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The volume of real estate investment was 120.9 million euros in the first quarter of 2020, of which 85% were purchased from offices and industrial spaces, CBRE Research data show, according to a release sent on Thursday AGERPRES.
On the market of office space in Bucharest, in the first quarter of 2020, a total area of about 55,000 sqm was traded, less by 50 pct than the same period of 2019. From this area, net demand accounted for 41,500 sqm, while renegotiations and contract renewals totalled an area of more than 13,100 sqm. The western part of the Capital has attracted almost half of the transactions.
"Romanian investors have continued to be active this year, with an average purchase value of 7.5 million euro and a market share of 19 pct of all transactions. Next, although more ongoing transactions may be delayed, we estimate that the office sector stays the most active, but pleasant surprises could also come from the industrial space market, where we see a high appetite," Gijs Klomp, Head of Investment Properties, CBRE Romania, said.
As far as deliveries are concerned, rd 76,000 square meters of offices have been delivered to Bucharest under four office projects and 122,000 sqm are to be delivered by the end of the year, with almost half of them already pre-leased.
Premium rents increased easily in the first quarter, from 18.5 to 18.75 euro/sqm, while the vacancy rate remained relatively stable, around 9.9 pct for office space in Bucharest.
In the first quarter of 2020, three retailers entered the Romanian retail market who chose Bucharest for the first unit and opted for the concept of a shopping center: Breitling, Armani Beauty and Movenpick opened stores in the shopping center Baneasa Shopping City, in the north of the Capital. The three names could be added to the Biedronka supermarket chain, that has announced its interest in the local market.
At national level, an area of 97,000 sqm was delivered in the first three months, bringing the total stock to 4.49 million sqm. Most of the newly delivered area, about 80 pct, is in Bucharest and was represented by the expansion of two projects, WDP Stefanestii de Jos and Eli Park I, while the remaining 20 pct was delivered to the center of the country, namely Brasov and Sibiu.
In Romania, CBRE offers an extensive range of integrated services, including administration and coordination of transactions and project management, design and build services, property management, investment management, valuation, property rental, strategic consulting, property sales, mortgage services and development services.
