Money Buzz! Europa

Category: Office

  • 70% of employees want to continue working mostly from home

    70% of employees want to continue working mostly from home

    7 out of 10 Romanian employees want to continue to work mostly from home even after easing the measures to prevent the spread of coronavirus and after the state of emergency ends, according to Colliers International.

    Out of these, 60% believe that working remotely would be useful at least 1-2 days a week, and 10% would like to work even 3-4 days from home in the next period.

    Office buildings in the portfolio managed by Colliers International continued to be operational during the state of emergency, with no projects under conservation, so it is expected that activity will be resumed gradually starting May 18th.

    A quarter of employees expect to return to the office in May, but their work in office buildings will resume gradually, depending on the evolution of the coronavirus epidemic and further measures announced by the authorities. At the same time, it is expected that some companies will continue to apply remote working policies for a longer period, at least for employees who have children, in the context of suspending the activity of schools until fall.

    To ensure employees’ social distance within the office, employers need to consider some changes in the set-up of the space and furniture, especially in the case of open space offices. It is necessary to ensure a recommended distance of two linear meters between employees, which means that it will be necessary to increase the space allocated per employee from 8 square meters, which is currently the average in class A office buildings, at over 15 square meters per employee. In this context, some companies will have to allow a percentage of employees to continue working from home, so that the rules on social distance and rotation can be respected.

    New security measures in office buildings

    Measures that can be implemented by companies to prepare their offices for the return of employees include rotating offices from open spaces so that they do not face each other and directing the team to alternative office work areas. At the same time, temporary transparent plastic barriers can be installed in the reception areas to separate visitors from the reception desk, and high partitions can be installed in the offices between facing desks. Last but not least, in conference rooms, after removing a number of chairs, floor markings can be applied to indicate a safe 2 meters distance between seats, Colliers International consultants recommend.

    To reduce touching door handles, the doors of offices and conference rooms should be left open, unless there is an absolute need for privacy. There should also be signs in office buildings informing visitors about the distance rules, hand washing and sanitizing or wearing masks in public areas. Using signage, unique clockwise paths can be created through the space, and by adding arrow tape on the office floor, the recommended direction can be indicated.

    At the same time, building owners will have to regularly ensure complete sanitation of heating and cooling systems and air treatment plants, according to Colliers International consultants, as well as actions aimed to ensure periodic disinfection with an increased frequency and special solutions for sanitary and common areas. To align with the new hygiene rules, owners of office buildings will have an additional minimum cost of 2,000 euros per month for a medium-sized building.

  • Bucharest and other major university centers will attract new businesses

    Bucharest and other major university centers will attract new businesses

    Bucharest and the major university centers in Romania, such as Cluj-Napoca, Timişoara, Iaşi, Braşov or Craiova, are well positioned to attract new business in the services sector, despite the Covid-19 pandemic that slowed down the transactional activity and led companies to “work” from home, consider the Cushman & Wakefield Echinox real estate consultants.

    The actual context has highlighted even more the Romanian employees’ flexibility and ease of adapting to new situations, as well as the IT infrastructure developed in major cities, elements that have facilitated the transition from the traditional office towards teleworking, thus reducing the impact on operations.

    In fact, a study conducted by the Broadband Deals platform in Great Britain places Bucharest on the first position in a ranking of the best 50 cities in the world for remote working, a hierarchy that considered elements such as average internet speed, the amount of remote working jobs available, the living costs and the availability of home delivery platforms.

    The next three positions are taken by Houston, Las Vegas and Atlanta in the United States, while in the European ranking Bucharest is followed by Budapest, Kiev and Warsaw.

    In the short term, a more conservative attitude of some companies is expected, which will have to analyze the impact of this situation on the entire client portfolio, but in the medium and long term the local market will be rewarded for the ability and flexibility to work from home, in case it is required.

