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Studiu de Piata Imobiliara Real Estate Market Study
Studiu de Piata ImobiliaraReal Estate Market Study
1 General overview
2 Office market
3 Investment market
4 Residential market
5 Retail market
6 Land market
Aspecte generale
Piata spatiilor de birouri
Piata tranzactiilor investitionale
Piata spatiilor rezidentiale
Piata spatiilor comerciale
Piata terenurilor
Content / Cuprins
www.nairomania.ro 1
Romania
General overview
Real Estate Market Study
2014
After a period when the common element of the market analysis was represented by the difficult context generated by
the influences of the economic crisis, an evident improvement in the fundaments of real estate market was recorded
in 2013. The reticent attitude of the market players has been significantly diminished, the main factors that induced
this behavior being the reduced volatility of the market indicators, the improvement of the local and regional economic
environment, as well the positive evolution of the more mature European markets.
Commercial markets recorded the most significant improvement in the market indicators, being reflected in the
increase of the development activity, stability of the vacancy rates and minor fluctuations of rental levels. This
improvement is demonstrated by the weight of commercial properties in the total amount of investments for 2013.
The residential market, that is exclusively dependent from the internal demand, recorded positive elements in terms
of real estate development activity and demand for residential units addressing medium income customers. On this
segment, there are still difficulties generated by residential projects completed during the boom of the market that do
not currently meet the exigency of demand.
The outlook of the real estate market improved, the hesitant attitude of the market players diminished, being proved
by the resume of the construction works put on hold during the crisis, initiation of new real estate developments,
absorption rates of new projects, prospecting market activity and portfolio consolidation undertaken by a number of
foreign developers and investors. The general equilibrium between the characteristics of the offer and exigencies of
demand is more robust, this being reflected in the stability of prices and rents.
The increase of developers’ confidence is evident for every real estate markets. A similar attitude is expected from
investors, including institutional investment funds. Consolidation of market fundamentals, corroborated with the
improvement of the economic environment, provide reasons for investors to consider the local market as destination
for potential investments. However, a level of uncertainty still persists, especially on the economic side, that might
affect the confidence of investors in the local market.
www.nairomania.ro 2
Romania
Aspecte generale
Studiu de Piata Imobiliara
2014
Dupa o perioada in care elementul comun al analizelor de piata a fost contextul dificil generat de influentele crizei
economice, in 2013 a fost evidentiata o imbunatatire a fundamentelor pietei imobiliare. Atitudinea retinuta a jucatorilor
pietei a fost mult diminuata, principalele cauze care au generat acest comportament fiind volatilitatea redusa a
indicatorilor de piata, imbunatatirea contextului economic local si regional, precum si evaluatia pozitiva a pietelor
imobiliare mature din Europa.
Segmentul comercial al pietei imobiliare a inregistrat cea mai importanta imbunatatire a indicatorilor de piata, reflectati
in cresterea activitatii de dezvoltare, stabilitatea ratelor de neocupare si fluctuatiile minore ale chiriilor. Aceasta
imbunatatire este dovedita de ponderea proprietatilor comerciale in totalul investitiilor realizate in 2013.
Segmentul rezidential, care este exclusiv dependent de cererea interna, a inregistrat unele progrese evidente in ceea
ce priveste dezvoltarea imobiliara si nivelul cererii pentru unitatile rezidentiale adresate clientilor cu venituri medii. Pe
acest segment inca mai persista unele probleme generate de existenta unor proiecte rezidentiale dezvoltate in anii
de crestere ai pietei, care nu corespund noilor exigente ale pietei.
Perspectivele pietei imobiliare s-au imbunatatit, atitudinea ezitanta a jucatorilor pietei s-a diminuat, dovada fiind
inceperea lucrarilor de constructie la proiectele oprite in anii crizei, initierea unor noi proiecte de dezvoltare imobiliara,
ritmul de absorbtie a noilor proiecte finalizate, activitatile de prospectie a pietei si consolidarea portofoliilor de
proprietati a unor dezvoltatori si investitori straini. Echilibrul general dintre caracteristicile ofertei si exigentele cererii
s-a imbunatatit, acesta fiind reflectat in stabilitatea preturilor si a chiriilor.
Cresterea increderii dezvoltatorilor este evidenta pe toate segmentele de piata. Aceeasi atitudine este asteptata
si in cazul investitorilor, inclusiv din partea celor institutionali. Consolidarea fundamentelor pietei, coroborata cu
imbunatatirea contextului economic, vor oferi motive pentru a considera piata locala ca destinatie pentru potentiale
investitii. Totusi, ramane in continuare o serie de incertitudini, mai ales de ordin economic, care pot afecta increderea
investitorilor in piata locala.
Office market
The office stock increased with approximately 110.000 sq m in 2013, being obviously higher compared with 2012.
The increase in the development activity was generated by the completion of large buildings, such as Sky Tower
(41.200 sq m) and Floreasca Park (37.600 sq m). Although the number of completed buildings dropped significantly
compared to 2012, the total added stock was generated by the completion of the above mentioned office buildings.
Developers have anticipated the exigencies of demand and started new developments that benefit of high absorption
rates, even recorded pre-lease transactions.
During 2014, the completion rates remains comparative with those recorded in 2013. If the level of demand
sustained by new comer companies does not record an increase, it is expected that the vacancy rate will increase.
The competition generated by other local markets (Timisoara, Cluj-Napoca, Iasi) will influence more evidently the
Bucharest market, the demand coming from new companies (call centers, BPO’s) being focused also towards
regional cities. In addition, the availability of offices will increase as the relocations of tenants will generate vacant
spaces within buildings with a low level of marketability. This expected increase of vacant areas should not be
considered a premise for rent reductions, in these particular cases, the particular situation of each property should
be considered.
The northern (Barbu Vacarescu-Floreasca) and central-western areas (AFI Business Park) will record buoyant
development activity. Development activity within the central area will be very limited, despite a number of proposed
office projects. The lack of available office spaces within the central area will determine the tenants to shift their
demand towards central-northern and northern submarkets, where Green Court and Hermes Business Park will be
completed. During 2014, a number of new projects are expected to be initiated, such as AFI Park IV and V, Bucharest
One.
The vacancy rate remained high with fluctuations between 14% and 15% in 2013, but the number of buildings that
meet the characteristics of demand has diminished. The largest vacant areas are within buildings located in the
peripheral areas of Bucharest, as well as within the buildings located in the secondary areas, but with a low attraction
for tenants.
Tenants have become more demanding, trying to obtain a more robust equilibrium between location, quality of the
space and total occupancy costs. A low occupancy costs do not represent the main decision factor that influence
the behavior of the tenant.
The level of take-up in 2013 is lower compared with 2012, totaling approximately 200.000 sq m. This level exclusively
represents new contracts, excluding renewals and renegotiations. By including these categories of transactions, the
total level of take up reached 300.000 sq m.
During 2013, demand was mainly sustained by relocations. The decision of tenants to relocate their activities is not
exclusively based on the intension to reduce costs, concomitantly with an improvement in the quality of occupied
space. This decisional criterion is specific to small tenants for which the maintenance of a low level of occupancy
costs is essential for the general activity of the companies.
www.nairomania.ro 4
Office market
Piata spatiilor de birouri
Stocul de spatii de birouri a crescut in 2013 cu aproximativ 110.000 mp, fiind sensibil mai mare decat nivelul
inregistrat in 2012. Aceasta crestere a activitatii de dezvoltare a fost generata de finalizarea unor cladiri cu suprafete
semnificative, precum Sky Tower (41.200 mp) si Floresca Park 1 (37.600 mp). Astfel, desi numarul de cladiri finalizate
a scazut semnificativ comparativ cu 2012, suprafata totala adaugata la stocul existent a crescut datorita celor doua
cladiri. Dezvoltatorii au anticipat exigentele cererii si au demarat proiecte imobiliare, care s-au bucurat de o rata mare
de absorptie pe piata, unele inregistrand si tranzactii de preinchiriere.
