqm.
About Element Industrial:
The company is one of the youngest players on the Romanian logistics and industrial market. The developer is working on a series of projects under the Eli Parks brand, logistics parks with areas between 50-60.000 sqm in Bucharest, Pitești, Craiova, Bacau, Braila or Ploiesti, as well as smaller-sizes warehouses, all under the Eli Xpress brand.
At the same time, the developer offers an integrated package of built to suit services for production and storage facilities, starting from the identification of the lands suitable for such developments, authorizations, design and delivery according to the specific requirements for each project.
PwC`s Emerging Trends in Real Estate®Report: Europe 2021 – An Uncertain Impacthttps://brec.ro/wp-content/uploads/2021/01/shutterstock_1797593989-scaled.jpg25601731BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2021/01/shutterstock_1797593989-scaled.jpg
PwC`s Emerging Trends in Real Estate®Report: Europe 2021 – An Uncertain Impact
PwC and the Urban Land Institute have recently launched the Emerging Trends in Real Estate® Europe joint survey, exploring a cyclical downturn juxtaposed with long-term structural changes to real estate. The survey presents a sector in flux: the COVID-19 pandemic; government responses; the environmental, social and corporate governance (ESG) agenda; and push towards net zero and the acceleration of blurring of previously distinct asset classes are all driving significant change.
‘COVID is a game changer to the property industry, like the global financial crisis was, but even more disruptive. As well as introducing uncertainty, it will continue to impact our prospects by accelerating a lot of things that were going on in our business anyway,’ a global asset manager Director says for the PwC survey.
71% of PwC report respondents have the repurposing of assets on the agenda
Key Trends highlighted in the Report:
1. CAPITAL IS PLENTIFUL BUT PAUSED
A positive observation from the survey is that capital remains plentiful. Unlike the 2008 global financial crisis, after which capital receded dramatically, this time most investment managers report the existence of pent-up capital, often raised before the pandemic, which still needs to be deployed.
2. INVESTORS TURNING TOWARDS DOMESTIC MARKETS
Globalisation has been a constant backdrop to the market for the last decade or so, bringing with it an expectation of high and rising levels of cross-border investment, PwC report states. It however reveals that in 2020, this is changing. Investors are increasingly turning to domestic markets rather than looking overseas. North American capital is finding its domestic market more attractive than Europe, and the survey revealed a strong expectation that European investors will play a greater role in their domestic markets than in previous years. One reason is the difficulty of doing adequate due diligence on properties overseas. Cross-border investment has traditionally relied on international travel to view assets and manage investment logistics. As one respondent puts it in the survey, “without ‘boots on the ground,’ deploying millions of euros on an uninspected building can feel risky.”
3. SHIFTING FUNDAMENTALS
One of the more challenging trends to emerge from PwC`s survey is the recognition that fundamental market shifts are still playing out. Fear of the unknown has put the brakes on development for most of the industry and plenty of respondents say it is too early to assess what office or retail rents are likely to look like even a year from now. As observed in the report, the pandemic is also highlighting the role of real estate in the health and wellbeing of societies, and this is expected to drive further change. A number of key reasons emerge for this. Many more people are working, shopping, and socialising from or nearer to home. If this becomes a permanent shift, it would strike at the heart of how the industry serves its customers and conducts its business, the survey authors note.
4. CHANGING PRIORITIES
Repurposing assets is high on the agenda: nearly ¾ of respondents say that repurposing assets from one sector to another is on their agenda for the next 5 years. One European respondent explained that “the game going forward will be to make sure that whatever you invest in can be repositioned and repurposed.” The sector must consider how it can deliver or repurpose assets quickly, and improve their operational resilience and flexibility. The need to embrace new skills and technology and the levels of automation and artificial intelligence seen in other sectors will enhance operations and make them future-fit, the survey authors highlight. PwC survey reveals a growing perception that as societies rebuild after the pandemic, they must do so in ways that minimize harm to the planet. Many governments have already set targets to reach net zero emissions of carbon, and many respondents reflect a growing awareness that the real estate sector must make a contribution to those goals. Climate change and the environment are named by industry leaders as the factor likely to have the biggest impact on real estate over the next three decades.