    On the other hand, most companies are currently considering the opportunity to offer employees more flexibility regarding their workplace even after the social distancing measures get more relaxed and as a health safety measure they are working on plans to reduce the density of office spaces.

    81,000 square meters of new office spaces​ were delivered in Bucharest this year

    In Q1 2020, 81,000 square meters of new office spaces​ were delivered in Bucharest, while Ana Tower and the third building of the Globalworth Campus project in Pipera were the most important deliveries.

    By the end of the year, new spaces with a total area of ​​around 145,000 square meters are expected to be delivered. Thus, the total volume of new office spaces will reach about 226,000 square meters, approximately 21% down from 2019 deliveries.

    Regarding the demand, while the volume transacted in Bucharest decreased in Q1 by 50% compared to the same period of 2019, up to 52,000 square meters, throughout Romania the level remained stable at about 21,000 square meters, the important activity being seen in Timișoara, Cluj and Iași, and also in Craiova, a city that is starting to attract more and more office occupants.

    The office stock in Bucharest reaches almost 3.2 million square meters, with a vacancy rate of 9.8%, slightly increasing, while the area of ​​modern offices in major regional cities – Cluj-Napoca, Timişoara, Iaşi and Brașov – approaches the 1 million square meters threshold.

  • Tenants expect to return to the office over the summer in Bucharest

    Tenants expect to return to the office over the summer in Bucharest

    Almost 70% of landlords and tenants in the office market believe that the Covid-19 epidemics will continue to affect their business throughout this whole year, with first signs of recovery being expected starting with 2021, according to a study conducted by Colliers International among 60 landlords and more than 100 tenants.

    While most tenants expect their workforce to return to the office before autumn, office market representatives worry that the impact of the epidemiological crisis on the real estate market will be at least similar to the financial crisis from 2009.

    92% of tenants will return to their offices in the summer of 2020 at the latest

    25% of tenants expect to resume activity within the office as early as May, while 67% believe this will happen over the summer, according to Colliers International’s study among tenants, of which close to 30% represent companies with more than 1,000 employees, which are relevant in the current office environment.

    About 55% of them are already dealing with negative or somewhat negative impact over their business due to Covid-19, with those active in medical, retail and shared offices being the most affected. Only 16% say that their business has not been affected so far and 6% are even positively impacted to some extent.

    While a quarter of tenants don’t have a clear picture of how the Covid-19 outbreak will affect them in terms of employees, 41% expect to maintain their workforce size and about 17% even estimate increases this year.

    However, 70% of tenants expect a decreasing trend in rents as a consequence of the Covid-19 outbreak, out of which 23% expect a major correction. Another 20% do not see the rents changing at all, while none of the interviewed tenants expects an increase in rents going forward.

    45% of landlords expect rents to remain stable

    Most landlords are betting on a flat market with stable rents, but 30% are rather expecting they will need to decrease rents by the end of this year or in the first three months of 2021 the latest.

    Better rent deals could help prevent a vacancy rate increase among tenants that could be facing difficulties in the current context. More than half of landlords say they are already impacted by the effects of the Covid-19 epidemics, and 39% expect vacancy rates to increase to some extent in the next 12 to 15 months, while 35% are more optimistic and count on stable occupancy rates.

    The office market is expected to recover starting 2021

    Some office market decision makers worry that the impact of the epidemiological crisis on the real estate market could be at least similar or even bigger compared to the effects of the financial crisis from over a decade ago. The concern is visible among more tenants (75%) than landlords (38%), while the rest are more optimistic and expect a lighter effect.

  • Bucharest service-driven economy among most insulated in Europe

    Bucharest service-driven economy among most insulated in Europe

    The Bucharest economy stands as one of the most insulated service centers in Europe to the negative fallout related to the COVID-19 outbreak, according to Colliers International consultants, who analysed scenarios for various segments of the real estate market.