In 2014, livrarile de noi spatii de birouri vor fi comparative cu nivelele inregistrate in 2013. Daca nivelul cererii provenite
din partea companiilor nou intrate pe piata nu va cunoaste o crestere, se asteapta ca nivelul ratei de neocupare sa
creasca. Competitia generata de celelalte piete locale (Timisoara, Cluj-Napoca, Iasi) va influenta din ce in ce mai mult
piata bucuresteana, cererea provenita din partea unor noi companii (call center, servicii externalizate), fiind orientate
si catre orasele din provincie. In plus, disponibilitatea suprafetei de birouri va creste deoarece prin relocarile chiriasilor
se vor genera spatii libere in cladirile care sunt dificil de promovat. Aceasta crestere asteptata a suprafetei spatiilor
libere nu trebuie considerata o premisa pentru scaderi evidente ale chiriilor la nivelul intregii piete, in aceste cazuri
trebuie analizata situatia fiecarei proprietati in parte.
Zonele care vor cunoaste dezvoltari imobiliare insemnate pe segmentul spatiilor de birouri vor fi cele nordice (zona
Barbu Vacarescu-Floreasca) si cele din zona central-vestica (AFI Business Park). Zona centrala nu va inregistra noi
cladiri de birouri, chiar daca exista mai multe cladiri aflate in faza de proiect. Lipsa alternativelor in zona centrala
va determina chiriasii sa isi orienteze cererea catre zonele central-nordica si nordica, unde vor fi finalizate Green
Court, Hermes Business Park. Totodata, in 2014, se asteapta inceperea unor noi proiecte, cum ar fi AFI Park IV si
V, Bucharest One.
Rata de neocupare ramane ridicata, cu variatii cuprinse intre 14-15% in 2013, insa numarul proprietatilor care
corespund asteptarilor chiriasilor s-a diminuat. Suprafetele disponibile cele mai extinse se regasesc in cladirile din
zonele periferice, precum si in cladirile din zonele secundare, dar care nu intrunesc exigentele chiriasilor.
Chiriasii au devenit mai pretentiosi, incercand sa obtina un echilibru cat mai bun intre localizare, calitatea spatiului
ocupat si costurile totale de ocupare. Scaderea costurilor de ocupare nu mai este factorul primordial care influenteaza
comportamentul chiriasului.
Suprafata inchiriata in 2013 este mai mica decat cea inchiriata in 2012, totalizand aproximativ 200.000 mp. Acest nivel
reprezinta exclusiv contractele noi, excluzand reinnoirile si renegocierile. Daca includem reinnoirile si renegocierile,
suprafata totala atinge nivelul de aproximativ 300.000 mp.
In 2013, cererea pentru spatiile de birouri a fost sustinuta in principal de relocari. Decizia chiriasilor de a muta sediul
operatiunilor nu mai este exclusiv bazata pe reducerea costurilor, concomitent cu o imbunatatire a calitatii spatiului
ocupat. Acest criteriu decizional este specific chiriasilor mici, pentru care mentinerea costurilor de ocupare la un nivel
redus este esential pentru activitatea generala a companiilor.
www.nairomania.ro 5
Piata spatiilorde birouri
In case of large tenants, the relocations are generated by the consolidation of the occupied space and optimization
of the occupancy costs that do not limit to the level of the rent. The willingness of the tenants to obtain a better
equilibrium between the quality of the occupied space and the occupancy costs is another factor that generates
relocations. This equilibrium does not necessary imply a reduction of the occupied costs.
The relocations generated by the intension of tenants to optimize the occupied space, more precisely, the relocation
of all activities within one building, have generated extensions of some tenants, especially, those that already
occupied large spaces. Among the expansions recorded in 2013, should be mentioned Procter & Gamble in Iride
Business Park, Societe Generale (2.500 sq m) in West Gate, UniCredit Business Integrated Solutions (2.500 sq m) in
Novo Park. These expansions were recorded within large office parks located in the northern and western Bucharest,
developed on the former industrial platforms. Usually, the expansion of the occupied spaces was doubled by the
prolongation of the lease contracts.
The reduction of the development activity corroborated with a sustained demand for quality spaces generated a
decrease in the availability of class A offices. This decrease of the vacancy rate generates significant difficulties
for tenants that are looking for leasing large office areas. As a consequence, the option considered by this type of
tenants is represented by pre-lease transactions that offer the advantage of lower rents. In 2013, the most important
pre-lease transactions have been concluded by Electronic Arts (11.700 sq m) in AFI Park 2, Avira Soft (1.650 sq m)
in Armand Business Center.
The first quarter of 2014 recorded a similar evolution with 2013, being revealed the willingness of tenants to occupy
quality spaces, but they are encountering difficulties due to the lack of completed projects. Thus, the local market
already recorded pre-lease transactions concluded by Vodafone (16.000 sq m) in Bucharest One, Endava (4.500 sq
m) in AFI Park 3 and Schneider Electric (3.100 sq m) in Green Court.
Renewals are preferred by large tenants being determined to adopt this option due to lack of large office alternatives
to relocate and incentives granted by landlords. In addition, relocations imply significant moving costs that cannot be
compensated by potential reduction of the occupancy costs. In 2013, the most significant renewal contracts have
been concluded by HP (26.000 sq m), Honeywell (11.000 sq m), Garanti Bank (7.200 sq m), WNS (2.500 sq m),
Webhelp (1.500 sq m).
The beginning of 2014 is already marked by the contract concluded by Procter & Gamble (6.000 sq m) in Iride
Business Park. The similar tendency will be recorded throughout the entire year, considering that the option that
large tenants have remained limited, while the potential savings that might be generated by the decrease in the total
occupancy costs do not justify the relocation that implies a high total cost.
Considering other characteristics of the leasing activity, this remained comparative to 2012. The leasing activity was
concentrated in the central and central-northern areas, as well in the western area. Thus, the leasing transactions
followed the geographic pattern of the development activity recorded during 2011-2013. The leasing activity was
concentrated in Floreasca-Pipera-Dimitrie Pompeiu areas, central and western areas, Politehnica and Industriilor.
During 2014 the lease activity is expected to remain focused on the northern segment, where a number of class A
office buildings is under-construction and others are proposed to be initiated during this year.
Considering the economic activities carried out by tenants, demand was mainly sustained by IT&C companies
followed by industrial companies.
www.nairomania.ro 6
Office market
In cazul chiriasilor mari, relocarile sunt determinate de consolidarea spatiului ocupat si de optimizarea costurilor totale
de ocupare, care nu se limiteaza exclusiv la nivelul chiriei platite. Dorinta chiriasilor de a obtine un echilibru mai bun
intre calitatea spatiului ocupat si costurile de ocupare este un alt factor, care genereaza relocari. Acest echilibru nu
inseamna neaparat o reducere a costurilor de ocupare.