5. NET ZERO
Nearly 80% of respondents think that energy efficiency, carbon emissions and climate adaption will increase in importance in their portfolios in 2021. Over a five-year time horizon, that number increases, with many believing that the pandemic has provided renewed impetus to the push for sustainability. Some within the sector are turning their attention to what can be done to make retail and office assets more sustainable when they are repurposed. The shift towards net zero is also driving the attractiveness of buildings which are as self-sufficient as possible, for example generating their own power or processing their own wastewater. This is likely to be a growing area of interest in the coming years, the survey highlights.
Investment briefing: strong fundamentals for Romanian real estate markethttps://brec.ro/wp-content/uploads/2018/11/11.png19201280BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2018/11/11.png
Investment briefing: strong fundamentals for Romanian real estate market
Romanian real estate market has strong fundamentals and an eventual correction will be a moderate one, that was the conclusion of the most important investors and consultants during the Investment Briefing roundtable organized last week by Bucharest Real Estate Club at Athenee Palace Hilton, in Bucharest.
The event was attended by top real estate professionals, IT companies and representatives of international chamber of commerce in Romania. Itay Banayan, VP, Real Estate for Mindspace, one of the most recent companies to enter Romanian market with a strong leasing deal of 12,000 sqm, Mihai Zaharia, Director of Investments & Capital Markets, Globalworth, Robert Miklo, Director, Investment Services, Colliers International Romania, Marian Popa, Ori Efraim, Head of Real Estate, KPMG, Oana Motoi, Managing Partner, Cromwell Evan Global and Roxana Dudau, Associated Partner, Noerr were among the speakers.
“The office segment remains our core area for portfolio development, but we are also looking more carefully towards the logistic sector. We have such a project in Timisoara that we are developing, but we are also analyzing other cities for new investments, such as: Cluj, Sibiu or Constanta. We choose to develop because there aren’t enough available products on the market”, Mihai Zaharia, Director of Investments & Capital Markets, Globalworth said during the event.
“When the next dip arrives, it will likely be shallow, supported by balanced, robust fundamentals in markets,” Robert Miklo, Director, Investment Services, Colliers International Romania argued in his presentation. He added: “Internal migration patterns will drive real estate with a strong hand and growth will come from regional hubs mostly.”
“Landlords that implemented the last valuation reports at the end of 2016, should reassure to update them until March 2019, to avoid paying the property tax at an increased quota of 5%”, said Oana Motoi, Managing Partner of Cromwell Evan Global, a recent established company active in the tax & business advisory fields.
In a premiere at a business event on the Romanian market, Itay Banayan, VP, Real Estate for Mindspace spoked about new workspace format: “We provide high-end, flexible, tech-enabled workspaces for our member-based communities of large enterprises, small businesses and entrepreneurs. We are organizing and hosting hundreds of events every month, such as lectures, workshops, networking events, tech talks or professional meetups. This is our way of making Mindspace the center of attraction for the local ecosystem. It helps to create an outstanding reputation as well as attract new customers,” he said.
The workspace format triggered quite a debate. Marian Popa, Country Manager for Deutsche Bank Technology Center which employs now 900 people in Bucharest commented: “Our employees work one day per week from home. This initiative determined the decrease of our space need by 15%. New operators such as Mindspace are good news for us because they offer a cheaper and more efficient solution. The market should reorient towards <<services area>> or else the buildings will be partially empty until 2030.”
Commenting on what can Romania implement in the legal field, in order to be more attractive for investments in real estate and to attract the long awaited institutional investors, Roxana Dudau, Associated Partner of Noerr, said: Granting fiscal incentives in Bucharest for green buildings (already implemented in Cluj Napoca and Timisoara) could attract more institutional investors. Bucharest is the city with the biggest number of green buildings and such incentives are not yet granted.”