    This is largely due to Bucharest’s heavy reliance on IT&C activities as well as scientific and professional services, on par with European capitals like Dublin, Paris and London.  That said, Romania’s high integration in global value chains means that it will face significant headwinds given negative developments in the global economy.

    On the other hand, Romania’s status of a fairly small and quite open economy means that real estate markets will not remain immune to global trends. Given that manufacturing has been quite significantly impaired by the Chinese factory shutdown in recent weeks and also taking into account Romania’s heavy reliance on the automotive sector, it means that the impact for the warehouse market should be more significant, but a lot depends on how long this situation will extend.

    While the full impact of COVID-19 regarding the broader economy and the real estate market is highly uncertain, a certainty is that retail and leisure sectors are among the most impacted over the short-term, as per Colliers’ analysis.

    Globally, a best-case scenario would see neutral economic growth over the year following a negative dip in Q2/Q3, with real estate shocks limited primarily to hotels/hospitality, discretionary/experience-led retail assets and logistics/production dependent on non-essential goods, or the China supply-chain.

    A mid-case scenario will not see a recovery until Q1 2021, with broader impacts felt in office markets dependent on the most exposed firms (e.g.  airlines, tour/ events operators, banks/ insurance/ investors and energy companies).

    Capital markets will see a hiatus in activity, but long-term core players continue to make moves in safe-haven markets, especially around more defensive retail, industrial and logistics, office and residential assets.

    Depending on whether it will be a best or mid-case scenario, value-add and opportunistic players will take a ‘wait and see’ approach until pricing and availability/cost of capital becomes clearer. For cross-border investors, Q2/3 FX rate volatility and inability to physically visit/check assets will lead to a push-back on activity.

  • Cushman & Wakefield Echinox takes over the management of Mendeleev Office 5

    Cushman & Wakefield Echinox takes over the management of Mendeleev Office 5

    Cushman & Wakefield Echinox was commissioned to manage Mendeleev Office 5, an office building recently delivered in Bucharest downtown, by Akcent Development.

    This is the fourth office building that has been taken over under the management of Cushman & Wakefield Echinox, the Asset Services department being responsible for the daily administration of the building, tenant relationship management, operational supervision, financial services and landlord reporting, through on-site specialists and at the company’s headquarters, coordinated by Mihaela Petruescu, Partner Asset Services.

    Mendeleev Office 5 is a boutique office building, which revitalizes a historic area of the city, being located between Piaţa Romană and Calea Victoriei.

    The building has a rentable surface of 4,500 square meters distributed on basement, ground floor and eight upper floors. The underground parking has 50 places and is equipped with bicycles facilities and electric charging stations.

    The project includes walkable terraces, intelligent integrated technologies, hybrid climate-control system architecturally designed and integrated, heat insulation, motorized windows, low energy consumption, and the terraces on the 3rd and 8th floors stimulate the tenants’ creativity and offer a panoramic view of the center of Bucharest.

    The occupancy rate of the building is over 60% at delivery, among the tenants being financial consulting, PR and marketing or construction companies (Jazz Communication, Tud Investment Consulting, Aktor, Skin Media). Advanced discussions are for the 6th and 7th floors, therefore only the first floor and the ground floor – suitable for two commercial spaces fitting, are available for lease.

    Mendeleev Office 5 is developed by Akcent Development, which also owns Eminescu Offices building, managed by Cushman & Wakefield Echinox, and Rosetti Tower building.

  • Bucharest is pivoting towards a tenant market for office buildings

    Bucharest is pivoting towards a tenant market for office buildings

    • The stock of modern office spaces in Bucharest reached nearly 2.7 million square meters last year, up 12% compared to the previous year.
    • An additional 700,000 square meters could be delivered over the next two years, which means a 25% increase in the current office stock, which will increase competition for attracting new tenants, shows the annual report released by Colliers International.
    • The tenants will thus be in a position of strength in negotiations, and vacancy is expected to climb upwards to 12%, maybe even towards 13%, by year-end.

