CBRE+2023年上半年罗马尼亚房地产市场展望

BlazingTrailsMarketOutlookH1

2023REPORTRomaniaREAL

ESTATECBRERESEARCHBlazing

TrailsReal

EstateMarketReport

H12023

|

RomaniaContents0102050306MACROECONOMICSINVESTMENTOFFICEModest

GDPannualgrowth

rate

forecast

of

only2.2%

in

2023

asthehigh

inflation

andthetightened

policy

rate

were

considered.Romania's

investment

volume

amountsEUR

183.8

mln.

at

H1

2023,

74%

of

itaswell

asthe

largest

dealyear-to-date

being

secured

in

Q1.Bucharest

modern

office

stock

amounts

3.38

mln.sq

mattheend

of

H12023

facing

new

supply

andshort-term

pipeline

shortages.04INDUSTRIALRETAILLANDRomania’smodern

industrial

stock

reached

at6.91

mln.

sq

andby

theend

of

theyear,

circa407,000sq

m

areexpected

tobeadded,

towardsyear’s

end

breaking

the7.0

mln.

sqm

milestone.Romaniaretail

stock

reached

attheend

of

H1

2023at

4.15

mln.

sqm,

Bucharest

is

hosting

thelargestshare,

meaning

30%

of

thetotalarea.Itis

forecasted

to

gather4.39

mln.

sq

m

bythe

endof

2024,

thecore

of

themodern

stock

is

reshaping,andthe

share

of

retail

parks

is

nearing

close

tohalf.During

thefirst

halfof

2023,

circa

72hectaresof

development

landwere

transacted

inRomania,more

thanhalfof

the

propertiesbeing

located

in

Bucharest

andIlfov

County.Claiming

45%

of

thetotaltransacted

area,buyers

envisioned

onthe

newly

acquired

landplots,

mainly

residential

projects.2CBRE

RESEARCH©2023

CBRE,

INC.01MacroeconomicsLimitedGrowthBlazing

TrailsReal

EstateMarketReport

H12023

|

Romania01MACRORomania’s

GDP

annual

growth

isexpected

to

slowdownoverall2023,as

the

forecast

is

showcasing

threeyears

ofconsecutivegrowth.Figure1:GDP(real)

&Governmentbalance(shareofGDP)

Evolution12.0%9.0%6.0%With

2.0

pps

lower

thanthe

increase

registered

for

the

previousyear,

the

growth

in

2023

of

2.2%

was

estimated

considering

thehigh

inflation

andthetightened

policy

rate.

Projections

for

thenexttwo

years

indicate

aslightly

upward

trend

with

annualgrowths

of

3.6%

in

2024

and4.0%

in

2025.

Compared

againstEurozone

GDP,

the

country’s

GDPevolution

displays

bothhistorically

andforecasted

higher

YoYgrowths,

for

examplewith2.4

pps

in

2024

and2.3

pps

in

2025.3.0%0.0%-3.0%-6.0%-9.0%-12.0%Starting

with

2021

Romania’sfiscal

deficit

decreased

andthistrend

is

estimated

tocontinue

on

short

term.

If

in2021

the

gapnarrowed

from

-9.6%

to-6.7%,

the

government

balance(share

ofGDP)

for

2023

is

forecasted

at-4.9%

andthecontraction

isprognosed

tobe

more

noticeable

reaching

at-3.6%

in

2024

and-3.5%

in

2025.20152016201720182019202020212022F2023F2024F2025RomaniaGDP

real,annualgrowthRomaniaGovernmentbalance,shareofGDPEurozoneGDPreal,annualgrowthEurozoneGovernmentbalance,shareofGDPSource:Oxford

Economics,

CBRE

Research4CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania01MACROThe

unemploymentrate

for2023isprojectedat

5.5%,valueslightlylowercompared

withtheoneregistered

for2022.Ifin

2020the

unemploymentrecorded

aspike,reaching

at6.1%,

in2021and2022lowered

at5.6%andisprognosed

to

slowlydecrease

at

5.2%in

2024andfurtheron

at

4.9%in2025.Whencompared

withthe

Euroarea,

the

country’sunemploymentrate

isunderthe

average

ofthe

region,which

isestimatedat6.6%in

2023and

6.7%

in2024and2025.Figure2:Unemployment

Rate

Evolution12%10%8%6%4%2%5.5%unemployment

ratefor2023,slightly

lowerthaninthe

previous

year0%20152016201720182019Romania202020212022F2023F2024F2025EurozoneSource:Oxford

Economics,

CBRE

Research5CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania01MACROOn

anascending

trend

from

2020

onwards,private

consumption

in

Romaniais

forecastedtorecord

modest

yearly

increases,

for

2023

and2024

being

forecasted

YoYgrowths

of

3.2%

and2.9%

asbuyers

are

still

careful

with

theirexpenses

being

influenced

bycommodity

pricesandinflation.