Relocarile generate de optimizarea spatiului de locuit, mai précis, mutarea activitatilor intr-o singura cladire, au
generat extinderi ale unor chiriasi, in special, cei care detineau déjà spatii mari. Printre extinderile consemnate in
2013, amintim Procter & Gamble in Iride Business Park, Societe Generale (2.500 mp) in West Gate, UniCredit
Business Integrated Solutions (2.500 mp) in Novo Park. Aceste extinderi au fost inregistrate in parcurile de birouri
mari din nordul si vestul Bucurestiului, construite pe amplasamentul fostelor platforme industriale. De regula, aceste
extinderi au fost dublate de prelungirea contractelor de inchiriere.
Comprimarea activitatii de dezvoltare imobiliara, coroborata cu cererea sustinuta pentru birouri de calitate, a
determinat o scadere a disponibilitatii spatiilor de birouri de clasa A. Aceasta diminuare a disponibilitatii determina
dificultati semnificative pentru chiriasii care doresc inchirierea unor spatii mari de birouri. In consecinta, optiunea
considerata de acestia este pre-inchirierea, care ofera si avantajul unor chirii mai mici. Cele mai importante contracte
de pre-inchiriere in 2013 au fost semnate de Electronic Arts (11.700 mp) in AFI Park 2, Avira Soft (1.650 mp) in
Armand Business Center.
Primul trimestru din 2014 deja a consemnat aceeasi evolutie, fiind relevata dorinta chiriasilor de a ocupa spatii
de calitate, dar care se confrunta cu lipsa spatiilor de birouri finalizate. Astfel, piata locala a consemnat in 2014
tranzactiile de preinchiriere semnate de Vodafone (16.000 mp) in Bucharest One, Endava (4.500 mp) in AFI Park 3
si Schneider Electric (3.100 mp) in Green Court.
Reinnoirile sunt preferate de chiriasii mari, fiind determinati sa adopte acesta optiune din cauza lipsei alternativelor
pentru posibile relocari de suprafete mari, respectiv, datorita stimulentelor pe care le acorda proprietarii. In plus, o
relocare necesita costuri de mutare semnificative, care nu pot fi compensate de posibilele scaderi ale costurilor de
ocupare. Cele mai importante contracte de reinnoire au fost incheiate de HP (26.000 mp), Honeywell (11.000 mp),
Garanti Bank (7.200 sq m), WNS (2.500 mp), Webhelp (1.500 mp).
Inceputul anului 2014 deja a consemnat contractul semnat de Procter&Gamble (6.000 mp) in Iride Business Park.
Aceasta tendinta va fi inregistrata pe durata intregului an, avand in vedere ca optiunile chiriasilor mari raman limitate,
iar potentialele economii pe care le pot obtine din scaderea costurilor de ocupare nu mai justifica o mutare, care
implica un cost total mare.
Considerand alte caracteristici ale activitatii de inchiriere, aceasta a ramas in general comparativa cu cea inregistrata
in 2012. Activitatea de inchiriere s-a concentrat in zona central si central-nordica, precum si in cea vestica. Astfel,
inchirierile au urmat sablonul geografic al activitatii de dezvoltare imobiliara din perioada 2011-2013. Activitatea de
inchiriere s-a concentrat in zonele Floreasca-Pipera-Dimitrie Pompeiu, zona centrala si zonele vestice, Politehnica si
Industriilor.
In 2014 anticipam ca activitatea de inchiriere va fi concentrata in special in zona de nord, unde sunt in executie cladiri
de birouri clasa A si alte cateva proiecte propuse a fi incepute in acest an.
Avand in vedere activitatile economice pe care le desfasoara chiriasii, cererea a fost sustinuta in principal de
companiile IT&C, urmate de cele din domeniul industrial.
www.nairomania.ro 7
Piata spatiilor de birouri
Selection of transactions – new contracts
Demand was concentrated on quality buildings that benefit of great accessibility. The take-up recorded in 2013 was
dominated by class A offices. The buildings that attracted large tenants in 2013 were CDG Plaza (central-north),
Tower Center (central), Westgate (west), Greengate (central-south), AFI Park (central-west).
Considering the leasing period, the leasing contracts were generally concluded for periods of 3-5 years or longer for
larger tenants. Even some contracts were concluded for longer periods (over 5 years), tenants benefit of the right to
break the contracts without penalties.
Leasing activity will remained comparable with the level recorded in 2013. Although tenants that already end the
5 year lease cycle within buildings completed in 2008-2009 are prospecting the market, the probability of large
relocations is getting lower. Alternatively, the office market will encounter a large number of renewals that will not
influence the evolution of other market indicators (vacancy rate, rental levels etc). Even if large tenants are willing to
relocate, there will be no completed office buildings comparable with the properties developed during the period of
market boom. This context creates the grounds for an increase in the number of pre-lease transactions.
Base rents did not record fluctuations compared to 2012, these fluctuating between Euro 16-18/sq m/month for
centrally located class A offices that benefit of the proximity of metro network. Class B offices located within the
central area are quoted at approximately 10-14 Euro/sq m/month, while the rents for offices located in the peripheral
areas range between 7 and 9 Euro/sq m/month.
www.nairomania.ro 8
Office market
Tenant Economic sector Building Area – sq m Electronic Arts IT&C AFI Park 2 11.700
Ernst&Young Service Tower Center 4.500
Ministerul Fondurilor Europeana Public Tower Center 4.000
Bitdefender IT&C Delea Veche 24 Offices 3.820
Exim Bank Financial Kiseleff 3.800
Michelin Industrial Global City Business Park 3.450
Mercedes-Benz Romania Industrial Swan Office & Technology Park 3.000
Sodexo Service Novo Park 2.700
Cegeka IT&C Tower Center 2.500
Huawei IT&C Tower Center 2.500
Lafarge Industrial CDG Plaza 2.000
Elohim Net Service Barba Center 1.800
Tinmar-Ind Industrial Sky Tower 1.200
During the first half of 2014, the rents remains stable, but
the grounds of a potential increase in the central areas occur
starting with the second semester, if demand continues to be
primarily focused on the central Bucharest. This pressure will
be higher if the construction works for the proposed projects
situated in the central area (Romana Square, Universitate, Unirii)
do not start. Concomitantly, old buildings situated within areas
with strong development activity (Floreasca-Pipera-Caramfil)
will be put under a downward pressure in terms of rents, if
tenants prefer to relocate in newly completed buildings.10
15
20
25
2007 2008 2009 2010 2011 2012 2013
Class A Class B
Evolution of rents - Euro/sq m/month
Source: NAI Romania
Selectie tranzactii semnificative – noi contracte de inchiriere
Cererea este orientata catre birourile de calitate, care beneficiaza de accesibilitate usoara. Astfel, structura inchirierilor
in 2013 a fost dominata de cladirile de clasa A. Cladirile care au atras chiriasi mari in 2013 au fost CDG Plaza (centru-
nord), Tower Center (centru), Westgate (vest), Greengate (centru-sud), AFI Park (centru-vest).
Considerand perioada contractuala, contractele de inchiriere sunt incheiate in general pentru perioade de 3-5 ani
sau mai lungi in cazul chiriasilor mari. Chiar daca au fost incheiate contracte cu perioade mai mari de 5 ani, chiriasii
beneficiaza de dreptul de incetare unilaterala a contractului fara penalitati.
Activitatea de inchiriere se va mentine la nivele comparative cu 2013. Desi chiriasii, care au incheiat primul ciclu
de inchiriere dupa 5 ani in cladirile finalizate in perioada 2008-2009, prospecteaza piata, probabilitatea relocarilor
semnificative devine din ce in ce mai redusa redusa. In shimb, piata va inregistra un numar mare de reinnoiri, care
nu vor influenta evolutia celorlalti indicatori (rata de neocupare, chirii etc). Chiar daca se va dori relocarea activitatilor,
chiriasii mari nu au optiuni pentru relocare, care sa fie comparabile cu proprietatile finalizate in anii de crestere ai pietei
imobiliare. Acest context creeaza premisele pentru o crestere a tranzactiilor de preinchiriere.
