The volume of construction works decreased in the first 8 months of 2024 by 3.1%

The volume of construction works decreased in the first 8 months of 2024 by 3.1%, while the residential buildings segment recorded the largest decrease, by 23.9%, while non-residential buildings had decreased by 2.3%. In the same period, engineering constructions increased by 6.3%, according to the National Institute of Statistics.

In August, the volume of construction works increased compared to July 2024, by 8.6%, an increase highlighted in new construction works (plus 10.5%) and in current maintenance and repair works (plus 9.1% ). On construction objects, there were increases in engineering construction works and non-residential buildings, by 12.5% and 5.8%, respectively. Residential buildings decreased by 0.2%.

Dr. Max leases nearly 12,000 square meters in ELI Park Iaşi

Dr. Max, one of the largest players in the local pharma market, has signed a lease agreement for 11,800 square meters in ELI Park Iaşi, a project in the ELI Parks portfolio.
The new facility covers a 10,500 square meter warehouse and 1,300 square meters of office space.

“The strategic location of ELI Park Iaşi, together with our commitment to provide premium infrastructure and services, ensures that Dr. Max Romania can thrive and achieve its goals without any problems,” say ELI Parks representatives.

“It was a complex process of evaluating space opportunities in a less developed market from a logistical point of view. Through excellent communication, joint efforts and careful analysis of the specifications, the ELI team and I managed to configure the optimal warehouse for the Dr Max company, which included all the requirements regarding height, types of docks, temperature range, as well as the option for future expansion,” said Rodica Tarcavu, Partner Industrial Agency Cushman & Wakefield Echinox.

Cluj-Napoca sets record for office space leases in 2024

Cluj-Napoca has set a new record in Romania’s office leasing market, securing 82% of the total office space leased nationwide in the first nine months of 2024. According to an analysis by Fortim Trusted Advisors, part of the BNP Paribas Real Estate Alliance, this marks a 153% increase compared to the total office space leased in the city during all of 2023.

The report also predicts that by the end of 2024, the total volume of leased office space in Cluj-Napoca could be three times higher than in 2023, a significant boost for the city’s commercial real estate sector.

The office market in Cluj-Napoca has seen substantial activity this year, with 22 of the 37 office transactions outside of Bucharest taking place in the city. Nationally, a total of 49,044 square meters of office space was leased outside the capital, with Cluj-Napoca alone accounting for 40,477 square meters of this total.

“There is a positive trend in the office market in Cluj-Napoca. This year, Cluj is in first place, far ahead of other cities,” said Nicolae Ciobanu, Managing Partner and Head of Advisory at Fortim Trusted Advisors. “The growth was robust in both new space leases and lease renewals, with a nearly equal split between moving and staying. Last year, Cluj was in third place behind Timișoara and Iași, but this year it has clearly taken the lead.”

Cluj-Napoca’s booming office market highlights its growing prominence as a business hub outside of Bucharest, positioning it as a key player in Romania’s real estate landscape.

Popeyes opens a new restaurant, in AFI Brașov

Popeyes continues its expansion in the country, opening the first restaurant in Brașov, which is the fifth city in Romania where Popeyes expands its presence, outside the capital.

The new restaurant was located in the food court area of the AFI Brașov shopping center. The expansion of Popeyes is part of a more ambitious plan of the company to expand in more cities in Romania.

“The opening of the fifth Popeyes restaurant outside Bucharest is part of an extensive development plan for the year 2024 in Romania, so we are focusing all our efforts on our new restaurant in Brașov,” said Jakub Aleksandrowicz, Popeyes Marketing Director Central and Eastern Europe.

Popeyes launched in Romania in 2022, with six restaurants in Bucharest. This year they took the second big step, namely the expansion outside the Capital, in Pitesti, Craiova, Buzău, Ploiești, now it’s Brașov’s turn.

Prime Kapital to build 600 new homes in the Silk District and Avalon projects

The residential division of Prime Kapital, a company founded by Martin Slabbert and Victor Semionov, wants to start the construction of 600 new homes in its two big projects Avalon Estate in Bucharest and Silk District in Iasi.

This step follows the delivery of approximately 700 apartments in Silk District and 352 apartments and villas in Avalon Estate, bringing the total number of apartments and complementary spaces developed by Prime Kapital in Romania to 2,500 in 2024.

Over the past year, Prime Kapital has delivered nearly 1,000 apartments, alongside innovative integrated parking structures, totaling 200,000 sqm of total built-up area, as well as 30,000 sqm of total leasable office and boutique commercial space. In addition, the developer opened Argeş Mall in Pitesti (April 2024), while Mall Moldova, the second regional super mall in Romania, is currently in an advanced stage of construction in Iasi.

Alfa Group invests EUR 90 million in the second phase of the Cloud9 residential project

Alfa Group, controlled by the entrepreneur Alin Niculae, launches phase 2 of the residential project Cloud9 Residence, in the Pipera area, for which the investment is estimated at EUR 90 million euros.

Developed on an area of 3.2 hectares, Cloud9 Evolution is expected to be completed in the fourth quarter of 2026. At the end of the project, the project will have a total number of 612 apartments, over 700 parking spaces, pedestrian walkways, green areas, playground, common spaces and infrastructure, along with a kindergarten and a school, as well as a shopping center.

“After the success of the first Cloud9 project completed in 2020, with a community of 800 satisfied families, we thought of Cloud9 Evolution as an innovative project that took into account current requirements and trends. The residential market has started to mature in recent years, and the people of Bucharest are educated, informed consumers and know what they want from a home,” said Răzvan Brasla, CEO of Cloud9 Residence.