Nonetheless,

for

2025

theyearlyincrease

is

expected

to

bemore

significant,respectively

5.1%.Private

consumptionin

Romania

is

forecasted

to

increase

in2023and

2024as

buyersare

still

carefulwith

their

expensesdue

to

high

commodityprices

andinflation.Figure3:Consumer

PriceIndex&PrivateConsumption

EvolutionIn

thesecond

quarter

of

the

year,

the

NationalBankof

Romaniamaintained

themonetarypolicy

rateto

7.00%,

valueadopted

at

thebeginning

of

theyearandis

expected

tomaintainthroughout

the

year,

asacontinuouseffort

to

temper

theinflation.

Considering

theamplitude

of

themeasures

undertaken

bythenationalbanktoease

inflation,

adownwardtrend

of

the

monetary

policy

rate

could

be

seenin

2024.15%10%5%0%20152016201720182019202020212022F2023F2024F2025CPIinflation

in

2023

is

estimated

toreach

at10.3%,

with

3.5

pps

lower

compared

with

thevalue

from

2022

–the

largest

recorded

inrecent

years.

The

diminution

was

driven

mainlyby

thedecline

of

fuel

andelectricity

prices.Moreover,

the

prognose

for

2024

and2025indicate

ahigher

decrease

down

to5.1%

andfurther

to

2.7%.-5%-10%RomaniaCPIEurozoneCPIRomaniaPrivateConsumptionEurozonePrivateConsumptionSource:Oxford

Economics,

CBRE

Research6CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania01MACROThe

NationalRecoveryandResiliencePlan(PNRR)is

an

important

source

offresh

airinfused

in

the

country’s

economy.3.22BEURthetotal

amountofpaymentmade

byEC

toRomaniaIn

June

2023,

Romaniareceived

apositive

answer

from

theEuropean

Commission

regarding

the

second

payment

requestsubmitted

within

thePNRR.The

payment

is

inthe

amountof

EUR3.22

bln.,

of

which

EUR

2.14bln.

represent

non-reimbursablefinancial

support

andEUR

1.08bln.

support

inthe

form

of

aloan.However,

Romaniawill

collect

with

EUR

53.36

mln.

less

astwomilestones

regarding

investments

in

energy

haven’tbeen

met.

Theother

47milestones

and2

targets

thathave

been

achieved

expressreforms

made

byRomaniain

the

field

of

green

anddigital

transition,aswell

asreforms

andinvestments

related

to

improving2.14BEURtotalnon-reimbursablefinancial

supportgovernment

coordination

toimplement

public

policies,

improvingwater

management,

supporting

tourism,

andpromoting

culture.7CBRE

RESEARCH©2023

CBRE,

INC.Inflation

is

expected

to

decrease

to

10.3%

in

2023,markinga

reduction

of

3.5

ppscomparedwiththevalue

from2022,

the

largestrecorded

in

recentyears.

Moreover,

theprognosisindicates

higherdecreases,

down

to

5.1%in2024

and

further

to2.7%in2025,

ratescloserto

theupperendoftheNBR

targetrange.DanielaGavrilHead

ofResearch,CBRERomania02InvestmentAuspiciousYear

StartBlazing

TrailsReal

EstateMarketReport

H12023

|

Romania02INVESTMENTRomaniatotalinvestment

volume

reached

atEUR

183.8

mln.

inH1

2023,

a43%

decrease

whencompared

with

the

amounttransacted

in

thefirsthalfof

the

record

year2022.

Thefirst

quarter

ofthe

yearwasquite

active

in

terms

of

transactions,74%of

volume

aswell

asthelargest

dealyear-to-date

being

secured

at

the

beginning

ofthe

year.