Chiriile de baza nu au inregistrat fluctuatii fata de 2012, acestea fiind cuprinse intre 16-18 Euro/mp/luna pentru
cladirile de clasa A, localizate central, care beneficiaza de proximitatea retelei de metrou. Cladirile clasa B din zona
centrala sunt cotate la aproximativ 10-14 Euro/mp/luna, in timp ce chiriile pentru spatiile de birouri localizate la
periferie variaza intre 7 si 9 Euro/mp/luna.
www.nairomania.ro 9
Piata spatiilor de birouri
Chirias Sector economic Cladire Suprafata -mp Electronic Arts IT&C AFI Park 2 11.700
Ernst&Young Service Tower Center 4.500
Ministerul Fondurilor Europeana Public Tower Center 4.000
Bitdefender IT&C Delea Veche 24 Offices 3.820
Exim Bank Financial Kiseleff 3.800
Michelin Industrial Global City Business Park 3.450
Mercedes-Benz Romania Industrial Swan Office & Technology Park 3.000
Sodexo Service Novo Park 2.700
Cegeka IT&C Tower Center 2.500
Huawei IT&C Tower Center 2.500
Lafarge Industrial CDG Plaza 2.000
Elohim Net Service Barba Center 1.800
Tinmar-Ind Industrial Sky Tower 1.200
In prima parte a anului 2014, chiriile raman stabile, insa apar
premisele unei potentiale aprecieri pe segmentul central
incepand cu semestrul 2, daca cererea va continua sa aiba
ca prima optiune central Bucurestiului. Aceasta presiune va
exista daca lucrarile la proiectele propuse din zona centrala
(Piata Romana, Universitate, Unirii), nu vor incepe. Aceasta
evolutie este totusi putin probabila, pentru ca in anul 2014
segmentul de birouri va ramane o piata a chiriasului. In acelasi
timp, cladirile mai vechi aflate in zonele care vor inregistra o
crestere a activitatii de dezvoltare (Floreasca-Pipera-Caramfil)
vor fi supuse unei presiuni in sensul diminuarii chiriilor, daca va
exista o tendinta de relocare a chiriasilor in noile cladiri.
10
15
20
25
2007 2008 2009 2010 2011 2012 2013
Clasa A Clasa B
Evolutia chiriei medii - Euro/mp/luna
Sursa: NAI Romania
The investment market reflects the evolutions of real estate segments, being recorded a higher number and
investment volume compared to 2012, respectively, an increase of the price per transacted property. Although the
fundaments of specific markets have obviously improved, local investment market is still affected by the lack of
banking financing and general uncertainty, mainly generated by unexpected economic evolutions.
The reduce volatility of the market indicators recorded on the commercial segments is reflected on the stability of
yields that have remained at similar levels since 2011. Yields for new modern properties remained stable in 2013,
fluctuating between 8.25-8.50% for class A offices, between 8.0-8.75% for shopping centers and between 10.0-
10.5% for industrial properties. For class B offices with a relatively good tenant covenant situated in secondary areas,
yields fluctuate between 9.0-9.5%, while for older industrial properties that are not situated in established industrial
clusters, yields fluctuate between 10.5-11.0%.
Yields will remain stable during the first half of 2014, the future evolution being dependent by a number of factors that
currently have a high degree of uncertainty: the economic environment is expected to be influenced by the general
election for presidency, existing conflicts in the region, economic improvements of the European countries.
The beginning of 2014 has not generated evident changes in the evolution of yields or general activity of investors.
Geopolitical evolution has not generated repercussions on the European investment markets. The interest of
investors has remained concentrated on the commercial segments (offices and retail units), both for acquiring
completed properties and developing real estate projects. The industrial segment is still not of interest to investors,
but the second part of the year might record an investment transaction on this segment.
The most important transaction recorded on the local market, excepting Bucharest, is represented by the acquisition
of City Park Constanta concluded by NEPI, a shopping center with a total area of 29.284 sq m acquired with €81
Million. The most active investment fund, New Europe Property Investments acquired 2 other shopping developments
in Drobeta Turnu-Severin (Severin Shopping Center) and Deva (Deva Shopping Center), while in other cities has been
involved in development activity.
Investment market
www.nairomania.ro 11
Investmentmarket
6
8
10Potential purchasors have become more
active in 2013 being mainly interested in
the commercial segment. In Bucharest, the
office properties represent the largest weight
in the total investments recorded in 2013,
while other local markets are dominated by
the transactions with commercial properties
(shopping centers and hypermarkets).
Class A
Class B
2007 2008 2009 2010 2011 2012 2013
Office yield evolution
Piata tranzactiilor investitionale
Piata tranzactiilor investitionale reflecta evolutiile celorlalte segmente de piata, fiind inregistrat un numar si o valoare
mai mare a tranzactiilor comparativ cu 2012, respectiv, cresterea pretului per proprietate tranzactionata. Desi
fundamentele pietelor specifice s-au imbunatatit evident, piata locala investitionala continua sa resimta lipsa finantarii
bancare si incertitudinea generata in primul rand de evolutiile economice asteptate.
Volatilitatea redusa a indicatorilor inregistrati pe segmentele comerciale ale pietei imobiliare se reflecta in stabilitatea
ratelor de capitalizare, care raman la nivelele inregistrate in 2011. Ratele de capitalizare pentru proprietatile noi
moderne s-au mentinut stabile in 2013, fluctuand intre 8.25-8.50% pentru spatiile de birouri clasa A, intre 8.0-8.75%
pentru cladirile comerciale si intre 10-10.5% pentru spatiile industriale. In cazul cladirilor de birouri clasa B situate in
zonele secundare, avand un nivel al inchirierilor ridicat, ratele de capitalizare variaza intre 9.0-9.5%, in timp ce pentru
proprietatile industriale mai vechi, care nu sunt localizate in zonele consacrate dezvoltarilor de acest tip, ratele variaza
intre 10.5-11.0%.
Ratele de capitalizare se vor mentine stabile pe parcursul primei jumatati a anului 2014, evolutia ulterioara a acestora
fiind dependeta de o serie de factori, care pentru moment au un grad mare de incertitudine: contextul economic
susceptibil a fi influentat de alegerile prezidentiale, starile conflictuale din regiune, consolidarea economica din tarile
dezvoltate europene.
Inceputul anului 2014 nu a generat schimbari evidente in evolutia ratelor de capitalizare sau in activitatea generala
a investitorilor. Evolutia geopolitica a inceputului de an inca nu a avut repercusiuni asupra pietelor de investitii
europeane. Interesul investitorilor ramane concentrat pe segmentul comercial (birouri si spatii comerciale), atat pentru
achizitia de proprietati finalizate, cat si pentru dezvoltarea unor proiecte imobiliare. Segmentul industrial inca nu este
in atentia investitorilor, insa a doua jumatate a anului poate inregistra o tranzactie sip e acest segment.
Cea mai importanta tranzactie inregistrata pe o piata locala, exceptand Bucurestiul, este cumpararea City Park
Constanta, un centru comercial cu suprafata de 29.284 mp, de catre NEPI pentru pretul de 81 milioane de euro.
Cel mai activ fond de investitii, New Europe Property Investments a cumparat alte doua centre comerciale in Drobeta
Turnu-Severin (Severin Shopping Center) si Deva (Deva Shopping Center), in timp ce in alte orase este implicat in
activitati de dezvoltare imobiliara.
