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  • Studiu de Piata ImobiliaraReal Estate Market Study

  • 1 General overview

    2 Office market

    3 Investment market

    4 Residential market

    5 Retail market

    6 Land market

    Aspecte generale

    Piata spatiilor de birouri

    Piata tranzactiilor investitionale

    Piata spatiilor rezidentiale

    Piata spatiilor comerciale

    Piata terenurilor

    Content / Cuprins

  • www.nairomania.ro 1

    Romania

    General overview

    Real Estate Market Study

    2014

    After a period when the common element of the market analysis was represented by the difficult context generated by

    the influences of the economic crisis, an evident improvement in the fundaments of real estate market was recorded

    in 2013. The reticent attitude of the market players has been significantly diminished, the main factors that induced

    this behavior being the reduced volatility of the market indicators, the improvement of the local and regional economic

    environment, as well the positive evolution of the more mature European markets.

    Commercial markets recorded the most significant improvement in the market indicators, being reflected in the

    increase of the development activity, stability of the vacancy rates and minor fluctuations of rental levels. This

    improvement is demonstrated by the weight of commercial properties in the total amount of investments for 2013.

    The residential market, that is exclusively dependent from the internal demand, recorded positive elements in terms

    of real estate development activity and demand for residential units addressing medium income customers. On this

    segment, there are still difficulties generated by residential projects completed during the boom of the market that do

    not currently meet the exigency of demand.

    The outlook of the real estate market improved, the hesitant attitude of the market players diminished, being proved

    by the resume of the construction works put on hold during the crisis, initiation of new real estate developments,

    absorption rates of new projects, prospecting market activity and portfolio consolidation undertaken by a number of

    foreign developers and investors. The general equilibrium between the characteristics of the offer and exigencies of

    demand is more robust, this being reflected in the stability of prices and rents.

    The increase of developers confidence is evident for every real estate markets. A similar attitude is expected from

    investors, including institutional investment funds. Consolidation of market fundamentals, corroborated with the

    improvement of the economic environment, provide reasons for investors to consider the local market as destination

    for potential investments. However, a level of uncertainty still persists, especially on the economic side, that might

    affect the confidence of investors in the local market.

  • www.nairomania.ro 2

    Romania

    Aspecte generale

    Studiu de Piata Imobiliara

    2014

    Dupa o perioada in care elementul comun al analizelor de piata a fost contextul dificil generat de influentele crizei

    economice, in 2013 a fost evidentiata o imbunatatire a fundamentelor pietei imobiliare. Atitudinea retinuta a jucatorilor

    pietei a fost mult diminuata, principalele cauze care au generat acest comportament fiind volatilitatea redusa a

    indicatorilor de piata, imbunatatirea contextului economic local si regional, precum si evaluatia pozitiva a pietelor

    imobiliare mature din Europa.

    Segmentul comercial al pietei imobiliare a inregistrat cea mai importanta imbunatatire a indicatorilor de piata, reflectati

    in cresterea activitatii de dezvoltare, stabilitatea ratelor de neocupare si fluctuatiile minore ale chiriilor. Aceasta

    imbunatatire este dovedita de ponderea proprietatilor comerciale in totalul investitiilor realizate in 2013.

    Segmentul rezidential, care este exclusiv dependent de cererea interna, a inregistrat unele progrese evidente in ceea

    ce priveste dezvoltarea imobiliara si nivelul cererii pentru unitatile rezidentiale adresate clientilor cu venituri medii. Pe

    acest segment inca mai persista unele probleme generate de existenta unor proiecte rezidentiale dezvoltate in anii

    de crestere ai pietei, care nu corespund noilor exigente ale pietei.

    Perspectivele pietei imobiliare s-au imbunatatit, atitudinea ezitanta a jucatorilor pietei s-a diminuat, dovada fiind

    inceperea lucrarilor de constructie la proiectele oprite in anii crizei, initierea unor noi proiecte de dezvoltare imobiliara,

    ritmul de absorbtie a noilor proiecte finalizate, activitatile de prospectie a pietei si consolidarea portofoliilor de

    proprietati a unor dezvoltatori si investitori straini. Echilibrul general dintre caracteristicile ofertei si exigentele cererii

    s-a imbunatatit, acesta fiind reflectat in stabilitatea preturilor si a chiriilor.

