New York’s Fifth Avenue has maintained its position as the world’s most expensive retail street, with Milan’s Via Montenapoleone climbing to second in the global rankings, according to Cushman & Wakefield’s latest ‘Main Streets Across the World’ report. The 33rd edition of the report reveals retail rents on Via Montenapoleone grew 20% over the past year to $1,766 USD/sq ft/ yr to displace Hong Kong’s Tsim Sha Tsui which dropped to third after more modest 4% rental growth to $1,493 USD/sq ft/ yr. Rents at Fifth Avenue held steady at $2,000 USD/sq ft/ yr. With a rent level on Calea Victorie ..read more

One United Properties announces the upcoming opening of a brand-new, 2,600-sqm World Class fitness centre within the One Cotroceni Park development in Bucharest. The new fitness centre, to be officially opened on November 22nd is strategically situated in one of Bucharest’s most sought-after residential neighbourhoods and dynamic business hubs. “One Cotroceni Park combines the residential, office, and commercial functions in the urban landscape in an extremely efficient way, with multiple benefits both for the area where it is located and for the future residents and tenants. We are pleased t ..read more

Industrial and logistics projects accounting for more than half a million sq. m are currently under construction and due to be delivered by the end of 2024, 60% of which being already pre-leased. The limited pipeline of speculative projects could put pressure on rental levels in the coming period due to the fact that, even though Romania recorded one of the most spectacular increases of demand for industrial and logistics spaces in the Central and Eastern Europe after the pandemic, rents remained the lowest in the region, according to data from the Cushman & Wakefield Echinox real estate ..read more

By the close of Q3 2023, the total area of modern offices in Bucharest increased to 3.42 million sqm. During this period, 32,500 sqm of office space was completed, and by year-end, the construction of one project with a total area of 8,000 sqm is expected to be completed. At the end of September, approximately 48,000 sqm of office space were under construction with planned completion in Q4 2023 and 2024-2026. No construction of any new office building was started in Bucharest during the period. The total demand almost doubled year-on-year, but renewals & renegotiations accounted for 62 ..read more

Forte Partners announces the signing of an agreement whereby Eurowag, a pan-European integrated payment and mobility platform focused on the commercial road transport industry, leases 1,300 square meters of office space in U•Center 2. „We are pleased to reside in new representative premises in the very city center with perfect public transport infrastructure and amenities, built in line with the latest architectonic trends. The office not only complies with environmental goals of the whole Eurowag Group, but also with our intention to provide our employees a benefit of smart and healthy envir ..read more

One United Properties announces it has signed a memorandum of understanding with Ennismore, a lifestyle hospitality company, to open Mondrian Hotel in Bucharest. Ennismore is a global collective of entrepreneurial and founder-built brands with creativity and purpose at their heart. The partnership will focus on delivering Mondrian Bucharest, a unique lifestyle hotel in downtown Bucharest. Mondrian Hotel opened first in 1985 in Los Angeles as the Le Mondrian by the L’Ermitage Hotel Group, and was later purchased by Ian Schrager and his Morgans Hotel Group in 1996 and renamed Mondrian Hotel Los ..read more

One United Properties, a green investor and developer of residential, mixed-use, and office real estate in Romania announced entering into a partnership with the prestigious Armani/Casa, a premiere for the Romanian market. The collaboration targets the creation of a unique interior design concept at One Lake Club, an exclusive high-rise residential development located right on the shore of Tei Lake in Bucharest, with a beautiful 150 meters public promenade opened to everyone for strolling around the lake. The partnership represents a first for the local market and One Lake Club development wi ..read more

One United Properties real estate developer has announced a significant project for the German tech giant Infineon Technologies. They will construct a sustainable prime office building to serve as Infineon’s headquarters for 15 years, beginning in 2026. The contract’s total value is EUR 57 million (excluding VAT), making it one of the largest office preleases in the local market. The agreement covers the lease of office space with a Gross Leasable Area of 20,595 sqm and parking for a new office building that One United Properties will develop in Bucharest. This office will meet the expanding ..read more

The average office transaction size during the first 9 months of 2023 has been of 1,810 sq. m, the highest average registered in the last 4 years and close to the record level of 1,900 sq. m set in 2019, according to data from the Cushman & Wakefield Echinox real estate consultancy company. Compared with 2022 and 2021, the first 9 months of this year marked a 35% increase of the average transaction size, an evolution reflected in the total demand (347,200 sq. m), corresponding to a 56% y-o-y increase. Moreover, Q3 2023 set an all – time quarterly record in terms of demand in Bucharest, wi ..read more

CBRE, real estate consultant, launched its traditional end of quarter research snapshots of the local commercial real estate market, analysing the status of the investment, office, industrial & logistics and retail sectors. “We have witnessed strategic renewals in the office market that anticipate a lack of deliveries in the coming years, a repositioning of demand in I&L to pre-pandemic coordinates and a retail sector that is undergoing successful reinvention in the local market. The Romanian commercial real estate market experienced a temporary setback in Q3, but we remain optimistic ..read more