Monthly Archives for December 2025

A Night of Triumph: CIJ Awards Romania 2025 Celebrates the Best of Real Estate

Bucharest hosted an unforgettable evening as the CIJ Awards Romania 2025 brought together the industry’s most influential developers, investors, architects, consultants, and leaders for a night filled with celebration, entertainment, and well-deserved recognition. Laughter, cheers, and rounds of applause filled the ballroom as the winners across all categories were announced, marking an exceptional year for Romanian real estate.

From the moment guests arrived, the atmosphere was electric. The entertainment set the tone, conversations buzzed with anticipation, and each award announcement was met with excitement as teams stood proudly to accept their trophies. It was a night that captured the ambition, creativity and resilience of the sector.

HILS Development opened the evening with Best Standard Residential Development of the Year for HILS Republica, Phase I, followed by Alesonor’s win for Best Premium Residential Development with Amber Forest Phase 1. AFI Romania earned strong applause as AFI Home North, Phase 2 secured Best Residential Buildup in Development.

Retail and heritage restoration were celebrated with Hagag Development Europe taking home both Best Retail Development & Developer of the Year and Refurbishment of the Year for its restoration of H Stirbei Palace. Vastint Romania followed with a double success of its own, claiming Best Office Buildup in Development for Timpuri Noi Square, Phase 2, and later Best Leading Green Development & Developer of the Year for Timpuri Noi Square 2.

In the logistics category, CTP’s CTPark Ploiesti won Best Warehouse Development & Developer of the Year, while WDP secured Best Warehouse Buildup in Development for its major WDP Park Bucharest – Stefanesti project. VAT’s 21,000 sqm lease at VGP Park Arad received one of the loudest applauses of the night as it earned Best New Warehouse Lease of the Year.

Hospitality shined as The Julius Bucharest by Julius Meinl Living was named Hotel Build-Up Project of the Year, while JW Marriott Bucharest Grand Hotel and WEMAT took Best Commercial Fit-Out of the Year.

Transaction categories brought high excitement in the room, with MAS P.L.C.’s seven retail parks acquisition winning Best Investment Transaction of the Year, and CPI Property Group was recognised with Best Land Transaction of the Year for completing the sale of the 21-hectare Rocar site.

Professional and consultancy categories showcased the strength of Romania’s service ecosystem:

PELI Partners won Best Real Estate Law Firm, Biris Goran earned Best Tax & Financial Advisory, Bog’Art was celebrated as Best Constructor of the Year, Vitalis Consulting secured Best Project Management Company, and CBRE won Best Property Management Company.

Commercial agencies were also in the spotlight, with North Bucharest Investments, Crosspoint Real Estate, and Cushman & Wakefield Echinox all taking home top honours. On the design and innovation side, COS, DRS Architects, BrightSpace, Samsung Climate Solutions, Reynaers Aluminium, and WIREN each received awards met with enthusiastic applause.

The evening concluded with two of the most anticipated recognitions: Best Marketing & PR Professional of the Year, awarded to Andreea Dumitru, and Best Property Leadership of the Year, presented to Michele Nusco—both celebrated with long applause and genuine emotion in the room.

As the night drew to a close, glasses were raised, photos were taken, and conversations lingered with pride and excitement for the future.

Robert Fletcher, CEO and Editor-in-Chief of CIJ EUROPE, said the winners showcased “the depth of talent and forward momentum shaping Romania’s property market,” adding that their achievements reflect the kind of modern, future-driven development that continues to strengthen Romania’s role as one of Central Europe’s most dynamic real estate environments.

All national winners now advance to compete at the HOF Awards – Best of the Best in 2026, joining standout projects and companies from 12 countries across the region.

