The Bucharest office market returned to pre-pandemic levels, the industrial and logistics spaces are going from strength to strength, while the investment market could reach its highest level in more than 10 years, according to Colliers’ Mid-Year Report for 2022.
Given the high activity levels seen at the start of the year, with several deals already closed or signed in the first month, investment volumes in Romania could finally exceed 1 billion euro în 2022, according to the 2021 annual report released by Colliers.
After the initial concerned outlook on the future of the real estate market in connection with the health crisis’ all-encompassing effects, the second year of the pandemic has allowed us to draw some better informed conclusions.
Commercial real estate representatives (retail, business centers and offices, logistics spaces) estimate, in a proportion of 80%, a revenue increase this year compared to 2021, and 73% expect transactions activity to intensify over the next 12 months, according to the Deloitte 2022 Commercial Real Estate Outlook global study.
The industrial sector became the new star of the real estate market in 2020-2021 as the growth of online commerce but also the expansion of large retail networks needed additional storage space, according to ZF.ro.
The real estate market professionals in Central Europe returned to the level of optimism registered before the pandemic. Almost 40% of them expect an improvement in the general economic climate this year, 46% have positive expectations regarding real estate activity, and 48% rely on increasing the volume of transactions, according to the Deloitte Real Estate Confidence Survey for Central Europe 2021, conducted in the first quarter of this year in four countries in the region – Romania, Poland, the Czech Republic and Hungary. At the same time, 58% of the respondents expect the availability of investment products to increase in countries where they operate.
In 2020, the real estate market registered a 32% increase in investments, the largest transactions accumulated over 2020 mil. Eur, the office segment excepts more than 230.000 new sqm this year, the industrial sector achieved an increase of 60% of new leases compared to the previous year, and the residential section noted an increase of up to 20% in prices for luxury housing, according to the annual report of Crosspoint Real Estate.
Commercial real estate playersin Romania will be inclined to conclude contracts forshorter periodsthan before the pandemic, as almost 80% of owners, developers and investorsin this field consider contractual adjustments and flexibility to be the main attributes that will count for tenants and end-users whenthe health crisis ends, according to Deloitte Romania Commercial Real Estate Survey 2021.
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