Ori Efraim, Head of Real Estate, KPMG, presented the conclusions of the “Property Lending Barometer 2018”, a survey among 70 banks from 14 European countries: “Most Romanian banks in the KPMG survey emphasized the importance of real estate financing in their banking strategy. In comparison with last year’s query, about 40% of respondents have increased their focus on the sector significantly whilst the remaining 60% have maintained their positions. All of the banks are open to provide financing to income generating projects, whereas only 40% are open to finance new developments”, he said.
The topics discussed at the roundtable have also been presented in the media, generating new subjects on the public agenda:
Capital -> https://bit.ly/2RTDDvC
Economica -> https://bit.ly/2zOClL2
Capital -> https://bit.ly/2PXZCny
Adevarul -> https://bit.ly/2QEYumb
Economica -> https://bit.ly/2T8gF5e
PwC: Logistics ranked no. 1 for Investment in Europehttps://brec.ro/wp-content/uploads/2018/01/shutterstock_652759966.jpg14401080BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2018/01/shutterstock_652759966.jpg
PwC: Logistics ranked no.1
for Investment in Europe
General economic outlook is positive, with expectations for profits and headcounts to increase in 2018, according to Emerging Trends in Real Estate®: Europe 2018 survey by PwC & Urban Land Institute, based on 512 respondents from across 22 European countries. The key issues impacting businesses this year are the availability of suitable assets/land and construction costs.
MAIN TRENDS
INDUSTRIAL SECTOR IN THE FOCUS
Given the impact of technology upon real estate, industrial sector is ranked number one for investment and development prospects in 2018, largely on the back of the growth in online retail sales.
“Technological change is clearly playing out in the retail sector, and as retail shrinks, logistics expands, as does the last-mile delivery convenience to the consumer”, says one global capital markets adviser.
RESIDENTIAL HITS TIPPING POINT
Until recently, residential was seen by many institutional players as a niche sector, and for some, too specialist. Today, the industry appears less bothered by the obstacles to investment and increasingly swayed by the opportunities that could emerge from huge housing shortages across Europe. The Emerging Trends Europe survey reveals availability of affordable housing as one of the key social problems facing the industry in 2018 – more of a concern than environmental issues and mass migration.
REDEVELOPMENT INSTEAD OF SPECULATIVE DEVELOPMENT
Redevelopment is the most attractive way to acquire prime assets, thus translating into a low-risk strategy based on astute asset management and refurbishment rather than a hasty return to speculative development.
SMART ASSET MANAGEMENT
The greater importance attached to asset management reinforces the trend by institutional investors towards employing fewer and larger managers. Low returns and a lack of product in a late-cycle market have underlined the importance of “smart asset management”.
“We are not going to be able to generate the returns we want by buying assets and sitting on them,” says one pan-European investment manager. “We have to think about the management of the tenants, refurbishment and re-gearing.”
CO-WORKING TAKES HOLD
The rise of the flexible office sector and co-working stands out in Emerging Trends Europe. They are much more than simply property buzzwords but, as the interviews reveal, a workplace phenomenon whose influence has taken hold of the European industry in a profound way since last year’s report.
“As landlords we have to be more flexible,” says one convert to co-working. “Tenants are asking for shorter leases and break options. It requires a change in mindset and a willingness to take more risk.”
“Not everything is going to be WeWork,” says one value-add investor. “I still think there’s a huge amount of money to be made in traditional offices with larger occupiers. But the proportion of the market will grow for co-working, smaller companies, incubator space. Flexibility within buildings – the ability to sub-divide – becomes increasingly important, which comes back to obsolescence.”
Emerging Trends in Real Estate® Europe 2018 reveals an industry that is becoming more complex, yet more transparent and accessible. Whatever the outcome, it is certain that the industry will need new skill sets, new ways of collaborating outside traditional industry boundaries and new business models to survive and compete in the new real estate ecosystem. You can read more info about the survey here.