    Over 365,000 square meters were rented in 2019, up c.12% compared to the previous year, representing expansions of existing leases, new tenants entering the Romanian market and relocations from the stock of modern buildings. At the same time, lease agreements for 144,000 square meters were signed for office spaces to be delivered in 2020 or in subsequent years.

    New office space delivered in 2019 reached about 286,000 square meters, nearly double compared to the 150,000 square meters delivered the previous year, but under the initial estimates of Colliers consultants of  360,000 square meters, as two large projects were postponed for 2020.

    Bucharest Center West submarket was the star

    The Center West submarket was, by far, the most active, generating close to 100,000 sqm of new leasable office spaces in 2019, so a bit over one third of overall deliveries, with other spaces spread around various submarkets in central locations, the CBD, but also Floreasca – Barbu Vacarescu.

    The biggest project to come online was the Globalworth-built Renault HQ in the West submarket (47,000 sqm), followed by Vastint’s Business Garden Bucharest (over 41,000 sqm) and Portland Trust’s Expo Business Park (over 38,000 sqm) in the Piata Presei-Expozitiei submarket.

    Outside Bucharest, projects totaling 94,000 square meters were delivered in 2019, three quarters being buildings built in Cluj-Napoca (37,000 sqm) and in Timisoara (35,000 sqm), followed by Brasov (15,000 sqm) and Iași (7,000 sqm). This year the stock of office space is estimated to increase by 150,000 square meters in these four cities representing major office hubs.

    2020 is set to be a good year for the Bucharest office market, with Colliers consultants predicting demand for around 320,000 square meters, of which 120,000 square meters net office space. As in previous years, IT and financial services companies will be the main drivers of demand in 2020.

    ”The wave of deliveries from 2019 is reduced this year to 200,000 square meters, but with a spectacular return in 2021, when developers anticipate a potential of around 500,000 square meters, a new historical record. Thus, competition is on the rise between developers, but with the owners of existing modern buildings, which lost via relocations, just last year, tenants occupying 140,000 square meters. The tenants will be the ones who will enjoy opportunities, because Bucharest is starting to become a tenant market for office buildings. There will be increased competition for attracting new tenants, including from older buildings, some in very good locations, but which were built by inexperienced developers or which have not been investing in technical upgrades. The vacancy rate could reach 12-13%, up from 10.5% in 2019”, explains Sebastian Dragomir, Partner & Head of Office Advisory Colliers.

    The rents for offices remain relatively stable, with prime headline still around 18 euros per square meter in Bucharest (and an average in the region of 14 euros per square meter), respectively between 11 – 14.5 euros per square meter in other centers in the country. Romania has an investment yield of 7% for the best office buildings (likely to come down further in 2020), while in the countries of the region the yields are even 3 percentage points below: 4% in Prague, 4.5% in Warsaw and 5 % in Budapest.

    From the landlord’s perspective, this normalization of activity is coming at a moment when deliveries are slowing down as well, with 2020 having some 200,000 sqm in new GLA planned; 2021 is looking more crowded, with around half a million sqm in new leasable areas promised by developers. Given the realities of the market, Colliers consultants would expect that a significant amount of this pipeline for 2021 to be pushed back, as not all developers may score a major anchor tenant.

  • Outreach opens it’s first international office in London

    Outreach opens it’s first international office in London

    • Outreach, an US sales engagement platform, announced that it has opened its first international office in London.
    • Outreach’s London office will focus on customer engagement for the company’s more than 200-strong European-based customers.
    • Outreach is already the largest sales engagement company in Europe and plans to triple headcount by the end of the year.

    “We see a very real opportunity to help evolve the sales industry and customer experience in Europe and we see London as the best place to do so,” said Manny Medina, chief executive officer of Outreach.