The

notableagreement

thatmarked

theyear’s

transactional

activityclaims

33%

of

theYTD

investment

volume

andwas

concluded

byFM

Logistics

which

sold

andleased

backitsindustrial

&

logistics

portfolio

toCzech

developerCTP.With

atotalgross

leasablearea

of

approx.100,000

sqm,

the

purchased

properties

arein

three

different

counties:

Ilfov,

Dambovita,andTimis.Figure4:Investment

Volume

Evolution600500400300200100Approx.

100,000

sq

m(33%oftheYTDinvestmentvolume)were

purchased

byCzech

developer

CTPin

3counties:

Ilfov,Dambovita,

andTimis.183.8Msq

m0H12015

H12016

H12017

H12018

H12019

H12020

H12021

H12022

H12023totalinvestment

volumereached

inRomania

in

H12023RomaniaBucharestSource:CBRE

Research10CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania02INVESTMENTAfter

five

consecutive

years

when

real

estate

properties

locatedinthe

Bucharest

area

topped

theinvestment

volume

recorded

in

thefirst

partof

the

year,

attracting

more

than

halfandeven

thegreatmajority

(98%

inH1

2020),

in

H12023

theinvestment

volume

wasdirected

at

regional

level.

With

ashare

of

61%

from

totalvolume,assets

from

regional

cities

proved

tobe

attractivefor

investors,

alarger

share

being

recorded

in

H12017(80%

from

totalamount).The

YTDaverageticket

size

stands

around

EUR

12.3

mln.,

47%lowercompared

with

the

value

registered

in

H1

2022.

Nonetheless,

lookingsolely

attheaverage

ticket

size

inregional

cities,

the

gapnarrowswhen

compared

with

the

lastyear’s

results,

EUR

12.5

mln.,representing

a22%

decrease

of

average

size.InH12023,assets12.3Mfrom

regionalcitiesproved

tobeattractivefor

investors

reachinganimpressive

61%ofthetotalinvestmentvolume.EURtheaverage

ticket

size

inthefirst

halfof202311CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania02INVESTMENTIn

terms

of

property

mainuse,

industrial

andoffice

properties

claimed

similar

shares

from

thetotalvolume,

respectively33%

and29%,

closely

followed

by

retail

with

21%

andhotels

with

17%.If

offices

dominated

the

investment

activity

from

H12018

toH1

2022,

in

thefirst

halfof

2023,

industrial

andlogistics

overshadowed

the

othersectors.Figure6:

H12023Investment

Volume

bySector17%Figure5:Investment

Volume

BySector

Evolution33%IndustrialOffice600500400300200100021%RetailHotel29%Source:CBRE

ResearchMoreover,

ifwe

compare

thevolumes

persector

in

H1

2023

versusH1

2022,

only

office

registered

aYoY

decrease,

retail

volumes

weresimilar

while

industrial

andhotels

marked

increases.

Even

so,

thisyearindustrial

andretail

sectors,

until

recently

second

andthirdrunner

uppers

in

investment

volume

share,

are

now

propelledforward,

gainingfrom

the

boost

developed

in

the

post-pandemicera

when

investors

became

more

willing

todiversify

their

portfoliowith

such

properties.H12015H12016H12017H12018H12019HotelH12020H12021H12022H12023OfficeRetailIndustrialMixed-UseOtherResidentialSource:CBRE

Research12CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania02INVESTMENTWith

similar

shares

inYTD

investment

volume,

meaning

33%

and32%,

Czech

andRomanianinvestors

contributed

with

the

largest

amount

of

capitalat

this

year’sinvestment

activity.

With

ajoint

share

of

35%,

buyers

from

Lithuania,Cyprus,

USAandIsrael

chose

to

invest

in

properties

throughout

Romania.Romanianinvestorscontinue

tobe

present

on

the

investment

market,

indicating

now

not

only

theconfidence

inthe

quality

of

assets

andthe

financial

power

of

thelocals,

butthematurity

towards

the

market

is

heading

afterayearof

remarkable

results.Romanian

investorscontinue

tobepresentontheinvestmentmarket,indicatingboth

confidenceinthequality

ofassets

and

financialpowerofthelocals.Good

signsofamaturemarket.Figure7:

H1

2023Investment

VolumebySourceofCapital7%8%CzechRepublic33%Romania8%LithuaniaCyprus12%USAIsrael32%Source:CBRE

Research13CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania02INVESTMENTThisyear,

investorsstill

proceed

withcaution,needingmoretimetomake

a7.50%

7.50%

7.75%Primeyield

fortheoffice

marketPrimeyield

fortheretail

marketPrimeyield

fortheindustrial

marketdecision

orwaiting

foragoodprospect.Bytheend

of

H12023,

prime

yields

continued

the

decompressionup

to0.50

pps

when

analyzedagainstthe

values

from

the

end

of2022.

