The growing commercial real estate markets, driven by the expansion of global companies and the appetite of investors, is one of the conclusions of the participants from 10 countries at the meeting in Bucharest of the members of the real estate consulting network CORFAC International, represented in Romania by the real estate company ESOP, between June 21-25, 2018.
CORFAC International currently covers 80 international markets annually, with over 10,000 rental and sales transactions, totaling over 46 million sqm of space, with a value exceeding $ 8 billion.
The global expansion of large high tech companies, such as Google, Amazon, Facebook, Apple, Microsoft, Intel, Oracle, etc. is the main driver of the development of major commercial markets in the world, transactions of purchase of property or rental of office and industrial space by these companies being reported this year on all continents covered by CORFAC members, in countries such as USA, Mexico, England, Germany but also in Romania and Israel.
“We were pleased to host this event in Bucharest, at a special time for the local real estate market, where all important segments – office, industrial and residential, are on the rise. And the market offers many opportunities for investment and collaboration with our colleagues from CORFAC “, declares Alexandru Petrescu, Managing Partner within ESOP, the CORFAC representative in Romania.
“We have many signals that Romania is consolidating and will be the next investment reference point in the region, with negotiations underway for office buildings of over 20,000 square meters,” said Alexandru Petrescu.
The CORFAC meeting discussed at length the evolution of real estate markets internationally, the opportunities in the post-Brexit business world, and the streamlining of collaboration between regional and international markets.
“Globally, it’s a fast-changing world,” said Alistair Subba Row, senior partner at Farebrother, a UK-based CORFAC company with a history spanning over 200 years. 1799).
In the top 5 largest tenants in both the office and industrial segments, we see almost the same players in the main international markets. The speed of the expansion of these players all over the world is incredible. Another major trend of recent years is serviced offices, which are revolutionizing the way properties are used. In the UK, there are already over 5,000 serviced office units nationwide, with WeWork being the undisputed leader in London with over 300,000 sqm managed.
If at the beginning of their serviced office spaces, the main customers were start-ups that rented between 5 and 50 workstations. Now we have entered a new stage, in which giants such as PWC, Deloitte, IBM, Yahoo is hiring between 200-500 jobs in London, which takes everything to another level,” says Alistair Subba Row.
“Changes are happening in a world increasingly marked by the international agenda, not by the local one, as it was in the past. One of the conclusions of the meeting of CORFAC members present at the “CORFAC International Summer Affiliate Meeting” is the influence of politics in the evolution of the real estate market. Political statements and decisions – BREXIT or others specific to each state, having a direct impact on taxes, exports, and demand future.
So much is happening politically, and I think it is the first time in my career when I have seen such a high incidence of politics in real estate markets “, says Alistair Subba Row.
If you would like more information about the real estate market in Romania and especially the office market in Bucharest, please contact the ESOP team by filling this brief form, or by phone (+4) 07220.127.116.11 or (+4) 021.528.04.40. We’ll promptly answer your inquiry!