TOP 10 OFFICE DEALS, Q2 2018https://brec.ro/wp-content/uploads/2018/08/Mindspace.jpg15001000BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2018/08/Mindspace.jpg
TOP 10 OFFICE DEALS, Q2 2018
Co-work takes hold in the second trimester on the office market in Bucharest, with two new international groups announcing their entrance on the local market: Mindspace in Globalworth buildings and Spaces in Campus 6.1 and Unirii View. Another important new entry has been confirmed – London Stock Exchange, thus reinforcing the potential of the Romanian office sector, with a positive signal to institutional foreign investors.
MINDSPACE -GLOBALWORTH – 12,000 SQ. M, PRE-LEASE
Romania became the 7th country in which Mindspace offers its workplace solutions, following a leasing agreement with Globalworth for 12,000 sq. m in Globalworth Campus, City Offices and Bucharest Tower Center. Moreover, as part of their collaboration, Globalworth will become Mindspace’s shareholder by investing USD 10 million in the company. By entering Romanian market, Mindspace is expanding its portfolio to 28 locations in Europe and the United States, being present in 7 countries and 13 cities.
HUAWEI- LAKEVIEW– 6,300 SQ. M, RENEWAL
Chinese telecoms equipment maker Huawei has renewed its office lease deal in Lakeview, in a deal brokered by CW Echinox. The property is a landmark building in Bucharest’s most dynamic business hub from Barbu Vacarescu – Floreasca. The building was one of the first developed in this location by AIG Lincoln & Fabian, sold in 2013 to NEPI Group. It has a lettable area of 25,600 sq. m and has an occupancy rate of 98.8%.
THALES – ORHIDEEA TOWERS, 5,300 SQ. M, PRE-LEASE
Industrial group Thales has pre-leased 5,300 sq. m in CA Immo’s Orhideea Towers, which is to be delivered this year. The deal was brokered by JLL. The two towers of the project will have 13 and 17 floors, with surfaces up to 2,700 sq. m per floor and two underground floors each. The property is located in the Center-West sub market, a key location for the Austrian investor, which has acquired earlier this year Campus 6.1 from Skanska in the area.
SCHLUMBERGER- THE BRIDGE 2, 4,500 SQ.M, PRE-LEASE
Schlumberger, the biggest technology supplier for oil and gas industry, has signed a pre-lease deal with Forte Partners for 4,500 sq. m in the second phase of The Bridge project. The deal was assited by CBRE. Schlumberger will open a shared services center on the premises. The second phase of the The Bridge will be delivered in the first part of 2019. The project located near Basarab overpass, in the Center West submarket was recently sold by Forte Partners to Dedeman in what has became the biggest transaction of 2018.
MEDICOVER- THE BRIDGE 2, 4,500 SQ.M, PRE-LEASE
The fourth place is occupied by two deals in the same building, as Medicover has pre-leased in Q2 4,500 sq.m in The Bridge 2, in order to bring together under the same roof all of its entities: Medicover, Synevo, Synevo Central Lab Clinical Trials and Software Development Competence Center. The company will open a clinic on an 840 sq. m area at the ground-floor of the building, while the rest of 3,700 sq.m will host the management and operational teams of the company’s group.
SPACES – CAMPUS 6.1, 3,100 SQ.M, PRE-LEASE
Spaces, part of International Workspace Group which also owns Regus, pre-leased a 3,100 sq.m in Campus 6.1, the office project developed by Skanska, near the Politehnic University in Bucharest. The Spaces’ concept features collaborative areas, team rooms, co-working spaces, fully-equipped meeting rooms, furnished private offices and a café.
LONDON STOCK EXCHANGE – CAMPUS 6.1, 3,000 SQ.M, PRE-LEASE
CBRE advised London Stock Exchange Group (LSEG) in the leasing transaction of 3,000 sq. m office space for a new Business Services Centre in Bucharest. The center will open later this year in Skanska’s Campus 6.1. The building is located in the Central-West area of Bucharest, near the Polytechnic University, a strategic location chosen by the British company. LSEG will initially employ 200 people across a range of roles.