Reaching

at

7,50%

for

the

office

andretail

market

and7.75%for

the

industrial

market,

prime

yields

were

impacted

by

increasedlending

interest

rates

andinflation

evolution.Now

itremains

to

beseen

when

the

investment

volume

will

neartheone

from

now

on

-reference

year

2022.

Beginning

under

goodauspice,

even

if

good

products

are

still

on

themarket

in2023,investors

still

proceed

with

caution,

needing

more

time

to

makeadecision

or

waiting

for

agood

prospect.14CBRE

RESEARCH©2023

CBRE,

INC.Investmentvolume

fromH12023

was

directed

attheregionallevel

after

fiveconsecutiveyearswhen

realestate

properties

in

Bucharest

toppedthe

investmentvolume

recorded

inthe

first

part

ofthe

year.Beginningunder

goodauspice,even

ifgoodproductsare

still

onthe

marketin

2023,

cautionisthe

principlethat

guides

all

transactions

thisyear.MihaiPătrulescuHead

ofInvestment

Properties,CBRERomania03OfficeWorkplace

vs.WorkSchedule

NewDynamics

&

Pipeline

ShortageBlazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEBucharest

modern

office

stock

amounts3.38

mln.sqm,

atthe

endofH12023,after

the

deliveryofthree

buildings

withacombinedgross

leasable

area(GLA)

of70,000

sq

m.

The

newsupply

was

almostevenly

distributedtowards

twosub-markets,respectivelyCenter–West

and

North

–West.The

Center

–

Westoffice

sub-market

increased

its

stock

with

34,500

sqmas

the

secondphase

ofOneCotroceniproject

developedbyOne

Unitedwas

welcomed

inthe

firstquarter

ofthe

year.

Claiming

51%

ofthe

totalnewsupply,

the

North

–

Westsub-marketinaugurated

MuseProjectwith

aGLAof7,500sqmdevelopedby

Primavera

DevelopmentinQ1

andthesecond

phase

of@Expo

which

gathers

28,000sqmdeveloped

by

AtenorGroupin

thesecond

quarter.Figure8:ModernOffice

Stock

Evolution

(NewSupply

IVacancy)4,000,0003,500,0003,000,0002,500,0002,000,0001,500,0001,000,000500,000018.0%16.0%14.0%12.0%10.0%8.0%6.0%4.0%2.0%70,000sq

m0.0%20152016201720182019202020212022H12023weredelivered

in

H12023in

Bucharest(Center

–Westand

North–Westsubmarkets)ModernOfficeStockNewSupply(sqm)VacancyRate(%)Source:CBRE

Research17CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEFigure9:

PipelineDistribution

(H2

2023-2025)Center-WestCenterFloreasca

/

BarbuVacarescu45%44%11%Source:CBRE

ResearchBythe

endof2023,anothertwobuildings

are

expectedtobeadded

to

the

capital

city’smodern

stock,

bothpart

ofthe

Centerofficesub-market.

Thus,

duringthe

thirdquarteroftheyearitisanticipatedthe

deliveryofthe

secondphase

ofU-CenterCampus

withaleasable

areaof32,500sqmdeveloped

byFortePartners,

andtowards

the

year’s

endStrabag’s

projectArghezi

4comprising

7,500sqmGLA.109,000Havingnoofficeprojects

withestimateddeliverydate

in

2024,

the

futurenewsupply

isexpectedto

pick

upin2025,whencirca

109,000sqmwill

be

broughtonthe

market

after

thedeliveryofsixoffice

schemeseither

standalone

projectsorpart

ofabusinesspark.sq

mthefuturenewsupplyexpected

in

202518CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEIn

thefirst

partof

2023,

totalleasing

activity

(TLA)

inBucharestgathered

188,400

sq

m,

amount

with

42%

higher

when

comparedwith

the

datafrom

H1

2022.