    Cresterea increderii dezvoltatorilor este evidenta pe toate segmentele de piata. Aceeasi atitudine este asteptata

    si in cazul investitorilor, inclusiv din partea celor institutionali. Consolidarea fundamentelor pietei, coroborata cu

    imbunatatirea contextului economic, vor oferi motive pentru a considera piata locala ca destinatie pentru potentiale

    investitii. Totusi, ramane in continuare o serie de incertitudini, mai ales de ordin economic, care pot afecta increderea

    investitorilor in piata locala.

  • Office market

    The office stock increased with approximately 110.000 sq m in 2013, being obviously higher compared with 2012.

    The increase in the development activity was generated by the completion of large buildings, such as Sky Tower

    (41.200 sq m) and Floreasca Park (37.600 sq m). Although the number of completed buildings dropped significantly

    compared to 2012, the total added stock was generated by the completion of the above mentioned office buildings.

    Developers have anticipated the exigencies of demand and started new developments that benefit of high absorption

    rates, even recorded pre-lease transactions.

    During 2014, the completion rates remains comparative with those recorded in 2013. If the level of demand

    sustained by new comer companies does not record an increase, it is expected that the vacancy rate will increase.

    The competition generated by other local markets (Timisoara, Cluj-Napoca, Iasi) will influence more evidently the

    Bucharest market, the demand coming from new companies (call centers, BPOs) being focused also towards

    regional cities. In addition, the availability of offices will increase as the relocations of tenants will generate vacant

    spaces within buildings with a low level of marketability. This expected increase of vacant areas should not be

    considered a premise for rent reductions, in these particular cases, the particular situation of each property should

    be considered.

    The northern (Barbu Vacarescu-Floreasca) and central-western areas (AFI Business Park) will record buoyant

    development activity. Development activity within the central area will be very limited, despite a number of proposed

    office projects. The lack of available office spaces within the central area will determine the tenants to shift their

    demand towards central-northern and northern submarkets, where Green Court and Hermes Business Park will be

    completed. During 2014, a number of new projects are expected to be initiated, such as AFI Park IV and V, Bucharest

    One.

    The vacancy rate remained high with fluctuations between 14% and 15% in 2013, but the number of buildings that

    meet the characteristics of demand has diminished. The largest vacant areas are within buildings located in the

    peripheral areas of Bucharest, as well as within the buildings located in the secondary areas, but with a low attraction

    for tenants.

    Tenants have become more demanding, trying to obtain a more robust equilibrium between location, quality of the

    space and total occupancy costs. A low occupancy costs do not represent the main decision factor that influence

    the behavior of the tenant.

    The level of take-up in 2013 is lower compared with 2012, totaling approximately 200.000 sq m. This level exclusively

    represents new contracts, excluding renewals and renegotiations. By including these categories of transactions, the

    total level of take up reached 300.000 sq m.

    During 2013, demand was mainly sustained by relocations. The decision of tenants to relocate their activities is not

    exclusively based on the intension to reduce costs, concomitantly with an improvement in the quality of occupied

    space. This decisional criterion is specific to small tenants for which the maintenance of a low level of occupancy

    costs is essential for the general activity of the companies.

    www.nairomania.ro 4

    Office market

  • Piata spatiilor de birouri

    Stocul de spatii de birouri a crescut in 2013 cu aproximativ 110.000 mp, fiind sensibil mai mare decat nivelul

    inregistrat in 2012. Aceasta crestere a activitatii de dezvoltare a fost generata de finalizarea unor cladiri cu suprafete

    semnificative, precum Sky Tower (41.200 mp) si Floresca Park 1 (37.600 mp). Astfel, desi numarul de cladiri finalizate

    a scazut semnificativ comparativ cu 2012, suprafata totala adaugata la stocul existent a crescut datorita celor doua

    cladiri. Dezvoltatorii au anticipat exigentele cererii si au demarat proiecte imobiliare, care s-au bucurat de o rata mare

    de absorpt