Bluehouse Capital sold Eva retail property in a transaction valued at EUR 8 million

Bluehouse Capital sold to a private Romanian investor the former Eva retail property in downtown Bucharest in a transaction valued at approximately EUR 8 million, brokered by real estate consultant SVN Romania.

The commercial property has a leasable surface of approximately 1,700 square meters; Mega Image retail chain has been operating a unit in the space since the end of 2014.

”We are seeing an increased appetite from medium and large investors for long-term leased properties by established retail operators and we are currently looking at other opportunities for our portfolio of investors. Large international retailers but also domestic players will continue to expand in the coming years with a large number of new stores and the high street retail segment but also retail parks will offer high returns to investors and owners,” stated Eduard Beuran, SVN Romania.

Nestor Nestor Diculescu Kingston Petersen law firm advised Bluehouse Capital, while ONV LAW assisted the buyer.

The first BOSS store in Timișoara has opened in Iulius Town

HUGO BOSS, one of the luxury fashion world leaders, has opened in Timişoara’s Iulius Town mixed-use project its first store set in the western part of the country, respectively its fifth store in Romania.
The German fashion group is present in Iulius Town with its BOSS brand, one of its two exclusive brands.

“We are happy that, after the success of the BOSS store grand opening in Palas Iaşi, we managed to expand this partnership to Timişoara. In the Western part of the country, we have a sophisticated clientele that values refinement, quality, and authenticity. Today’s launch reconfirms the public’s heightened interest in premium shopping experiences, but especially the desire of high-end brands to expand their presence in Romania and access new markets. This is the latest of the novelties we brought to Iulius Town this year. Further on, we continue to focus our interest on integrating top brands in this project, both from the mass-market and from the luxury category, thus enabling Iulius Town to maintain its status as regional leader in terms of shopping and leisure,” stated Oana Diaconescu, Head of Leasing Retail IULIUS.

Inaugurated in 2019 pursuant to an EUR 442 million investment made by the IULIUS and Atterbury Europe companies, Iulius Town includes: the largest shopping area outside Bucharest, 450 shops, cafés, and themed restaurants, 12 cinema auditoriums, fitness center, park, 80,000 square meters of office premises and three event halls.

CTP expands partnership with FAN Courier by leasing 4,500 sqm in CTPark Deva

CTP strengthens its strategic partnership with FAN Courier by leasing an additional 4,500 sqm in CTPark Deva. This new expansion brings the total space occupied by FAN Courier in CTP’s portfolio to over 10,000 sqm, with the company already established in CTPark Sibiu East and CTPark Craiova East.

CTPark Deva enjoys an ideal geographical location in Transylvania, in the heart of Romania, making it perfect for central distribution centers and manufacturing activities. The logistics park benefits from easy access to the A1 Motorway, which quickly connects Deva to the country’s major logistics hubs, and offers access to public transportation, making it an excellent choice for both logistics’ operations and the local workforce.

“Expanding our long-standing partnership with Fan Courier is a moment of pride for us. Having supported their impressive growth over the years, we’re thrilled to take this next step together by adding a new location to our collaboration. This milestone reflects our unwavering dedication to helping our clients scale by offering flexible, strategically placed spaces tailored to their evolving needs. With CTPark Deva as a logistics hub for Transylvania, we are confident that Fan Courier will continue to thrive, leveraging the park’s modern infrastructure and connectivity to support their ongoing expansion,” said Jovan Radosavljevic, Managing Director CTP Romania.

Andreea Comșa joins SPEEDWELL as Commercial Director

SPEEDWELL Development announces the consolidation of its management team by appointing Andreea Comșa as commercial director. In her current role, Andreea leads and coordinates the operations of the commercial department with responsibility for the sales and leasing teams. She will also oversee the implementation of sales and development strategies, being fully involved in marketing initiatives and expanding existing business segments.

“At SPEEDWELL Development, we’ve built our success over the past decade by assembling a team of highly skilled professionals who bring expertise and embody our commitment to excellence. We’re continuing this approach by welcoming Andreea Comșa as our new Commercial Director, overseeing both residential sales and commercial leasing. Her deep understanding of the local market and leadership in people management will be invaluable as we drive SPEEDWELL’s long-term growth. We’re excited that our achievements and future vision have made joining our team a natural fit for her,” stated Didier Balcaen, CEO and Co-founder of SPEEDWELL Development.

Andreea Comșa brings over 16 years of leadership experience in the real estate industry, where she has established a solid reputation thanks to proven skills in navigating through challenging market conditions.

“I am deeply honored to join a company renowned for its exceptional achievements and strong market presence. This role represents an incredible opportunity for me to make a meaningful contribution to an organization whose core values—rooted in integrity, innovation, and excellence—closely reflect my personal and professional ethos. By leveraging my extensive knowledge of the local market and my leadership experience in people management, I aim to create an environment where creativity and teamwork thrive. My goal is not only to drive performance but also to elevate the client experience, ensuring that each individual we serve enjoys a seamless, personalized journey in finding their ideal home, while feeling supported and understood every step of the way,” said Andreea Comșa, Commercial Director at SPEEDWELL Development.

Her co-optation as commercial director of SPEEDWELL Development comes in the context of expanding the project portfolio both in Bucharest and other regional cities in the country, and also in Poland.

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