New development projects on a growing local market

We are confident that IRIDE City will be a success, as it follows our principle of prioritizing the needs of our clients.

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IMMOFINANZ SERVICES ROMANIA SRL

SORIN VISOIANU

SORIN VISOIANU

COUNTRY MANAGER OFFICE&LOGISTICS ROMANIA&BULGARIA at IMMOFINANZ SERVICES ROMANIA SRL

1. 2013 represented an inflexion point regarding the transactions volume on the real estate market. How much has this volume increased in 2014-2015? What are the perspectives for 2016?

 

The demand for high quality real estate is directly influenced by the country’s economy and its ability to attract investors. Romania is slowly confirming its substantial growth potential and benefitting from exports to Germany, Austria and other countries in Western Europe. The fact that there are many projects in progress confirms our view: Romania’s economy is on an upward trend and is faster growing than other CEE countries.

 

The local real estate market has indeed picked up the pace in 2014 and 2015. In terms of rent prices and vacancy rates, we can say there is a degree of stability visible in the last period, particularly in Bucharest.

 

Regarding expectations, using the office sector as an indicator, we can say that we are happy to see clear recovery signs, and are optimistic for the medium term.

 

2. What are the characteristics of the real estate ‘consumers’ in 2015?

 

The difficult period that has passed strongly shook the global economy, but there was a silver lining to it as well: consumers have become better educated and more careful about their needs and how they spend their resources.

 

This situation can only please us, as we pride ourselves on being able to offer tailored solutions to every single one of our clients. Given our extensive experience in this, and the favourable market dynamics, we have also recently begun to develop new projects in Romania: Metroffice and IRIDE City, as well as LOG.IQ Bucharest and the next phase of LOG.IQ Ploiesti. Furthermore, the reconversion works for Armonia Mall in Arad into a logistic center are nearing completion. For all these projects we have very high expectations.

 

3. How have the structural changes in the banking lending process been reflected on the real estate market (2014-2015)? How has the deleveraging process affected the real estate market?

 

Our Romanian business is mostly based on long term partnerships with our tenants, with whom we have formed strong relationships through trust, transparency and a permanent willingness to tailor our offers according to their needs. As such, we cannot say that there have been any major changes in our relationships with our tenants as a result of the banking lending process shifts.

 

4. Which are the ‘stars’ of the real estate market now?

 

In line with our long term strategy, we closely observe the market dynamics in order to identify any new opportunities. As such, we have noticed clear signs of economic growth, particularly visible in the office sector.

 

Therefore, we have every confidence that IRIDE City will live up to our expectations, as it is created following our consecrated principles of always putting the needs of our clients first, in order to provide them with tailored solutions.

 

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