“We are pleased to announce the opening of our new shared services center in Romania. Romania offers LSEG a highly-skilled workforce, a strong education system and good infrastructure”, said James Nunn, Head of Group Property, London Stock Exchange Group
SPACES – UNIRII VIEW, 3,000 SQ.M, PRE-LEASE
Spaces leased 3,000 square meters of office space in Unirii View and will open in the autumn of 2018 its first business hub located in the central area of Bucharest. The deal was brokered by CBRE. Spaces is characterized by a modern and creative design, materialized in unique working environments that enhance the entrepreneurial spirit.
“It is a very good sign for the Romanian economy when such an important player like Spaces chooses to enter this market and to expand massively”, pointed out Răzvan Iorgu, Managing Director of CBRE Romania.
CAMPUS 6.1, 2.200 SQ. M, PRE-LEASE
The Center-West submarket is the star of the Top 10 Deals in Q2, gathering a total of six deals. CBRE assited a company active in the computers & ti-tech sector for a 2,200 sq. m deal at Campus 6.1.
Campus 6 includes four office buildings with a total leasing area of 81,000 sq. m, the first building foolowing to be opened in Q3 2018. The project will include 7,000 sq. m of green areas, an amphitheater to gather social & business meetings, restaurants and coffee shops, as well as a running track on the roof.
DELPHI – GLOBALWORTH CAMPUS II, 2,1500 SQ.M, PRE-LEASE
The team of CW Echinox has assisted Delphi in pre-lease transaction of 2,150 sq. m in Globalworth Campus II. The business park will comprise three main office towers offering 88,000 sq. m. of GLA and 760 parking spaces.
One of the main tenants in the project is Amazon. Globalworth has became the leading office investor on the local market, with a portfolio exceeding 1 billion EUR.
TOP 10 OFFICE DEALS, Q2 2018https://brec.ro/wp-content/uploads/2018/08/Mindspace.jpg15001000BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2018/08/Mindspace.jpg
TOP 10 OFFICE DEALS, Q2 2018
Co-work takes hold in the second trimester on the office market in Bucharest, with two new international groups announcing their entrance on the local market: Mindspace in Globalworth buildings and Spaces in Campus 6.1 and Unirii View. Another important new entry has been confirmed – London Stock Exchange, thus reinforcing the potential of the Romanian office sector, with a positive signal to institutional foreign investors.
MINDSPACE -GLOBALWORTH – 12,000 SQ. M, PRE-LEASE
Romania became the 7th country in which Mindspace offers its workplace solutions, following a leasing agreement with Globalworth for 12,000 sq. m in Globalworth Campus, City Offices and Bucharest Tower Center. Moreover, as part of their collaboration, Globalworth will become Mindspace’s shareholder by investing USD 10 million in the company. By entering Romanian market, Mindspace is expanding its portfolio to 28 locations in Europe and the United States, being present in 7 countries and 13 cities.
HUAWEI- LAKEVIEW– 6,300 SQ. M, RENEWAL
Chinese telecoms equipment maker Huawei has renewed its office lease deal in Lakeview, in a deal brokered by CW Echinox. The property is a landmark building in Bucharest’s most dynamic business hub from Barbu Vacarescu – Floreasca. The building was one of the first developed in this location by AIG Lincoln & Fabian, sold in 2013 to NEPI Group. It has a lettable area of 25,600 sq. m and has an occupancy rate of 98.8%.
THALES – ORHIDEEA TOWERS, 5,300 SQ. M, PRE-LEASE
Industrial group Thales has pre-leased 5,300 sq. m in CA Immo’s Orhideea Towers, which is to be delivered this year. The deal was brokered by JLL. The two towers of the project will have 13 and 17 floors, with surfaces up to 2,700 sq. m per floor and two underground floors each. The property is located in the Center-West sub market, a key location for the Austrian investor, which has acquired earlier this year Campus 6.1 from Skanska in the area.