FULL LIST OF WINNERS

Best Standard Residential Development of the Year – HILS Republica, phase I – HILS Development

Best Premium Residential Development of the Year – Amber Forest Phase 1 – Alesonor

Best Residential Buildup in Development – AFI Home North, phase 2 – AFI Romania

Best Retail Development & Developer of the Year – H Stirbei Palace – Hagag Development Europe

Best Office Buildup in Development – Timpuri Noi Square, Phase 2 – Vastint Romania

Best Mixed-Use Buildup in-Development – Promenada Mall Bucharest – NEPI Rockcastle

Best Warehouse Development & Developer of the Year – CTPark Ploiesti – CTP

Best Warehouse Buildup in-Development – WDP Park Bucharest – Stefanesti – WDP (54,000 sqm)

Hotel Build-Up Project of the Year – The Julius Bucharest – Julius Meinl Living

Refurbishment of the Year – H Stirbei Palace – Hagag Development Europe

Best Commercial FIT-OUT (Project) of the Year – JW Marriott Bucharest Grand Hotel – WEMAT

Best Leading Green Development & Developer of the Year – Timpuri Noi Square 2 – Vastint

Best New Office Lease of the Year – Garmin – 8,500 sqm – Unite Business Center Cluj

Best Renewal/Extension Office Lease of the Year – KMG Rompetrol – 9,400 sqm – City Gate

Best New Retail Lease of the Year – Auchan – 7,000 sqm – Sun Plaza

Best New Warehouse Lease of the Year – VAT – 21,000 sqm – VGP Park Arad

Best Investment Transaction of the Year – M Core – 7 retail parks – MAS P.L.C

Best Land Transaction of the Year – One United Properties – 21 ha (Rocar) – CPI Property

Best Real Estate Law Firm of the Year – PELI Partners

Best Tax & Financial Advisory of the Year – Biris Goran

Best Constructor of the Year  – Bog’Art

Best Project Management Company of the Year – Vitalis Consulting

Best Facility Management Company of the Year – Coral Construct

Best Property Management Company of the Year – CBRE

Best Residential Real Estate Agency of the Year – North Bucharest Investments

Best Local Commercial Real Estate Agency of the Year – Crosspoint Real Estate

Best International Commercial Real Estate Agency of the Year – Cushman & Wakefield Echinox

Best Commercial Design Space Company of the Year – COS

Architectural Studio of the Year – DRS Architects

Energy Solutions Provider of the Year – WIREN

Best PropTech Innovation Company of the Year – BrightSpace

Interior Product Provider of the Year – Samsung Climate Solutions

Exterior Product Provider of the Year – Reynaers Aluminium

MEP Contractor of the Year – BK Technik

Best Marketing & PR Professional of the Year – Andreea Dumitru

Best Property Leadership of the Year – Michele Nusco

© 2025 cij.world

Deka Immobilien buys office property in central Paris

Deka Immobilien has completed the purchase of a historic Haussmann-era office building in Paris for roughly EUR 100 million. The property was acquired for the Deka-ImmobilienEuropa open-ended fund, with the seller identified as an institutional investor.

The building, located at 10 Avenue Hoche in the 8th Arrondissement, provides around 4,500 sqm of office space along with 37 parking spaces. It is fully leased on a long-term contract to the international law firm Mayer Brown. Originally constructed in the 19th century during Paris’s Haussmann redevelopment, the property underwent a full renovation in 2017. It includes flexible layouts and several amenity areas, including outdoor spaces, dining and lounge zones, and wellness facilities.

Situated close to the Arc de Triomphe and the Champs-Élysées, the location is regarded as one of the capital’s most established business districts. The building holds BREEAM certification and an “Excellent” rating under France’s HQE environmental scheme.

According to Deka Immobilien, the acquisition strengthens the fund with a modernised asset offering stable long-term income and recognised sustainability standards in a core Paris location.

iO Partners Appoints Andrei Văcaru as Managing Director for Romania

iO Partners is entering a new leadership chapter in Romania with the appointment of Andrei Văcaru as Managing Director from 1/1/2026.  Andrei has been part of the company’s backbone for 18 years.

 

“Andrei has shaped this organization in ways few people have, and his judgment has been a stabilizing force through every transition we’ve gone through”, said Charles Boudet, CEO of iO Partners. “His appointment brings the continuity and market understanding we need as we move into the next phase of growth.”

 

“Stepping into this role feels like a natural continuation of the work we’ve been building for many years. I’ve worked through many stages of this company’s development, and that perspective helps me understand what differentiates us and what makes us strong. We have skilled people, solid partnerships and a clear direction. My focus now is to bring stability where it’s needed and pace where it matters”, said Andrei Văcaru, Managing Director of iO Partners Romania.

