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
Piata spatiilor de birouri
Piata tranzactiilor investitionale
Piata spatiilor rezidentiale
Piata spatiilor comerciale
Content / Cuprins
Real Estate Market Study
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.
Studiu de Piata Imobiliara
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.
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
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
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
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.
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