SCHLUMBERGER- THE BRIDGE 2, 4,500 SQ.M, PRE-LEASE
Schlumberger, the biggest technology supplier for oil and gas industry, has signed a pre-lease deal with Forte Partners for 4,500 sq. m in the second phase of The Bridge project. The deal was assited by CBRE. Schlumberger will open a shared services center on the premises. The second phase of the The Bridge will be delivered in the first part of 2019. The project located near Basarab overpass, in the Center West submarket was recently sold by Forte Partners to Dedeman in what has became the biggest transaction of 2018.
MEDICOVER- THE BRIDGE 2, 4,500 SQ.M, PRE-LEASE
The fourth place is occupied by two deals in the same building, as Medicover has pre-leased in Q2 4,500 sq.m in The Bridge 2, in order to bring together under the same roof all of its entities: Medicover, Synevo, Synevo Central Lab Clinical Trials and Software Development Competence Center. The company will open a clinic on an 840 sq. m area at the ground-floor of the building, while the rest of 3,700 sq.m will host the management and operational teams of the company’s group.
SPACES – CAMPUS 6.1, 3,100 SQ.M, PRE-LEASE
Spaces, part of International Workspace Group which also owns Regus, pre-leased a 3,100 sq.m in Campus 6.1, the office project developed by Skanska, near the Politehnic University in Bucharest. The Spaces’ concept features collaborative areas, team rooms, co-working spaces, fully-equipped meeting rooms, furnished private offices and a café.
LONDON STOCK EXCHANGE – CAMPUS 6.1, 3,000 SQ.M, PRE-LEASE
CBRE advised London Stock Exchange Group (LSEG) in the leasing transaction of 3,000 sq. m office space for a new Business Services Centre in Bucharest. The center will open later this year in Skanska’s Campus 6.1. The building is located in the Central-West area of Bucharest, near the Polytechnic University, a strategic location chosen by the British company. LSEG will initially employ 200 people across a range of roles.
“We are pleased to announce the opening of our new shared services center in Romania. Romania offers LSEG a highly-skilled workforce, a strong education system and good infrastructure”, said James Nunn, Head of Group Property, London Stock Exchange Group
SPACES – UNIRII VIEW, 3,000 SQ.M, PRE-LEASE
Spaces leased 3,000 square meters of office space in Unirii View and will open in the autumn of 2018 its first business hub located in the central area of Bucharest. The deal was brokered by CBRE. Spaces is characterized by a modern and creative design, materialized in unique working environments that enhance the entrepreneurial spirit.
“It is a very good sign for the Romanian economy when such an important player like Spaces chooses to enter this market and to expand massively”, pointed out Răzvan Iorgu, Managing Director of CBRE Romania.
CAMPUS 6.1, 2.200 SQ. M, PRE-LEASE
The Center-West submarket is the star of the Top 10 Deals in Q2, gathering a total of six deals. CBRE assited a company active in the computers & ti-tech sector for a 2,200 sq. m deal at Campus 6.1.
Campus 6 includes four office buildings with a total leasing area of 81,000 sq. m, the first building foolowing to be opened in Q3 2018. The project will include 7,000 sq. m of green areas, an amphitheater to gather social & business meetings, restaurants and coffee shops, as well as a running track on the roof.
DELPHI – GLOBALWORTH CAMPUS II, 2,1500 SQ.M, PRE-LEASE
The team of CW Echinox has assisted Delphi in pre-lease transaction of 2,150 sq. m in Globalworth Campus II. The business park will comprise three main office towers offering 88,000 sq. m. of GLA and 760 parking spaces.
One of the main tenants in the project is Amazon. Globalworth has became the leading office investor on the local market, with a portfolio exceeding 1 billion EUR.