Piata tranzactiilorinvestitionale
6
8
10
Clasa A
Clasa B
2007 2008 2009 2010 2011 2012 2013
Evolutia ratelor de capitalizare
Potentialii cumparatori au devenit mai
activi in 2013, acestia fiind interesati cu
precadere de segmentul comercial. In
Bucuresti, piata spatiilor de birouri are cea
mai mare pondere in totalul investitiilor
inregistrate in 2013, in timp ce in pietele
locale, cele mai tranzactionate au fost
proprietatile comerciale (centre comerciale
si hypermarket-uri).
www.nairomania.ro 12
Investment transactions concluded in Bucharest in 2013 (selection)
Investment transactions concluded in regional cities in 2013 (selection)
In 2013, the main source of investment products is represented by investment funds that currently own a portfolio of
properties and are willing to sale partially or totally their properties. Althouth the current owners are willing to sale their
properties, they are encountering difficulties generated by the reluctance of new investment funds to enter the local
market. These potential investors have the financial capacity to acquire these properties, while the already existing
funds prefer to consolidate their portfolios.
The qualitative growth of commercial segments creates the grounds for the increase of the institutional investors’ in
the investment products, including properties situated in regional cities. Projects that will be completed during 2014-
2016, both offices and retail developments, might become investment products. The interest of investors is expected
to increase due to the characteristics of these new developments, such as high standard equipments, accessibility,
high level of occupancy, some of them being already pre-leased.
The main investors will be the investment funds that are already present on the local market. Considering that the
local banking financing will remain difficult to be obtained, the main capital inflows will be attracted from the foreign
markets. Investors are diversifying the financing sources, being interested in attracting finance from the capital
market. They will acquire properties that are part of portfolios, mainly on the commercial segment. The growth of
the office market in regional cities of Romania that is mainly sustained by the demand coming from IT&C and BPO
companies will increase the interest of potential investors.
www.nairomania.ro 13
Property Area-sq m Price - €Mil Investor BOC Tower 58.581 110.0 Globalworth REI
Lake View 23.256 61.7 NEPI
BOB Tower 23.631 42.0 Globalworth REI
Former HQ Unicredit Tiriac 3.500 7.0 Uniqua Group
Magazinul Bucuresti n/a 4.0 n/a
Property Area-sq m Price - €Mil Investor City Park 29.284 81.0 NEPI
Continental Hotel 6.600 5.0 Napocamin
Deva Shopping Center 41.700 n/a NEPI
Severin Shopping Center 16.574 n/a NEPI
Investment market
www.nairomania.ro 14
Tranzactii de investitii incheiate in Bucuresti in 2013 (selectie)
Tranzactii de investitii incheiate in orasele regionale in 2013 (selectie)
In 2013, principala sursa a ofertei de produse investitionale este reprezentata de fondurile de investitii, care detin un
portofoliu de proprietati si doresc sa realizeze un “exit” total sau partial. Desi exista dorinta actualilor proprietari de a
vinde proprietatile, acestia se confrunta cu dificultati generate de reticenta unor noi fonduri institutionale de a intra pe
piata locala, acestea fiind singurele care pot avea capacitatea financiara sa achizitioneze aceste proprietati, in timp
ce fondurile active deja existente prefera consolidarea portofoliilor.
Cresterea calitativa a segmentelor comerciale creeaza premisele pentru o crestere a interesului investitorilor
institutionali pentru produsele investitionale, inclusiv pentru proprietatile din orasele regionale. Proiectele care
se vor finaliza in perioada 2014-2016, atat cele de birouri cat si cele comerciale, pot deveni potentiale produse
investitionale. Interesul investitorilor este crescut datorita caracteristicilor acestor proiecte, cum ar fi specificatii
tehnice inalte, accesibilitate usoara, grad mare de ocupare, unele chiar din faza de preinchiriere.
Principalii investitori vor ramane fondurile de investitii care sunt deja prezente pe piata locala. Avand in vedere faptul
ca finantarea bancara locala va fi deficitara, principalele fluxuri de capital vor fi atrase de pe pietele externe. Investitorii
isi diversifica sursele de finantare, apeland inclusiv la bursa. Acestia vor prelua proprietati parte a unor portofolii,
in special pe segmentul comercial. Dezvoltarea segmentului de birouri in principalele orase regionale ale Romaniei,
sustinuta de cererea din ce in ce mai sustinuta a firmelor internationale de IT&C si BPO creeaza premisele pentru
atragerea investitorilor.
Piata tranzactiilor investitionale
Proprietate Suprafata-mp Pret tranzactie - €Mil Cumparator BOC Tower 58.581 110.0 Globalworth REI
Lake View 23.256 61.7 NEPI
BOB Tower 23.631 42.0 Globalworth REI
Fost sediu Unicredit Tiriac 3.500 7.0 Uniqua Group
Magazinul Bucuresti n/a 4.0 n/a
Proprietate Suprafata-mp Pret tranzactie - €Mil Cumparator City Park 29.284 81.0 NEPI
Continental Hotel 6.600 5.0 Napocamin
Deva Shopping Center 41.700 n/a NEPI
Severin Shopping Center 16.574 n/a NEPI
After a period when the residential market was characterized by a low development activity and slow absorption
rate of residential units, in 2013 the positive evolutions initiated in 2012 became more obvious. During 2013 the
number of newly completed residential units in the Bucharest-Ilfov Region increased by 16.5%, reaching 5.275
units. Although in the Bucharest-Ilfov Region (+16.5%) and West Region (+8%) the residential development activity
increased, the number of newly completed residential units calculated at the national level decreased in 2013 for the
fifth consecutive year.
Residential market
www.nairomania.ro 16
Residentialmarket
0
2000
4000
6000
8000
10000
During 2013 a number of 40.071 residential
units has been completed in Romania, by 6%
less compared to 2012. The annual decline was
generated by the significant decrease in the number
of completed units during Q4 2013, when 13.478
units were completed, representing a decrese of
15% compared with the similar period of 2012. At
the national level, the most significant decrease
in the number of completed residential units was
recorded in the Nort-West Region, where 5.186
units were completed, representing a drop of 23.5%
compared with 2012.
Number of residential units completed in the Bucharest-Ilfov Region
2008 2009 2010 2011 2012 2013
Source: National Institute of Statistics
In the Bucharest-Ilfov Region the most intense residential development activity was recorded in the peripheral areas
of Bucharest, that are situated within the administrative limits of Ilfov County. Thus, the largest number of completed
residential units are located in Popesti-Leordeni, Berceni, Bragadiru, Voluntari.
The development activity within these areas has been concentrated almost exclusively on the apartment segment
situated within small size residential compounds in terms of total number of apartments and number of levels
(maximum GF+6). These residential projects offer mainly 2 and 3 room apartments with usable areas between 50-55
sq m, respectively, 65-70 sq m.
A similar tendency is expected in 2014, when a number of small scale residential developments are proposed for
completion in the southern and western areas of Bucharest. The eastern areas of Bucharest (Fundeni-Dobroesti) will
record a similar rhythm of expension comapred to Popesti-Leordeni, Bragadiru, this area benefiting of vacant plots
and a developed infrastructure.
