The average office transaction size during the first 9 months of 2023 has been of 1,810 sq. m, the highest average registered in the last 4 years and close to the record level of 1,900 sq. m set in 2019, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
The number of sold income – generating real estate properties (office, retail, industrial & logistics spaces and hotels) during the first half of 2023 increased by 30% when compared with the same period of last year, but the average price per property decreased from €24 million to €11 million. Therefore, the transactional volume has seen an y-o-y decline of 43%, to a level of €181 million, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
Oregon Park, one of the largest and most sustainable office projects in Romania, owned by the Lion’s Head investment fund, achieved the Well Health & Safety certification, granted by The International WELL Building Institute (IWBI). The certification recognizes the implementation of measures that ensure a work environment with a positive impact over the health and well-being of employees.
Office rents in Bucharest increased by up to 15.8% in the last 12 months (June 2023 vs. June 2022), with the prime headline rent in the CBD area (Piata Victoriei – Aviatorilor)reaching €22.00/ sq. m/ month, an increase which also translated to other submarkets, according to data from Cushman & Wakefield Echinox.
Occupiers consistently identify the level of costs and the access to talents as the top drivers of corporate real estate (CRE) strategies, with particular importance also given to ESG standards, according to the “What Occupiers Want” study conducted by the Cushman & Wakefield real estate consultancy company based on a global survey.
The Cushman & Wakefield Echinox real estate consultancy company diversifies its range of services offered to office building landlords through the Asset Services department and launches a new business line that aims to create and implement programs and events, as well as to identify tools to support tenants in their efforts and strategies to attract and retain talents in offices.
The Cushman & Wakefield Echinox real estate consultancy company announces new management promotions, by appointing Bogdan Marcu as Partner Capital Markets and Dana Radoveneanu as Head of Retail Agency.
The office stock in the Center-West area of Bucharest, near Politehnica University, will surpass the existing stock from Floreasca-Barbu Văcarescu (which has been the main office hub in Bucharest for eight years) in 2022, according to data from the Cushman & Wakefield Echinox real estate consultancy company.
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