Bratislava Office Market Sees Stable Rents and Low New Supply in Q3 2025

Bratislava’s office market shows stable rents and limited new supply in Q3 2025, while vacancy remains elevated and leasing activity concentrates in top-quality buildings, according to the latest market research from leading advisory firms.

The Slovak capital’s modern office stock stands at roughly 1.76 million m², reflecting only minimal growth this year. Developers have delivered very little new space in 2025, and no significant completions were recorded in the third quarter. This lack of new projects is reinforcing competition for higher-quality offices, particularly in established business districts.

Market analysts note that vacancy remains high, slightly above 14%, but the situation differs sharply across building categories. Tenants continue to prefer newer, energy-efficient and well-located workplaces, leaving older buildings with disproportionately higher availability. As a result, owners of refurbished or recently built offices report stronger occupancy and more stable demand.

Prime headline rents in the city have held steady at around €20.50 per square metre per month, reflecting continued interest in the most attractive properties and the absence of speculative construction. Incentives remain part of negotiations, but the underlying rent level has not shifted for several quarters.

Leasing activity in the third quarter reached close to 25,000 m², with new leases accounting for about half of that volume. Expansions and relocations were driven largely by IT, shared-services companies and professional services. Analysts suggest that, despite slow decision-making among some occupiers, companies continue to seek upgrades rather than downsizing.

Supply conditions are expected to remain tight in 2026. Only a small amount of new space is currently under construction, and several planned projects have been postponed amid rising construction costs and cautious financing conditions. This could gradually ease vacancy in better-located buildings, while older stock may continue to face structural challenges.

On the investment side, Slovakia registered a moderate level of commercial property transactions this year, with offices representing a smaller share of total activity. Prime office yields remain in the mid-6% range, with investors still selective and focused on quality, stable occupancy and strong ESG credentials.

Overall, the Bratislava office market in Q3 2025 reflects a divided landscape: modern offices continue to attract tenants and maintain solid pricing, while secondary buildings struggle with weaker occupancy and limited prospects for improvement without significant refurbishment.

Source: C&W, Colliers, CBRE and CIJ EUROPE Analysis Team

Czech Inflation Slows in November According to Early Estimate

An early estimate from the Czech Statistical Office indicates that annual inflation in the Czech Republic eased in November, marking one of the lowest readings seen this year. Consumer prices were estimated to be 2.1% higher than a year earlier, compared with 2.5% in October. On a monthly basis, prices declined slightly.

The moderation in overall price growth was driven largely by cheaper energy compared with last year, as well as a softer rise in food prices. Preliminary data suggest energy costs fell year-on-year, helping offset still-elevated prices in categories such as services.

Food, alcohol and tobacco were estimated to have risen at a slower pace than in previous months, while the cost of goods increased only marginally. Service-related prices continued to grow at rates similar to earlier in the autumn.

If the estimate is confirmed in mid-December when the full data set is published, November would represent the smallest annual rise in consumer prices since the spring. Inflation peaked in June before gradually easing in subsequent months.

Analysts noted that the latest figures reflect weaker price pressures in volatile components, while underlying forces — particularly in services — remain firm. Most expect the Czech National Bank to maintain its current monetary policy stance at the December meeting, pointing to the need to assess longer-term trends rather than month-to-month swings.

Some economists highlighted that upcoming discount campaigns in December may temporarily influence price movements, but said they do not expect these effects to disrupt the broader path of inflation heading into early next year.

Czech Average Wages and Labour Market Trends – Q3 2025

Recent data from the Czech Statistical Office show continued shifts in wages and labour market dynamics in the Czech Republic during the third quarter of 2025.

Wages: Modest Increase, But Real Incomes Under Pressure

According to the latest “average wages” bulletin, the nominal average gross wage in the Czech Republic rose in Q3 2025 compared with the same quarter of the previous year. However, when adjusted for inflation, real wage growth was limited — reflecting ongoing inflationary pressure on household incomes.

