The revenues generated by the main office and retail poles of Bucharest remained at the same level as 2012, but the share of the two real estate sectors changed. The rents reductions applied by the retail spaces owners and the big vacancy rate of some malls decreased the total revenues of the main development poles by approx. EUR 20 million this year, while the office sector also saw a new interest zone, the crossroad between Barbu Văcărescu Blvd. and cu Pipera Road, which has increased the revenues generated by the offices with approx. EUR 15 million compared to 2012.
Therefore, the office spaces busy zones in Bucharest brought this year to their owners approx. EUR 216 million, while the commercial spaces only generated approx. EUR 120 million. Those calculations made by Capital with the help of CBRE Romania are based on the total rentable area from the main office and retail buildings and the average rents in each area. The incomes obtained were adjusted with the specific vacancy rate of each zone and market segment.
The owners in Băneasa-Piaţa Presei area are the champions of the revenues this year too, with attracted revenues from office and retail rents exceeding EUR 73 million. The secondary real estate pole is the business district of Bucharest, namely Piaţa Victoriei, where over 10% of the city’s office area is concentrated. The average incomes generated by the building in this area are over EUR 47 million.
The new development pole on Bucharest map shown with the launching of the giant project Floreasca City in the area of the metro station Aurel Vlaicu is menacing the supremacy of Piata Victoriei, the current business district of Bucharest.
The 154,000 sq. m office spaces in the area will be supplemented in the following period by the project Floreasca Park, developed by Portland Trust, and by Green Court Bucharest, developed by Sweden’s Skanska, while Ioannis Papalekas is preparing a new office tower near Pipera Passage and the Italian Nusco announced the intention to build a new building near Nusco Tower.
„For 2014 we expect the delivery of additional 78,000 sq. m spaces, which will bring the office stock to 2.26 million sq. m. The most important development for next year are represented by the first phase of Green Court Bucharest, developed by Skanska, AFI Park 2 and 3, the conversion Starlight Suites Hotel in office building – Metropolis Bravo and Green Gate“, mentioned Răzvan Iorgu, managing director CBRE Romania.
The revenues generated by the development pole Cotroceni-Drumul Taberei, made of AFI Palace and Plaza Romania malls, are strongly supported by the project AFI Europe. The domination of the Cotroceni mall obliged Anchor to transform a part of Plaza Romania into office spaces. „We try to position Plaza Romania differently than AFI Palace Cotroceni, which is mainly focused on youth and entertainment. We will be quieter as atmosphere and more family-oriented, with a minimum of entertainment for kids and leisure.
We will focus more on Turkish retailers. Ws can bring big retailers, which haven’t thought by now to Romania, and keep them for ourselves. I believe we will be able to share with AFI the 500,000-600,000 people in this area and we both live. Our target is that the revenues exceed slightly the expenses, as we do not have the debts burden“, said Răzvan Gaiţă, general manager of Anchor Grup.
Besides the opening of the retail park Vulcan Value Center, developed by New Europe Property Investments on the former Vulcan platform, 2014 will not see another new commercial project in Bucharest.
„The modern retail stock in Bucharest is approx. 842,000 sq. m, following the opening of Promenada commercial centre. For 2014 we expect the opening of Vulcan Value Center and for the period 2015-2016 three big commercial centres announced their launching: Parklake, Mega Mall andi Victoria City, contributing to the exceeding of the one million sq. m milestone of modern retail in Bucharest“, Răzvan Iorgu concluded. (Source: capital.ro)