On

an

ascendent

trend

from

2020onwards,

theleasing

activity

started

tomove

nearer

valuesregistered

inthe

pre-pandemic

era,

being

with

only

6%

lowercompared

with

the

totalarealeased

inH1

2019.Figure10:Demand

vsNew

Supply

Evolution188,400350,000sq

m300,000250,000200,000150,000100,00050,0000TLAinBucharest,and

42%higher

compared

toH12022Take-up

(total

transactions

excluding

renewal/renegotiation)represented

48%

of

thetotalleasing

activity

andwas

quite

similarwith

the

one

recorded

in

H1

2022.

The

almost

equalshares

betweennew

demand

andrenewal

transactions,

indicate

acyclicity

of

themarket

where

tenantseither

search

for

the

best

quality

space(newdemand)

or

for

the

best

leasing

terms

(renegotiation).48%take-upin

H12023,andsimilar

toH12022Despite

the

upward

trend

of

theleasing

activity

in

recent

years,when

looking

at

the

netabsorption

(changes

in

occupied

stock)

theamountrecorded

in

H12023

is

the

weakest

valuefor

office

demandper

semester

registered

during

the

analysed

period

(H1

2015–H12023).

An

explanation

for

this

decrease

of

net

absorption

could

bethe

overall

economic

uncertainty

coupled

with

hybrid

work.20152016201720182019202020212022

H12023Take-up(sq

m)NetAbsorption(sq

m)*NewSupply(sqm)*NetAbsorption:

changes

inoccupied

stockSource:CBRE

Research19CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEPre-leases

representedonly4%from

take-up,

attesting

onceagain

tenants’reluctancetomake

adecisionintermsofrealestatechanges

as

wellas

thelimitednew

supply

available

tochoose

from

byoccupiers.twolarge

transactionssigned

in

H12023The

largest

transactions

(above

10,000sqm)signedinH12023were

two

renewals

in

DimitriePompeiuoffice

sub-market,respectivelyHoneywellwhich

prolongeditsleasingcontractfor24,000

sqmin

BOC

buildingand

DBTechnology

whichdecided

tokeep

its12,700sqmin

BOB

office

project.4%fromtake-uprepresented

pre-leases20CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEAs

perleasing

activity

distribution,

Dimitrie

Pompeiu

office

sub-market

attractedoveraquarterof

thetotalleased

area,

closely

followed

byFloreasca

/

Barbu

Vacarescusub-market.

With

shares

above

10%,

Center

–West

(14%),

Center

(12%)

andCBD(10%)

areas

jointly

claimed

68,100

sqm,

while

North-West,

West,

South,Baneasa–When

analysing

the

leasing

activity

considering

the

tenants’domainof

activity,Computers

&

Hi-Tech

companies

are

leading

the

market,

with

atotalof

82,800

leasedsq

m.

With

22%

of

totalTLA,

meaning

ahalfof

thetotalarealeased

by

maindemanddriver,

Manufacturing

&

Energy

Sector

was

thesecond

most

activefield

in

need

of

aOtopeni,

Pipera

North

together

managedtopursue

14%

of

TLA,

meaning

27,400

sq

m.

modern

office

space

inBucharest.Figure11:H1

2023TotalLeasing

Activity

bySub-marketFigure12:H1

2023TotalLeasing

ActivitybyDomainofActivity1%3%

1%2%5%1%DimitriePompeiuComputers&Hi-TechManufacturing&EnergySectorFinancialSector4%Floreasca/BarbuVacarescuCenter-WestCenter5%6%28%8%10%12%44%CBDBusinessServicesSectorConsumerServices&LeisurePublicSectorNorth-WestWest12%South22%ProfessionalSectorOtherSectorsBaneasa-OtopeniPiperaNorth14%22%Source:CBRE

Research21CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEAt

theend

of

Q2,

Bucharest

modern

officestock

recorded

anoverall

vacancyrate

of15.4%,

marking

an

increase

of

1.3

pps

highercompared

with

the

one

registered

at

the2022

closing.

The

vacancyrate

for

class

Aproperties

is

abit

lower,

standingaround12.6%

at

the

endof

H12023.

