Analiza Piata Imobiliara

Real Estate Market Report

Mai / May 2015

Studiu piata imobiliara

Real Estate Market Study

www.crosspoint-imobiliare.ro

Cuprins / Content
Aspecte generale

General overview

Piata tranzactiilor investitionale

Investment

Piata spatiilor de birouri

Office

Piata spatiilor comerciale

Retail

Piata rezidentiala

Residential

Piata terenurilor

Land

Aspecte generale
Piata de real - estate a avut un start mult mai dinamic
anul acesta, in comparatie cu activitatea inregistrata in
anii precedenti, iar 2015 ar putea fi startul unei noi
etape de crestere - avand in vedere estimarile de
crestere a Produsului Intern Brut, a influxurilor de
investitii straine directe (care au crescut cu 55% in
primul trimestru al anului fata de aceeasi perioada a lui
2014) si absorbtia de fonduri structurale. 2015 a
debutat cu un sentiment general de optimism in zona
investitorilor si dezvoltatorilor si datorita noului Cod
Fiscal, care anunta conditii fiscale mai relaxate.
Pe parcursul acestui an bancile vor accelera lichidarea
creditelor si activelor non-performante iar un nou ciclu
de finantare a proiectelor imobiliare va incepe in ultimul
semestru al lui 2015.

Exista de asemenea si un context regional

benefic. Avem semnale ca o serie de investitori isi
indreapta atentia spre Romania, mai ales cu cat
Polonia - piata cea mai ofertanta din acest punct
de vedere - a ajuns deja la o anumita maturitate
declara Codrin Matei, managing partner, Crosspoint
Investment Banking & Real Estate.

General overview
The overall real estate market has bottomedout as
compared to the previous year and is set to enter a new
growth cycle assuming sustained GDP growth and
increasing FDI inflows (that increased by 55% in Q1
2015 as compared to Q1 2014) coupled with planned
absorption of EU structural funds. 2015 debuted with
a general feeling of optimism also because of the new
Fiscal Code that announces more relaxed fiscal
conditions.
During 2015 the banking sector will increase the pace
of the sale of Non-performing loans and liquidation of
real estate assets. A new cycle of project finance will
begin to emerge during the final semester of 2015.

We also note a positive regional context. We have

signals that significant international investors
are prospecting the local market, especially as
Poland until not long ago, the most tempting
market in the area has already reached a certain
maturity
states Codrin Matei, managing partner, Crosspoint
Investment Banking & Real Estate.

Piata tranzactiilor
investitionale

Investments

In 2014, valoarea totala a tranzactiilor investitionale

inregistrate in Romania a depasit 700 mil. , pentru
prima data dupa 2008, iar conform estimarilor
noastre in 2015 nivelul tranzactiilor investitionale
va inregistra o crestere semnificativa.

During 2014 the total value of transactions of

institutional grade real estate traded in Romania
exceeded 700 mil. for the first time since 2008.
There will be at least the same sum in real estate
transactions during 2015.

Randamentul investitional se situeaza in prezent la

7,5 - 8% pentru investitiile in cladiri de birou prime
iar randamentul mediu per ansamblul pietei de spatii
de birouri este de 8,5%. Ratele randamentelor vor
ramane constante in 2015, datorita posibilitatilor
limitate de refinantare pe terment scurt.

The prime investment yield is currently at 7,5 - 8%

for prime office investments and the average market
yield for all office investments remains 8,5%. Yields
are likely to remain constant during 2015 due
limited re-financing structures in the short term.

In perioada analizata s-au inregistrat de asemenea o

serie de tranzactii semnificative in segmentele de
retail si logistic. Proprietarii locali vor incerca sa isi
vanda cladirile intrucat randamentele au tendinta de
a se comprima iar imprumuturile la banci ajung la
termen. Cumparatorii vor avea nevoie de finantare
internationala intrucat bancile locale nu vor putea sa
ofere finantare in termeni competitivi pe termen
mediu.

During the past period their have also been

significant transactions in both the retail and logistic
sectors.
Domestic landlords will look to dispose of assets as
yields compress and bank loans come to term.
Buyers will require cross-border finance as local
banks will not be able to offer finance at competitive
terms during the medium term.

Piata spatiilor de birouri

Office

Analiza Crosspoint Investment Banking & Real Estate

noteaza un apetit crescut din partea investitorilor,
care au inceput sa prospecteze mai activ, pentru
achizitie de income producing assets, piata cladirilor
inchiriate, cu un mix bun de chiriasi si care sunt bine
pozitionate, cu acces la mijloacele de transport in
comun.

