Twentysixteen was a strong year for the Romanian commercial property market with a continued boom in the office segment. This year’s transactions on the local real estate market could reach EUR 1.4 billion, predicts Cushman & Wakefield Echinox, a leading global real estate services firm, an increase of 40% over the EUR 850 mil. recorded in 2016.
The reason is the large number of transactions started in 2016 which should be completed this year, and the interest of new investors to enter the Romanian market.
" We expect newcomers this year, both in retail, office and residential segments," said Tim Wilkinson, capital markets partner with Cushman & Wakefield Equinox. “The main advantage of Romania is that is a market much cheaper compared to other countries” the partner said reports NewMoney.ro
“I think that overall office will take a significant step, industrial will continue to grow too and retail will also be quite consistent because there were some transactions last year and there are some in progress,” Wilkison told Business-review.eu However, after retail accounted for a more significant share of the overall investment volume last year, he now expects office to catch up and replicate the performance of retail assets in 2016. The reason for this is that there are more office products up for sale at present, including the America House office building in downtown Bucharest.
About Cushman & Wakefield
Cushman & Wakefield is a top three global real estate services firm, with some 43,000 employees in more than 60 countries, recorded revenue of over $5 billion and $191 billion in global transactions. In November 2002, after nine years of successful operations in the Romanian real estate market, Echinox entered a partnership agreement with the multinational company DTZ. Therefore Echinox became the local DTZ representative office, operating under the trade name of DTZ Echinox. In 2017, DTZ Echinox becomes Cushman & Wakefield Echinox, due to the global merger of DTZ and Cushman & Wakefield in 2015 under the trade name of Cushman & Wakefield.