In Bucharest, more than 200,000 employees work in office buildings built by private companies, which are more than 10 years old. Also, more than 250,000 employees are in office buildings inaugurated in the last 10 years, according to an analysis by the real estate company ESOP Consulting l CORFAC International.
Tenants are looking for new buildings with modern, energy-efficient and maintenance-efficient air conditioning systems, with green spaces and facilities that increase employee comfort. Buildings older than 10-15 years have gone through several rental cycles and need investment to keep up with the new office buildings that are delivered now. That is why modernization works are required and can be done with new materials, both in the reception areas, as well as in the spaces intended for rent. So far, these examples are few.
“Large owners of office buildings have opened the direction of renovation, after 10-15 years of existence of a building and we recommend that the owners of medium-sized buildings consider such investments, in a market with increasing competition.
54% of office buildings older than 10 years and which have free spaces or will become vacant have access to the subway. They will have greater chances in competition with new buildings if they benefit from modernization works, if the reception areas would have an aesthetic upgrade and if the interior spaces are remodeled. Also, adding facilities that would boost employee productivity, such as relaxation areas, fitness, restaurants, mini-lounges with coffee-points and snacks ”, says Alexandru Petrescu, Managing Partner at ESOP Consulting l CORFAC International.
If you enter the Floreasca Tower office building, located right next to the Aviation subway station, you can see that the investment in its renovation was a good decision, at this moment being 100% rented. Employees working in Floreasca Tower enjoy many of the facilities of the neighboring office buildings, located in the most populated business district in Bucharest, have a reception and common areas with state-of-the-art design and materials, City Grill restaurant and ground floor cafe.
Other buildings that have followed the Floreasca Tower example are Riverside Tower and Biharia Offices, which have recently undergone modernization processes.
Improvements currently being made to office buildings in Bucharest include the remodeling of reception areas and other common areas, the redevelopment of toilets, networking areas (including integrated outside the building, in green spaces) and also the addition of various complementary functions ( dining areas or gyms), all designed to energize and strengthen the spirit of communication in the building.
One of the most exciting upgrade processes was carried out by the IMMOFINANZ group, which was integrated with two of its buildings built in the past. It is a new concept on office buildings, Myhive. It integrates welcoming and lively reception areas and aims to create a community in the building, including by organizing events.
In Germany, a similar study shows that 73% of employees believe that the office would need a real transformation. Most of them would like to have open spaces, but with more functions, so that they can afford teamwork and work individually when appropriate, according to the study by the architecture, design and planning firm Gensler.
Their recommendations include investing in specific methods that make open offices work, such as noise reduction, creating a dynamic, multi-module ecosystem for jobs that promote connection and collaboration, and investing in virtual collaboration technology.