Crosspoint Investment Banking & Real Estate

analysis points out an increased appetite from the
investors, who are now more actively prospecting
the market to invest in fully occupied buildings, well
positioned and with a good tenants mix.

Raportul intre cerere si oferta pentru spatii de birou

din clasele A si B ramane in relativ echilibru pe
parcursul lui 2015. In 2014 s-au semnat contracte
de inchiriere pentru peste 200.000 mp de spatii
moderne de birou iar in 2015 s-au inchiriat deja
peste 60.000 mp. In consecinta, rata de neocupare
a scazut la circa 13%, cel mai mic nivel de neocupare inregistrat din 2008 pana in prezent. Chiria
medie pentru spatii prime de birou este de 18.25
/m.p./ luna.
Noii chiriasi de spatii prime sunt acele companii ale
caror contracte de inchiriere au ajuns la final in
2015 si care s-au relocat in primul trimestru al
anului in cladiri mai bine pozitionate, cu facilitati mai
bune, profitand de preturi foarte bune la chirii. Chiriasii cu necesitati de peste 2.000 mp au semnat in
general, de la inceputul anului si pana in prezent,
contracte de pre-leasing pentru cladiri ce vor fi
livrate cel mai devreme in 2016.
Multi dintre chiriasii cu necesitati de spatii mai mici
sunt in cautare de a se reloca din spatiile de birouri
ale caror standarde sunt depasite sau din cladiri cu
destinatie rezidentiala in cladiri moderne de birouri.
Stocul actual de spatii de birou moderne depaseste
in acest moment 2.2 mil. m.p. iar in 2015 vor fi
livrati alti aproximativ 180.000 m.p. de spatii de
birou. Din 2016, avand in vedere volumul de
constructii pe segmentul de cladirilor de birou anuntat pentru perioada urmatoare, estimam ca stocul de
spatii moderne de birou nou livrate va creste gradual
la peste 250.000 m.p./ an.
Din punctul de vedere al cererii de spatii de birouri,
peste 80% dintre viitorii chiriasi solicita facilitati
suplimentare fata de cele standard - un layout flexibil
si eficient al spatiilor, cladiri cu arhitectura distincta,
cu personalitate sau optiunile built - to - suit (cladiri
construite pe specificatiile chiriasilor).

The supply and demand of both A & B Class office

accommodation shall remain in relative equilibrium
during 2015. During 2014, over 200.000 sq.m. of
modern office accommodation was let and 2015 to
date has already registered more than 60.000 sqm
of take-up. As a result, the vacancy rate has
decreased to circa 13% - its lowest level since
2008. The current prime office rent is
18.25/sq.m./mo.
The majority of take-up is made up of tenants taking
advantage of lease expiries to re-locate to location
better serviced by public transportation and
premises with higher specifications. Tenants with
requirements exceeding 2.000 sq.m. are generally
pre-leasing accommodation for delivery at least 1
year in advance. Furthermore, many tenants with
small requirements are seeking to re-locate from
substandard office stock, or residential stock to
dedicated modern office buildings.
The total supply of modern office stock in Bucharest
currently exceed 2.2 million sq.m. There will be
approximately 180.000 sq.m. of new stock
delivered in 2015. From 2016, the stock will begin
to grow annually at more than 250.000 sq.m. per
annum based upon market information about recent
building starts.
From the demand point of view, more than 80% of
the future tenants are requesting above standard
facilities: a flexible and efficient layout of the spaces,
buildings with distinct architecture, with personality
or built to suit options.

Piata spatiilor comerciale

Retail

Stocul curent de spatii comerciale inchiriabile in

mall-urile din Bucuresti este de 950.000 m.p. In
trimestrul al doilea al anului 2015, acestui stoc i se
vor adauga alti 110.000 m.p., prin lansarea Mega
Mall. Cateva alte mall-uri, incluzand Victoria Centre
(Bucurestii Noi) si Park Lake (Titan) vor fi livrate anii
urmatori.

The current stock of international class shopping malls

in Bucharest is 950.000 sqm. Q2 2015 will see the
addition of the 110.000 sq.m. Mega Mall. Several
other Shopping Malls including Victoria Centre, to be
built in Bucuresti Noi and Park Lake (Titan) are set to
be delivered in the coming years.