    “U.S. teams are engaging with customers in new and innovative ways. Our customers in Europe have shared with us that they believe Outreach can provide European customer-facing teams with the tools they need to transform the sector and turn sales into a true engine for business growth.”

    Tom Castley is Outreach London chief

    Outreach has hired industry veteran Tom Castley to lead its London team. With nearly 20 years of experience building high functioning sales organizations in the tech space, Castley provides Outreach with a grounded view of the local market and expertise in growing international brands.

    Prior to Outreach, Castley spent three years at Apptio running the pan-European account management team responsible for more than $50M of revenue. He also spent several years at Oracle in various roles, concluding with leading CRM sales across manufacturing, retail, high tech, consumer goods, and other verticals.

    Outreach currently employs more than 450 employees and is headquartered in Seattle, Wash. The company aims to triple the number of people in the UK across all customer-supporting functions, including sales, account management, customer success, solutions consulting, professional services, member support, and plans to expand to marketing.

    Outreach works with more than 4,000 customers around the globe. In Europe, Outreach currently has more than 200 customers, including DocuSign and Signal AI. 

  • Shikun&Binui and Danya Cebus rented office spaces in Hyperion Towers

    Shikun&Binui and Danya Cebus rented office spaces in Hyperion Towers

    TC Capital announces the signing of new leasing contracts with two international companies, Shikun & Binui and Danya Cebus, for approximately 700 sq m of class A office spaces in Hyperion Towers, located on Pipera Boulevard.

    Both tenants will establish their headquarters in the first building of the complex which was refurbished with an investment of 7 million euros, and finalized at the end of 2019. Circa 60 people will work in the offices occupied by the two tenants.

    Shikun & Binui is an international company operating through its branches in Israel and around the world, and involved in various fields of activity, including infrastructure, real estate development, water supply and energy.

    Another important lease that has recently been concluded in Hyperion Towers is with Danya Cebus, an international construction company and part of Africa-Israel Investments. The activities are centred in the fields of residential construction, building commercial and office spaces, infrastructure development, and industrial design and manufacture, with projects in Israel, Romania and Russia. 

    Hyperion Towers is an office project owned by TC Capital, a property investment and development company located in Romania and lead by Ali Çapa. The ensemble comprises two buildings with a combined surface of 40,000 sq. m gross leasable area of Class A office spaces with ample parking capacity.

    At the moment, 50% of building A is leased or sold.  Among the other tenants from the first building there are companies such as: Euromedia, Adnet, RoMega Trade, Jotun, Skills Advertising, CEE Estate etc. TC Capital is currently engaged in advanced discussions with other potential tenants, active in various industries: marketing, audio-visual, trade, IT etc. 

  • Local investor Lotus Center acquires Oradea Plaza complex

    Local investor Lotus Center acquires Oradea Plaza complex

    Local capital group Lotus Center, the largest owner of shopping centers in Oradea, acquired the multifunctional complex Oradea Plaza from Portico Investments Romania.

    A mixed real estate project, Oradea Plaza is located in the busy urban city center and has a total leasable area around 7,900 sqm approximately equally split between Class A office space and retail space and has future expansion potential over the ca. 2400 sqm of land available for development.

    Oradea Plaza is host to tenants from multiple domains, such as banking or telephone services, pharmacies, cafes, fashion stores and a children’s playground, including eMag, Carrefour, Staer, Sensiblu, Medlife, NN or BRD.

    The complex delivered in July 2010 by international Real Estate Investor Portico Investments includes the first A Class office building developed in Oradea’s city center.

    “In the past, Romania had a limited pool of local investors in the real estate market. However, as the market gradually becomes more mature, local investors including Romanian entrepreneurs with strong businesses in the main regional centers in the country are gaining momentum. Only in the last two years, transactions of commercial real estate assets involving local investors surpassed 400 million euros”, says Simina Niculiță, Partner & Head of Retail Agency at Colliers International.