The report notes that certain sectors and types of jobs registered above-average wage increases, but the combination of price pressures, tax changes, and varying sectoral performance means many households may still feel financial strain despite the nominal rise in earnings.

Labour Market: Employment Growth Slows, Unemployment Stable

In the broader labour market overview, the Czech Statistical Office reports that job creation continued in Q3 2025, but at a slower pace than in previous quarters. Employment rose modestly, while the overall unemployment rate held roughly steady.

The data indicate structural shifts: growth in services and certain white-collar segments contrasted with stagnation or slight decline in manufacturing or more traditional sectors. Meanwhile, participation in the workforce remained high, though labour-market entrants (e.g., young job-seekers) faced increasing difficulty finding work in their field, likely due to mismatches between their skills and employer demand.

Outlook and Challenges Ahead

The CSU’s latest figures suggest the Czech labour market remains resilient, but wage gains may not be sufficient to offset inflation for many households. Ongoing global economic uncertainties, shifting demand patterns, and evolving sectoral composition of employment all pose challenges. Analysts expect that wage growth, if any, will depend heavily on productivity improvements, sectoral performance, and government and central-bank policy on inflation and wages.

At the same time, the labour market’s relative stability — with moderate employment growth and stable unemployment — offers some hope for households and policymakers seeking balance between employment, wages, and economic competitiveness.

Nhood Appoints Marcin Klammer as Expansion Director for Poland, Romania and Hungary

Nhood has appointed Marcin Klammer as Expansion Director for the Central and Eastern European region, effective 1 December. He joins the company’s newly formed Development Business Unit and will oversee activities in Poland, Romania and Hungary.

In his new role, Klammer will focus on identifying and advancing new development projects in Poland and Romania, as well as broadening the firm’s client base for services such as development and project management. In Hungary, he will support the planned disposal of assets owned by Ceetrus, one of Nhood’s key clients.

Klammer said the position offers an opportunity to contribute to projects responding to evolving urban needs and to support redevelopment across several real estate segments, including retail, mixed-use, residential, office and logistics.

He brings more than 25 years of industry experience, having held senior roles at HB Reavis, BNP Paribas Real Estate CEE, Unibail-Rodamco-Westfield and Arcadis. His portfolio includes involvement in major developments such as Varso Tower in Warsaw. He is also a co-founder of Investment Design and has served as managing director of the Polish Council of Shopping Centers during the 2024–2025 term.

Klammer is a graduate of the Warsaw University of Technology and the University of Detroit Mercy, and completed further studies at Henley Business School and Vlerick Business School.

Slovakia’s Retail Turnover Edges Up in October, Supported by Specialized Stores

Retail turnover in Slovakia rose slightly in October, marking one of the few months this year in which the sector achieved real year-on-year growth. According to data from the Statistical Office of the Slovak Republic, turnover increased by 0.6% compared with October 2024 after adjusting for inflation.

Four of the nine retail categories reported higher sales than a year earlier. The strongest improvement came from shops selling miscellaneous goods such as drugstore items, cosmetics, medicines and clothing. Turnover in this group grew by 11.3%, continuing a trend of gains seen almost continuously since late 2023.

Specialized outlets for IT and communication equipment also recorded higher sales, up nearly 4% year-on-year. Fuel stations posted a modest 1% increase, as did stores focusing on books, toys and sporting goods. Hypermarkets and supermarkets, which account for the largest share of retail turnover, remained broadly unchanged from last year’s levels.

Several categories experienced declines. Online retailers, including mail-order operations, saw turnover fall by 7.3%. Stores selling household electrical appliances also reported weaker results, down 6.7% compared with October 2024.

After seasonal adjustment, overall retail turnover fell by 0.7% from September. Over the first ten months of 2025, retail turnover remained 0.5% lower than in the same period last year, with the majority of retail segments posting declines.

Other Domestic Trade Components

Outside retail, the picture was mixed. Wholesale turnover rose 4% year-on-year in October, while the sale and repair of motor vehicles fell 1.2%. Accommodation services reported a 5.5% decline, and turnover in food and beverage service activities decreased by 1.3%.