In prezent, nu se inregistreaza rate semnificative de

neocupare in centrele comerciale, iar in acest
context nivelul chiriilor este posibil sa se aprecieze.
Nivelul mediu al chiriilor spatiilor in centrele
comerciale din Bucuresti este de 60 /m.p./ luna.
Ratele de neocupare pe segmentul de retail stradal
din Bucuresti sunt de asemenea in scadere, avand in
vedere activitatea recenta de expansiune a
jucatorilor de pe piata supermarketurilor, farmaciilor,
cafenele si alti retaileri stradali. Brandurile noi care
si-au anuntat deja intrarea pe piata (segmentele
caf/ food/ beverage/ fashion) vor activa sectorul
de retail high-street si de asemenea, in perioada
urmatoare asteptam intrarea pe piata locala a unor
branduri internationale cunoscute.
Nivelul mediu al chiriei pe segmentul high-street se
mentine la 25 / m.p./ luna.
In continuare raman activi retailerii consacrati,
agresivi in deschiderea de noi locatii. In 2014,
retail-ul alimentar a fost dominat de Mega Image si
Profi, cu 70% din numarul total de deschideri, acesti
doi actori fiind cotati ca principalii jucatori activi in
aceasta ramura pentru urmatoarele 12 luni.
In primul trimestru al anului 2015, departamentul
comercial Crosspoint Real Estate a inregistrat o
crestere a plasamentelor investitionale in zona de
retail prin numeroasele cereri de achizitii de spatii
comerciale deja inchiriate, in zonele sau pe arterele
consacrate, dar si in zone neconventionale, capabile
sa genereze randamente de 7-10%.

At the present time vacancy rates in Bucharest

shopping centers are negligible and rents are likely to
begin to appreciate. Prime rents in Bucharests
shopping centers are now 60/sq.m./mo.
Vacancy rates on the Bucharest high street pitches are
also currently in decline whilst there has been growing
take-up from supermarkets, pharmacies, coffee shops
and other neighborhood retailers. The average high
street rent is currently 25/sqm/mo. The new brands
that recently announced their launch on the local
market (caf/ food/ beverage/ fashion) will activate the
high-street retail segment and also, in the following
period we expect other international brands to enter
the local market.
On the retail segment, well established retailers
continue to be the most active, aggressive towards
opening new locations. In 2014, food retail was
dominated by Mega Image and Profi, with more than
70% of the total number of stores inaugurations and
we estimate the two chains to remain the most active
players on this segment in the next 12 months.
In Q1 2015, the Commercial department of
Crosspoint Real Estate registered an increase of
appetite for investments in the retail sector, as
investors are prospecting to acquisition commercial
spaces that are already leased, in well - established
areas or commercial arteries as well as in
unconventional areas that are able to generate 7-10%
yields.

Piata rezidentiala

Residential

Pe segmentul rezidential, un indicator de redresare a

pietei este reluarea activa a vanzarii de apartamente in
etapa de constructie.

On the residential segment, a clear indicator of the

market recovery is the sale of apartments in residential
projects under construction.

Analiza Crosspoint noteaza o situatie care nu a fost

prezenta in piata nici inainte in perioada 2006-2008:
tendinta in crestere de contractare de apartamente in
imobile noi, aflate in stadii de dinainte de obtinerea
autorizatiilor de constructie. De la inceputul anului si
pana in prezent, departamentul rezidential Crosspoint
Real Estate a intermediat pre-contractarea unor pachete
de astfel de apartamente, in valoare totala de peste 2.5
mil. , in zona de nord a Bucurestiului - in proiecte a
caror constructie va fi anuntata in perioada urmatoare.

Crosspoint analysis points out a situation that was not

even present on the local market in the period of
2006-2008: increasing trend of apartments
contracting in new residential buildings, in stages even
before the construction authorizations are released. In
Q1 2015, the Residential department of Crosspoint
Real Estate has brokered packages of such apartments
in total value of more than 2.5 M, in the North area
of Bucharest in projects whose start of construction
will be announced in the following period.

O serie de dezvoltatori au facut deja publice noi

proiecte rezidentiale iar cantitatea proiectelor livrate va
avea o tendinta de crestere in lunile urmatoare, conform
analizei Crosspoint. De asemenea, notam revenirea in
piata a dezvoltatorilor traditionali cei care au pus in
asteptare o serie de proiecte in perioada de criza si care
se pregatesc sa le reia in perioada urmatoare, adaptate
contextului actual (ex. Neocity, Impact).