  • Brilliance Financial Technology new office expansion in Amsterdam

    Brilliance Financial Technology new office expansion in Amsterdam

    • Brilliance Financial Technology announced its expansion and capabilities into Europe, with the opening of a new location in The Netherlands.
    • The new office in Amsterdam will accelerate growth across Europe and continue to provide premium, on-demand client support, worldwide.

    To accommodate this rapid expansion and the robust demand of new business prospects, Brilliance’s local presence in the European region will drive the company’s mission to work lockstep with decision makers, providing the highest quality of intelligent pricing services to their customers.

    “The decision to open a location in Amsterdam was one in concert with the demands of a growing and dynamic market, as we have several banking customers looking to our next generation pricing solutions in Europe,” said Jean-Edouard van Praet, President and CEO of Brilliance Financial Technology.

    “Our newest location will fortify our current services and enable us to grow our existing customer base in EMEA. Our proven track record working with the top global banks solidifies our commitment to further expand our full range of capabilities. Now, we have an even greater opportunity to leverage our local, top talent across Europe’s regions.”

    Brilliance’s presence in Amsterdam will add to their presence in the U.S. and Australia, with additional investments in top talent. In Amsterdam will be the company’s fourth office, globally.

  • Office take-up jumps in 2019 and reaches the maximum level of the last 9 years

    Office take-up jumps in 2019 and reaches the maximum level of the last 9 years

    Expoziției Area attracted almost 15% of the total demand for office spaces registered last year in Bucharest, thus entering the top 5 areas preferred by companies to locate their offices, at a very short distance from Center-West, the most dynamic area in the last 3-4 years.

    The companies rented last year in Bucharest almost 390,000 square meters of office space, the highest level in the last 9 years. Compared to 2018, the total demand in Bucharest increased by 16%.

    It should also be mentioned that the net demand – new contracts and extensions of the existing areas, increased more than twice, compared to 2018, to 212,000 square meters and represented more than half of the total rented volume.

    The largest office areas in Bucharest were rented in CBD (17.4% of total demand), in Center (15.1%), Center – West (14.9%), Expozitie North (14.6%) and Floreasca – Barbu Văcărescu (11.4%).

    JLL remained the leader of the national office market in 2019, with a market share of over 20.4% of the total transactions carried out through the real estate consultants.

    Sub-market Gross take-up în 2019 (sqm) % of the total
    CBD 67,615 17.4
    Center 58,634 15.1
    Center–West 58,031 14.9
    North Expozitiei 56,840 14.6
    Floreasca – Barbu Vacarescu 44,406 11.4
    Center – South 27,540 7.1
    Dimitrie Pompeiu 25,880 6.7
    West 24,488 6.3
    Pipera Nord 17,619 4.5
    Baneasa – Otopeni 2,700 0.7
    East 2,509 0.6
    Center – North 2,245 0.6
    Total 388,507 100

    Vacancy rate reached 8%

    The vacancy rate in the modern office buildings in Bucharest at the end of 2019 reached about 8%, slightly lower than the previous quarter (8.64%), amid the increase in demand in the fourth quarter (107,000 square meters, of which over 80% net demand), and the delivery of a single new building.

    In the sub-markets, still the highest unemployment rate in 2019 was in Pipera – North, respectively 40%, followed by the East, with 16% and Baneasa – Otopeni, with just over 14%.

    At the opposite end, the lowest vacancy rate in 2019 was recorded in the Center (1.1%), West (2.1%) and Floreasca – Barbu Văcărescu (2.5%).

    10 office projects were completed in 2019

    In 2019, 10 office projects totalling almost 280,000 square meters were completed in Bucharest, double compared to 2018 (141,000 square meters).

    Most deliveries took place in Center-West (almost 100,000 square meters, respectively 35% of the total area delivered), followed by Floreasca – Barbu Vacarescu over 53,000 square meters, respectively about 19% of deliveries) and West (47,000 square meters), 17% of deliveries).