The characteristics of the properties are adapted to the demand expectations in terms of prices, as a consequence
the asking prices should not exceed the maximum limit stipulated by “First time buyer” program. Considering the
asking prices, these fluctuate between €600 and €700 per usable sq m for apartments located at a remote distance
from the public transportation routes, while the apartments located in Popesti-Leordeni-Berceni area, in the proximity
of the metro station, are quoted at €675-€800/sq m. The adaptation of the offer to the characteristics of demand is
revealed by the increase of the weight of apartments completed after 2008 (34%) in the total number of properties
financed by the “First Time Buyer” program.
www.nairomania.ro 17
Dupa o perioada in care piata rezidentiala a fost marcata de o activitate de dezvoltare si absorbtie redusa a unitatilor
locative, in anul 2013 s-au accentuat evolutiile pozitive initiate in 2012. In 2013 s-a inregistrat o crestere cu
aproximativ 16,5% a numarului de locuinte finalizate in regiunea Bucuresti-Ilfov, atingand nivelul de 5.275 unitati. Desi
in regiunile Bucuresti-Ilfov (+16.5%) si Vest (+8%) au fost constatate cresteri ale activitatii de dezvoltare imobiliara
pe segmentul residential, numarul de locuinte nou construite la nivel national a scazut in 2013 pentru al cincilea an
consecutive.
Piata rezidentiala
Piata rezidentiala
0
2000
4000
6000
8000
10000
Numarul de locuinte finalizate in regiunea Bucuresti-Ilfov
2008 2009 2010 2011 2012 2013
Sursa: Institutul National de Statistica
In 2013, au fost finalizate la nivel national 40.071
unitati rezidentiale, cu aproximativ 6% mai putin fata
de 2012. Declinul anual a fost generat de scaderea
semnificativa a numarului de locuinte in trimestrul
4 2013, in care au fost finalizate doar 13.478 de
locuinte, un declin de peste 15% fata de perioada
similara a anului 2012. La nivel national, regiunea
cu cea mai mare scadere a numarului de locuinte
finalizate este cea de Nord-Vest, unde au fost date
in folosinta 5.186 locuinte in 2013, in scadere cu
23,5% fata de 2012.
Pe piata locala din regiunea Bucuresti-Ilfov, cea mai intensa activitate de dezvoltare imobiliara rezidentiala s-a
inregistrat in zonele limitrofe Bucurestiului, care din punct de vedere administrativ apartin judetului Ilfov. Astfel, cele
mai multe unitati rezidentiale au fost finalizate in zonele Popesti-Leordeni, Berceni, Bragadiru, Voluntari.
Activitatea de dezvoltare din aceste zone s-a concentrat aproape in exclusivitate pe segmentul apartamentelor situate
in cadrul complexelor rezidentiale de mici dimensiuni, atat ca numar de apartamente, cat si ca inaltime (maximum
P+6). Aceste ansambluri rezidentiale ofera cu precadere apartamente cu 2 si 3 camere cu suprafete utile cuprinse
intre 50-55 mp, respectiv, intre 65-70 mp.
Aceeasi tendinta se asteapta si in 2014, cand sunt propuse pentru finalizare alte proiecte rezidentiale de mici
dimensiuni amplasate in zonele de sud si vest ale Bucurestiului. Zona de est (Fundeni-Dobroesti) va inregistra acelasi
ritm de extindere ca si zonele Popesti-Leordeni, Bragadiru, aceasta beneficiind de terenuri disponibile si un grad de
dezvoltare al infrastructurii destul de dezvoltat.
Caracteristicile proprietatilor sunt adaptate cerintelor de pret ale cererii, astfel ca preturile de vanzare ale acestora sa
nu depaseasca plafonul de finantare instituit prin programul “Prima Casa”. Astfel, din punctul de vedere al preturilor
solicitate, acestea variaza intre 600 si 700 Euro/mp util pentru apartamentele care sunt situate relativ departe fata de
retelele de transport public, in timp ce apartamentele din zona Popesti-Leordeni-Berceni, aflate in proximitatea retelei
de metrou, au preturi de vanzare cuprinse intre 675-800 Euro/mp. Adaptarea ofertei la cerintele cererii este relevata
de cresterea ponderii apartamentelor construite dupa 2008 (34%) in totalul proprietatilor finantate prin programul
“Prima Casa”.
In order to attract potential buyers, developers offer free parking places, storage areas and allow diverse financing/
sale plans in order to facilitate the sale of the apartments, such as payment in installments, acquisition of the
apartments in shell and core condition. Although some residential compounds are more attractive due to the proximity
of public transportation, new residential developments do not benefit of social services (education, health etc) and
adequate infrastructure. As a consequence, old apartments are preferred by the largest part of clients in Bucharest.
Residential developments located within Bucharest are dominated by small size projects, addressing to medium-high
income customers, these being located in the secondary areas (Bucurestii Noi, Titan, Iancului) or in well established
residential areas, such as Aviatorilor, Domenii, Baneasa.
The offer is sustained also by financial institutions that adopted a more aggressive sale strategy of distressed assets.
Their number has increased significantly, these properties being promoted on the websites of banks and specialized
portals. The properties under special administration have reconsidered the price policy together with the bank in
order to become more attractive for the potential clients. Although the price per sq m recorded evident adjustments,
the most significant difficulties are encountered by the residential projects with large usable areas located in areas
with difficult access.
The residential market is still dependent of the banking finance, thus the sale price is the most important decision
factor under the condition of a less liquid demand. The changes in the provisions of the “First Time Buyer” program
have negatively influenced the demand for residential units, some potential clients do not met the requirements of a
new regulation that imposes exclusively the finance of acquisitions in local currency.
The “First Time Buyer” program will continue in 2014, demand benefitting of financial support. Even if the economy
will record a positive evolution, demand is not expected to record significant changes compared with 2013. The
largest weight of acquired properties will be represented by apartments with prices up to €50.000. Residential
market will be dominated by small size developments, located in secondary and peripheral areas that offer affordable
residential units. Economic uncertainty and weak purchasing power are the main factors that generate the decrease
of demand for apartments up to Euro 45.000-50.000.www.nairomania.ro 18
Residential market
0
200
400
600
800
1000
1200
Medium sale prices - “First Time Buyer” (Euro/sq m)
2009 2010 2011 2012 2013
According to the statistical data provided by National Credit Guarantee Fund for SMEs, the medium price of
apartments financed by the “First Time Buyer” program had a decreasing tendency from €1.025/usable sq m in 2011
to approximately €975/usable sq m. This tendency will maintain considering the weight of the apartments acquired
in areas with prices up to €800/sq m and the weight of old apartments. The medium level of a loan guaranteed by
the Fund was €37.000 in 2013.
Conform datelor statistice furnizate de Fondul National de Garantare a Creditelor pentru Intreprinderile Mici si Mijlocii,
pretul mediu al apartamentelor achizitionate prin programul “Prima Casa” au avut o tendinta de scadere de la 1.025
Euro/mp util in 2011 la aproximativ 975 Euro/mp util in 2013. Aceasta medie isi va continua scaderea avand in vedere
ponderea din ce in ce mai mare a achizitiilor de apartamente din zonele cu preturi sub 800 Euro/mp, precum si
ponderea mare a apartamentelor vechi. Valoarea medie a unei finanțțrii acordate în anul 2013 a fost de aproximativ
37.000 Euro.
www.nairomania.ro 19
Piata rezidentiala
Pentru atragerea potentialilor cumparatori, dezvoltatorii ofera locuri de parcare gratuite, spatii de depozitare sau diverse
planuri de finantare/vanzare, care sa inlesneasca vanzarea apartamentelor, cum ar fi plata in rate, achizitionarea “la
gri”. Desi unele ansambluri rezidentiale sunt mai atractive prin proximitatea fata de transportul public, noile zone de
dezvoltare nu beneficiaza de servicii sociale (educatie, sanatate etc) sau de infrastructura adecvata. Din aceasta
cauza apartamentele vechi din Bucuresti sunt preferate de cea mai mare parte a cumparatorilor.