Month-to-month data showed a slight improvement for some sectors: turnover increased by 0.7% in motor vehicle sales and repairs, and by 2.7% in food and beverage service activities. Wholesale fell 1.8% compared with September, and accommodation turnover slipped by 0.5%.

Across the first ten months of 2025, all domestic trade categories except retail recorded year-on-year turnover growth. Motor vehicle sales and repairs increased by 2.2%, wholesale by 5.4%, accommodation by 0.5%, and food and beverage services by 1.4%.

InterContinental Set to Return to Prague with New Luxury Hotel Opening in 2029

IHG Hotels & Resorts is bringing the InterContinental brand back to Prague with the signing of a new 137-room luxury hotel in the city’s historic centre. Scheduled to open in the first half of 2029, the property will occupy a landmark building in Old Town at Jeruzalemska 8, part of a portfolio managed by Generali Real Estate.

The building, which dates to 1839, has served various roles through the centuries — from theatre and dance hall to office space — and will undergo a full redevelopment to accommodate the hotel. Located near Prague’s main railway station, the future InterContinental Prague will offer strong transport connections and walking access to major attractions including Old Town Square, the Astronomical Clock and Charles Bridge.

Plans for the property include a luxury spa and wellness area, a pool, a bar and restaurant, Club InterContinental lounge, and conference facilities. The design will also incorporate a private garden intended as a quiet retreat for guests and local visitors.

Willemijn Geels, Vice President of Development for Europe at IHG Hotels & Resorts, said the agreement marks “a key moment in our Central and Eastern European development strategy” and strengthens the company’s luxury presence across the region. “Together with Generali Real Estate, we are taking a pivotal step toward delivering an unparalleled InterContinental experience in the vibrant heart of Prague,” she added.

Ramon Spoladore, Head of CEE & Nordics at Generali Real Estate, said transforming the historic building into a luxury hotel reflects the company’s confidence in Prague’s long-term appeal. “Prague is one of Europe’s most iconic cities and continues to attract international visitors for its culture and high quality of life. We are proud to become the new home of the InterContinental hotel in Prague and contribute to shaping a new hospitality landmark for Central Eastern Europe,” he noted.

InterContinental Prague will join IHG’s existing footprint in the Czech capital, which includes Holiday Inn Prague Congress Centre and Holiday Inn Prague Airport. Across Europe, IHG counts 34 InterContinental hotels already open and 67 luxury and lifestyle properties currently in development, reinforcing the brand’s expansion strategy. The new Prague location will also join other InterContinental hotels in Central and Eastern Europe, including those in Sofia, Warsaw, Bucharest and Budapest.

Romania’s Modern Retail Sector Expands, But Still Under 5 Million m²

Romania’s modern retail market continues to grow, yet recent industry data suggest it has not quite reached 5 million square metres of leasable retail space. According to a market update in Q3 2025, the latest credible estimate for modern retail stock stands at about 4.75 million m². 

The growth trend remains robust: despite economic headwinds, developers have continued expanding retail infrastructure. According to Colliers, new deliveries and ongoing projects reflect rising demand, especially from non-food retail and discount chains, and a shift toward retail parks and mixed-use formats. 

Still, retail density — the amount of modern retail per capita — remains well below levels seen in several neighbouring countries. This suggests a sizable gap between current supply and potential demand, which may attract further retail investment. 

Given this context, many analysts view Romania as a market with significant upside, especially outside the main metropolitan areas. Smaller cities and regional centres appear as promising candidates for new retail developments in the coming years.

Source: Colliers

LATEST NEWS
5 December 2025 A Night of Triumph: CIJ Awards Romania 2025 Celebrates the Best of Real Estate 4 December 2025 Deka Immobilien buys office property in central Paris 4 December 2025 iO Partners Appoints Andrei Văcaru as Managing Director for Romania 4 December 2025 Bratislava Office Market Sees Stable Rents and Low New Supply in Q3 2025 4 December 2025 Czech Inflation Slows in November According to Early Estimate 4 December 2025 Czech Average Wages and Labour Market Trends – Q3 2025 4 December 2025 Nhood Appoints Marcin Klammer as Expansion Director for Poland, Romania and Hungary