    Project Sub-market Developer Area (sqm)
    Renault Bucharest Connected West Globalworth&Elgan Group 47,000
    The Mark CBD S Immo 25,500
    The Bridge phase 2 Center – West Forte Partners 21,271
    Business Garden Bucharest Center – West Vastint 41,000
    Oregon Park cladirea C Floreasca-Barbu Vacarescu Portland Trust 25,000
    Timpuri Noi Square 3 Center Vastint20,000
    Expo Business Park Expozitiei Portland Trust 38,000
    The Light Center – West River Development 21,600
    Sema Office Berlin Center – West River Development 14,900
    Equilibrium phase 1 Floreasca -Barbu Vacarescu Skanska 20,600
    Total     275.000

    18% increase in demand

    At the national level, about 470,000 square meters of office space were rented, of which the net demand, respectively new contracts and extensions of the already existing areas, represented the largest share. Total demand increased in 2019 by 18% compared to 2018 when a level of 400,000 square meters was recorded.

    The average value of transactions with office spaces nationwide was 1,560 square meters.

    Net demand in 2019 was 280,000 square meters, growing almost 3 times compared to 2018.

    At national level, Bucharest attracted almost 83% of the total demand for office space, followed by Cluj-Napoca (6.5%), Timisoara (4.4%) and Iași (3.2%).

    By activity areas, by far the largest share of the demand for office space at the national level came from the IT&C sector, covering almost 40% of the rented space in 2019. The second place was the computer & high-tech sector, with 15.6%, followed by banking insurance & financing, with 8.4% and retail & consumer goods, with 7.4%.

    In comparison, in 2018 the highest weights in the total demand for office spaces were held by the IT&C sector, with over 35%, the professional services sector, with about 10%, banking, insurance & financing, with over 7% and computers & high-tech, with almost 6%.

    City Gross take-up (sqm) % of the total
    Bucharest 388,507 82.8
    Cluj-Napoca 30.552 6.5
    Timisoara 20,468 4.4
    Iasi 15,000 3.2
    Brasov 7,280 1.6
    Craiova 4,670 1.0
    Ploiesti 3,000 0.6
    Total 469,477 100
  • Colliers will provide property management services for Equilibrium

    Colliers will provide property management services for Equilibrium

    • Colliers International Romania has been assigned to provide property management services for the first building of the Equilibrium office project, developed by Skanska in the Capital.
    • This is the 2nd mandate won by Colliers from Skanska, bringing the total portfolio managed by the company to almost 530,000 sqm of industrial and office spaces.

    The Equilibrium project is located in an established office hub in Bucharest – the Floreasca-Barbu Vacarescu area. The first building has a GLA of 20,800 sqm, and with the second phase of the project, the entire complex will have a GLA of 40,700 sqm.

    LEED Platinum certified, the building is equipped with high-efficiency HVAC systems partnered with smart controls that further reduce the building’s energy use, while offering various facilities that make the time spent here pleasant for both tenants and guests.

    Equilibrium offers a special mix of recreational green spaces, modern exterior furniture and meeting hubs. There is wireless connection in all areas and innovative sustainability features such as carbon footprint calculation, dashboard showing energy consumption, high speed chargers for electrical cars.

    As part of the property management mandate, the Colliers team will manage the relationship between landlord, suppliers and current or potential tenants, by providing integrated services from operational monitoring to financial services and ownership reporting, as well as consultancy services for creating communities at project level.

    The portfolio managed by Colliers International in Romania also includes: Business Garden Bucharest, The Office in Cluj-Napoca, The Bridge, Hermes Business Campus, Stefan cel Mare Building, Art Business Center, the Adam America office portfolio, Allianz Office Building Brasov and Vox Technology Park Timisoara, as well as three industrial parks in Timisoara, Brasov and Arad and the logistics park ELI Park 1 developed by Element Industrial north of Bucharest.