Dezvoltarile imobiliare din interiorul Bucurestiului sunt dominate de proiectele de mici dimensiuni, care se adreseaza
clientilor cu venituri medii-mari, acestea fiind localizate in zone secundare (Bucurestii Noi, Titan, Iancului) sau in cele
consacrate, cum ar fi Aviatorilor, Domenii, Baneasa.
Oferta de locuinte este sustinuta si de institutiile bancare care au adoptat o strategie mai agresiva de vanzare a
apartamentelor executate. Numarul acestora a crescut semnificativ, aceste proprietati fiind promovate pe web site-
urile bancilor, cat si pe cele specializate. Proprietatile aflate sub administrare speciala si-au reconsiderat politica
de prêt impreuna cu banca finantatoare, pentru a deveni mai atractive pentru potentialii clienti. Desi preturile per
mp au cunoscut ajustari evidente, dificultatile cele mai mari sunt intampinate de ansamblurile localizate in zone cu
accesibilitate dificila, care includ apartamente cu suprafete utile foarte mari.
Piata rezidentiala a ramas dependenta de finantarea bancara, astfel ca pretul de achizitie e cel mai important factor
de decizie in conditiile unei pauperizari a cererii. Modificarile programului “Prima Casa” au influentat negativ cererea
de locuinte, unii clienti nu mai sunt eligibili dupa ce programul asigura numai finantarea in moneda nationala.
Programul “Prima Casa” va continua si in 2014, cererea avand in continuare un support financiar. Chiar daca si
economia va avea o evolutie pozitiva, nu sunt anticipate modificari semnificative comparativ cu 2013 in ceea ce
priveste cererea. Ponderea cea mai mare va fi reprezentata de cererea pentru apartamentele cu preturi sub 50.000
Euro. Piata va fi in continuare dominata de dezvoltarile rezidentiale de mici dimensiuni, localizate in zonele secundare
si periferice, care ofera unitati locative permisive din punct de vedere al pretului. Incertitudinile economice si puterea
de cumparare slaba sunt principalele cauze ale scaderii cererii pentru apartamentele cu valori mai mari de 45.000-
50.000 Euro.
0
200
400
600
800
1000
1200
Pretul mediu de vanzare proprietati - “Prima Casa” (Euro/mp)
2009 2010 2011 2012 2013
www.nairomania.ro 21
The positive economic growth recorded during the last 2 years, corroborated with the evolution of the retail sales
encouraged developers to initiate the construction works for large format retail developments (Mega Mall, Parklake
Plaza, Kaufland hypermarkets) or to carry out the procedures to implement off plan projects. A similar tendency is
recorded in regional cities that have a very limited stock of modern retail developments. The extension of discounters
was a characteristic of the retail market in 2013.
The Bucharest market recorded the opening of Promenada Mall that added 35.000 sq m to the existing stock. During
2014-2016, a number of 3 new commercial developments are proposed for completion: Mega Mall (60.000 sq m),
Parklake Plaza (63.000 sq m) and Victoria City Lifestyle (35.000 sq m).
DIY segment was significantly affected by the reduction in the construction activity on the residential segment.
Bricostore was affected by the drop in the sales. In 2013, Bricostore network (15 stores) was acquired by the UK
based group Kingfisher that plans to extend the number of stores on the medium term.
Demand for on street retail units was sustained by proximity stores, some of them being represented by small format
(Carrefour Express, La Doi Pasi) of large retail chains (Carrefour, Metro). On the supermarket segment, Mega Image
is the leader of expansions. This retailer covers also the segment of proximity stores (Shop & Go) directly competing
the stores of large retailers. On this segment, demand was sustained by supermarkets, groceries, garment and
footwear stores, service providers (insurance, medical services, travel agencies).
The relatively high level of availability for on street retail units generated a reduction in the rental levels on this
segment. Demand is active, but the economic activities carried out within the leased premises are not able to
sustain the occupancy costs, forcing tenants to vacate the occupied spaces. This segment has a higher degree of
uncertainty, beside the general factors that influence the retail market, an important role is played by micro-location.
In general, monthly rents for on street retail units in Bucharest fluctuate between €30-50/sq m in centrally located
areas, between €10-25/sq m in secondary areas and between €5-15/sq m in peripheral areas.
Demand on shopping center segment was generated by fashion and footwear retailers and service providers. On
this segment, the fluctuation of tenants is more reduced, their typology being limited by the tenant mix imposed by
the owner of the shopping center.
Shopping center segment did not recorded significant fluctuations of the rental levels. Within shopping centers
located in large cities, rental levels fluctuate between Euro 25-40/sq m/month for small areas and between Euro
6-12/sq m/month for large or anchor tenants.
Rental levels for on street retail units and spaces located within shopping centers will remain comparable with
those recorded in 2013. The market will grow on shopping center, hypermarket and proximity store (supermarket)
segments. Extensions will be recorded also in regional cities that have a low level of modern retail stock. At the
same time with the completion of shopping centers in middle size towns, fashion and footwear stores will continue
their expansion at the national level in order to benefit of lower occupancy costs and proper retail units that meet
specific requirements.
Retail market
Retail market
Piata spatiilorcomerciale
Cresterea economica pozitiva din ultimii 2 ani, coroborata cu evolutia volumului vanzarilor, a incurajat dezvoltatorii sa
initieze lucrarile de constructie la unele dezvoltari comerciale de format mare (Mega Mall, Parklake Plaza, hypermarket-
uri Kaufland) sau sa continue demersurile pentru implementarea proiectelor aflate in faza de proiect. Aceeasi tendinta
se inregistreaza si in orasele regionale, care au un stoc foarte limitat de spatii comerciale moderne. Extinderea
lanturilor comerciale de tip discount a fost o caracteristica a pietei spatiilor comerciale in 2013.
Piata din Bucuresti a consemnat deschiderea centrului comercial Promenada Mall, care a adaugat o suprafata de
35.000 mp spatii. In perioada 2014-2016, sunt propuse a fi finalizate 3 noi centre comerciale: Mega Mall (60.000
mp), Parklake Plaza (63.000 mp) si Victoria City Lifestyle (35.000 mp).
Segmentul de bricolaj a fost puternic afectat de diminuarea activitatii de constructii pe segmentul rezidential.
Bricostore a resimtit efectele negative ale scaderii vanzarilor. In 2013, reteaua (15 magazine) a fost cumparata de
grupul britanic Kingfisher, care planuieste extinderea retelei pe termen mediu.
Cererea pe segmentul spatiilor comerciale stradale a fost sustinuta in special de magazinele de proximitate, multe
dintre acestea fiind formatele comerciale stradale (Carrefour Express, La Doi Pasi) ale marilor lanturi comerciale
(Carrefour, Metro). Pe segmentul supermarketurilor, se detaseaza ca leader al expansiunilor lantul Mega Image.
Acesta acopera si segmentul magazinelor mici de proximitate (Shop & Go), prin care concureaza direct magazinele
marilor lanturi comerciale. Pe acest segment, cererea a fost sustinuta de supermarket-uri, magazine alimentare,
confectii si incaltaminte, precum si de prestatorii de servicii (asigurari, servicii medicale, agentii de turism).