Nonetheless,the

two

rates

don’treflect

thespaceavailablefor

sub-lease

which

increasedconsiderably

during

the

lastthree

andahalfyears

ago

andthe

space

tobe

releasedby

large

tenantswhich

will

optimize

theiroffice

space

occupancy.Figure13:ModernStock

&VacancyRate

BySub-market|Evolution

H22022vs

H1

2023700,00048%44%Imageof…600,00040%500,000400,000300,000200,000100,000036%32%28%24%20%16%12%8%Even

though,

theoverall

vacancy

rateisrising,

thegrowth

canbesegmented,

thelargest

rate

increase

being

registered

inPipera

North

(45.9%)

with

11.9pps

highercompared

with

H2

2022.4%0%StockH2

2022NewSupplyH12023VacancyRateH12023VacancyRateH22022Source:CBRE

Research22CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEPrime

rent

increased

from

thefirst

months

of

theyear,

reaching20.00

EUR/sq

m/month

at

the

end

of

H1

2023.

The

mild

butcontinuous

prime

rent

increase

is

powered

by

the

combinationresulting

from

the

inflation

andinterest

rates

evolution

andthelimited

office

pipeline

tobe

delivered

on

short-term.Thegrowingpreference

for

high-quality

offices

(class

A,ESG

compliant)andthepipelineshortage

might

translateonafurther

upward

pressure

onprimerent.Looking

forward,

considering

the

country’s

mainmacro

indicatorsforecast

(such

asInflation,

GDP

andPrivate

Consumptionevolution)

andcompanies’

focus

onreal

estate

portfoliooptimization

will

contribute

toareduced

demand

for

leasing

officeareain

theshort

term.

In

addition,

thegrowing

preference

forhigh-quality

offices

(class

A,

ESGcompliant)

andthepipelineshortage

might

translateon

afurther

upward

pressure

onprime

rents.20

EURsq

m

/monthprime

rentforofficespaceinH1

202323CBRE

RESEARCH©2023

CBRE,

INC.Blazing

TrailsReal

EstateMarketReport

H12023

|

Romania03OFFICEMost

companiesimplemented

a“return

totheoffice”policybutitislargely

ahybridarrangement.The

pushnoticed

sincethe

secondhalfoflastyearisforgreater

office

attendancewhich

led

toaboostinoffice

utilization

helpingmanagers

to

betterunderstandemployees’newwork-related

behaviors

andneeds.Thus,

ifthe

existingcontext

hasstructurally

embedded

adownward

pressure

on

office

demand,

occupierswill

seekforthe

bestoption

to

increase

office

attendance

andmeetas

muchas

possible

fromemployees’demands.

Aconclusion

resultingas

well

fromthe

latestsurveyCEEOffice

Occupier

SentimentSurvey(CBRE

Research

release

in

June2023)isthat

accessibilityand

sustainabilityare

steering

locationdecisions,inadesire

to

enhance

the

experience

insideandout

ofthe

workplace.24CBRE

RESEARCH©2023

CBRE,

INC.Theoffice

leasing

activity

in

the

first

part

of

2023

was

withalmost

50%

higherwhen

compared

with

the

data

from

thesame

period

of

thepreviousyear.

On

an

ascendent

trendfrom

2020

onwards,

the

leasing

activity

started

to

movenearer

valuesregistered

in

thepre-pandemic

era.Nonetheless,

thenet

absorption

registered

theweakestvalue

for

office

demand

persemester

from

2015

onwards,mirroring

the

overall

economic

uncertainty

coupledandthe

effects

of

hybridwork.TudorIonescuHead

ofA&TServices

Office,CBRERomania04IndustrialReshaping

TopDemand

GeneratorsBlazing

TrailsReal

EstateMarketReport

H12023

|

Romania04INDUSTRIALAt

H1

2023

Romania’smodern

industrialstock

reached

at6.91

mln.

sq

mafter

thedelivery

of

223,000

sq

m

since

thebeginning

of

theyear.Figure14:RomaniaModernIndustrialStock

EvolutionFigure15:H1

2023RomaniaModernStock

byRegion8,000,0007,000,0006,000,0005,000,0004,000,0003,000,0002,000,0001,000,00004,000,0002%A

bit

over

aquarter

of

the

year-to-datenew

supply

was

developed

inBucharest,closely

followed

by

theWest

/North

Westregion.

Theother

halfwas

distributedtowards