Disponibilitatea relativ mare a spatiilor comerciale stradale a generat o diminuare a chiriilor pe acest segment. Cererea
este activa, insa activitatile comerciale prestate nu au capacitatea de a sustine costurile de ocupare, fortand chiriasii
sa paraseasca spatiile ocupate. Acest segment are un grad de incertitudine mai mare, pe langa factorii generali care
influenteaza piata spatiilor comerciale, un rol essential il au factorii de la nivelul microlocalizarii. In general, chiriile
lunare pentru spatiile comerciale stradale in Bucuresti variaza intre 30-50 Euro/mp in zonele central, intre 10-25 Euro/
mp in zonele secundare si intre 5-10 Euro/mp in zonele periferice.
Cererea pe segmentul centrelor comerciale a fost generata de comerciantii de imbracaminte, incaltaminte si prestatorii
de servicii. Pe acest segment, fluxul de chiriasi este mai redus, tipologia acestora fiind limitata de mixul de chiriasi pe
care il doreste proprietarul centrului comercial.
Segmentul centrelor comerciale nu a inregistrat evolutii notabile ale chiriilor. Acestea variaza intre 25-40 Euro/mp/luna
pentru spatiile mici si 6-12 Euro/mp/luna pentru chiriasii mai mari sau tip ancora in centrele comerciale din orasele
mari.
Chiriile pentru spatiile comerciale stradale, precum si cele pentru spatiile situate in centrele comerciale se vor mentine
intre intervalele inregistrate in 2013. Piata spatiilor comerciale va inregistra extinderi pe segmentul centrelor comerciale,
hypermarket-urilor si a magazinelor de proximitate (supermarket). Extinderile vor cuprinde si orasele regionale, care
au un stoc redus de spatii comerciale moderne. Odata cu finalizarea centrelor comerciale din orasele mijlocii, se vor
extinde si magazinele specializate de imbracaminte si incaltaminte, care doresc sa isi continue agresiv extinderea la
nivel national, pentru a beneficia de scaderea costurilor de ocupare si spatii comerciale potrivite cerintelor specifice.
Piata spatiilor comerciale
www.nairomania.ro 22
www.nairomania.ro 24
Land market
Land market recorded two distinct evolutions, depending on the type of land considered. Thus, agriculture land
recorded a significant increase of the interest for the acquisition of large areas, under the condition of price increase
that became more evident in 2013. The high level of interest occurs as foreigners will be able to purchase agricultural
land starting 2014. Although the price of agricultural land increased, this level is still below the level recorded in
western European markets.
The prices for agricultural land fluctuate between Euro 2.000-5.000 per hectare, depending on the quality of soil,
presence of irrigation systems, proximity of storage and transport facilities. In the western areas of Romania, the
prices are higher than Euro 5.000 per hectare due to high pressure of demand coming from west European farmers.
The prices will continue to increase as the level demand will remain high while the landlords will become more aware
of the value of agricultural land in the context of intensive European agriculture.
The market of land intended for real estate developments did not record significant changes compared with 2012.
Excepting the areas of Bucharest that recorded completion of residential developments addressing beneficiaries
of the “First Time Buyer” program, land market had a limited number of transactions generated by low interest of
developers to acquire new plots. Projects initiated in 2012-2013 are developed on plots acquired during the period
before economic crisis.
Demand is focused on small size plots, benefitting of certain urban indicators, situated within areas with good
accessibility in the proximity of interest points. Demand was concentrated on plots proper for office and residential
developments, especially on those for small scale developments. Purchasors are trying to speculate the limited
liquidity and put a downward pressure on prices taking an aggressive approach of the negotiation process. However
this attitude resulted in conclusion of some transactions, especially in case of properties offered for sale by banks that
are willing to rapidly dispose the distressed assets. Among the most important land transactions recorded in 2013
we mention the transaction of the land attached to former Aversa industrial platform that was acquired by Benevo
Capital for Euro 17.3 Million.
Demand will remaine at comparable levels with 2013, being concentrated on plots proper for residential and office
developments. Development activity in the last 2 years covered only partially the vacant plots. Developers have
already in their portfolios plots suitable for developments. On this segment of real estate market, demand should be
created, the owners should promote their properties directly to potential purchasors and use less other promotion
channels (advertising, online ads etc).
Land market
Piata terenurilor a inregistrat doua evolutii distincte, in functie de tipul de terenuri pe care le consideram. Astfel, pe
piata terenurilor agricole a fost inregistrata o crestere semnificativa a interesului pentru achizitia de suprafete mari, pe
fondul unei cresteri de preturi, care a devenit mai evidenta in 2013. Interesul crescut a fost generat de liberalizarea
pietei terenurilor pentru persoanele fizice cetateni straini incepand cu 2014. Desi pretul terenului agricol a crescut,
acesta a ramas mult sub preturile solicitate in pietele din vestul Europei.
Pretul pentru terenurile agricole variaza in general intre 2.000-5.000 Euro per hectar, in functie de suprafata, calitatea
solului, dotarea cu sisteme de irigatie, apropierea fata de facilitatile de stocare si transport. In zonele de vest ale
tarii, preturile de vanzare sunt mai mari de 5.000 Euro per hectar, din cauza presiunii cererii foarte ridicate venite din
partea agricultorilor din vestul Europei. Preturile pentru terenurile agricole vor continua sa creasca, avand in vedere ca
nivelul cererii va ramane ridicat, in timp ce proprietarii vor deveni constienti de valoarea terenului agricol, in contextul
european al agriculturii intensive.
Piata terenurilor destinate dezvoltarilor imobiliare nu a cunoscut modificari semnificative comparative cu 2012.
Exceptand zonele din Bucuresti, care inregistreaza dezvoltari rezidentiale adresate cumparatorilor vizati de programul
“Prima Casa”, piata terenurilor a fost marcata de un numar limitat de tranzactii determinat de interesul scazut
al dezvoltatorilor, pentru achizitia de noi terenuri. Proiectele initiate in 2012-2013 sunt dezvoltate pe terenurile
achizitionate in perioada dinaintea izbucnirii crizei economice.
Cererea vizeaza suprafete mici de teren, cu indicatori urbanistici certi, amplasate in zone cu accesibilitate buna si
proximitatea punctelor de interes. Cererea de terenuri s-a focalizat pe segmentul proprietatilor propice dezvoltarilor
imobiliare de birouri, precum si pe segmentul rezidential, in special ansambluri mici de apartamente. Cumparatorii
speculeaza lichiditatea limitata si pune presiune puternica asupra pretului manifestand agresivitate in negocierile de
vanzare. Totusi, aceasta atitudine a avut ca rezultat incheierea unor tranzactii, mai ales in cazul proprietatilor oferite la
vanzare de catre banci, care doresc o vanzare rapida a proprietatilor executate. Printre cele mai importante tranzactii
de terenuri inregistrate in 2013, mentionam tranzactia amplasamentului intreprinderii Aversa incheiata de Benevo
Capital pentru 17.3 milioane Euro.
Cererea va ramane la nivele comparabile cu cele din 2013, fiind focalizata pe loturi de teren propice dezvoltarilor
rezidentiale si a celor de birouri. Activitatea de dezvoltare imobiliara din ultimii 2 ani a reusit sa acopere doar o mica
parte din terenurile disponibile pentru acest tip de activitate. Dezvoltatorii déjà au in portofolii loturi de teren propice
dezvoltarilor imobiliare. Pentru acest segment al pietei imobiliare, cererea va continua sa fie creata, prin oferta directa
catre potentiali cumparatori identificati si mai putin prin alte mijloace de promovare (publicitate, anunturi online etc).
Piata terenurilor
Piata terenurilor
www.nairomania.ro 25
Aurel Vlaicu Building, 4 Pipera Ave7 floor, Bucharest, 014255
nairomania.ro
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