A series of developers have already announced new

residential projects and the quantity of delivered units
will tend to increase in the following months, according
to Crosspoint analysis. We also note the return in the
market of the traditional developers who put their
projects on hold during the crisis period and are now
coming back on the market, with their projects adapted
to the current context (eg. Neocity, Impact).

In ceea ce priveste calitatea noilor dezvoltari

rezidentiale, analiza noteaza o tendinta de diversificare
a proiectelor. Daca in anii de criza au predominat
imobilele de mici dimensiuni, in perioada urmatoare
consumatorii vor avea o paleta mai larga de optiuni: de
la imobile cu caracter exclusivist, de 15-20 de
apartamente, pana la ansambluri rezidentiale de mari
dimensiuni, cu facilitati de tip oras in oras.

As the quality of the new residential projects is

concerned, we note a trend of project diversification. If
during the crisis years small sized projects
predominated, in the following period consumers will
have a larger spectrum of offers in the residential
markets: from small-sized buildings, of only 15-20
apartments, to large residential compounds, with
city-in-the-city facilities.

pre-contracting of apartments in new developments

traditional developers coming back
offer diversification
migration of developers from South to North
increase of demand in North
6

Piata rezidentiala
Se observa de asemenea o migratie a dezvoltatorilor cu
o anumita notorietate in zona de sud (cei care au
dezvoltat proiecte in zone ca Popesti Leordeni, Berceni,
Militari) catre zona de nord - unde au achizitionat
terenuri si au pornit noi dezvoltari. Cererea de locuinte
este de asemenea in crestere pe zona de nord (Barbu
Vacarescu, Aviatiei, Floreasca, etc.).
Un alt semnal de incredere este acela ca dezvoltatorii
au reinceput sa lucreze cu companiile de consultanta,
pentru management integral de proiect in ceea ce
priveste reprezentarea pe partea de vanzare a
proiectelor rezidentiale.

Residential
We also observe a migration of developers with a
certain notoriety in the Southern area (who previously
developed projects in areas like Popesti Leordeni,
Berceni, Militari) to the Northern area where they
acquisitioned lands and started new developments. This
is correlated with an increasing demand for apartments
in the Northern area (Barbu Vacarescu, Aviatiei,
Floreasca, etc.), from our data.
Another signal of trust is that developers have started
again to work with real estate advisory companies for
integrated project management as regards the sales of
the residential units.

Piata terenurilor

Land

O activitate extrem de intensa se inregistreaza pe

segmentul de terenuri, unde cererea s-a accentuat in
prima parte a anului 2015, conform datelor Crosspoint.

An extremely effervescent situation is registered on the

land segment, where demand has accelerated in Q1
2015.

In conditiile unei oferte atractive, atat din punctul de

vedere al indicatorilor urbanistici, dar mai ales al pretului
de tranzactionare, o serie de investitori in piata
achizitioneaza in aceasta perioada mai multe terenuri,
succesiv - pentru a-si asigura infrastructura de dezvoltare
in perioada urmatoare. Aceasta activitate se inregistreaza
in special pe segmentul proprietatilor pretabile
dezvoltarilor imobiliare de birouri, precum si pe
segmentul
rezidential
(pentru
ansambluri
de
apartamente), majoritatea investitorilor / dezvoltatorilor
solicitand terenuri cu suprafete cuprinse intre 8002.000 mp.

In the conditions of a very attractive offer, in terms of

urban planning indicators but mostly of the asking price,
a series of investors in the market have recently bought
several land plots in a short period of time as to ensure
their development infrastructure in the following period.
This activity is mostly registered on the segment of
properties that are feasible for office or residential
developments, most of the investors/ developers
scouting for 800-2.000 sq.m. size land plots.

In plus fata de zonele plasate pe axul consacrat Piata

Unirii - Piata Universitatii - Piata Romana - Piata Victoriei
Kisellef Aviatorilor, o serie de investitori au
achizitionat sau prospecteaza achizitia de terenuri in
zone cu incarcatura si memorie arhitecturala (ex.
Gradina Icoanei, Eminescu), care beneficiaza de
proximitatea mijloacelor de transport in comun si de
indicatori urbanistici flexibili - pretandu-se in acelasi timp
pentru dezvoltari care sa inglobeze concepte
arhitecturale cu personalitate.
Daca in perioada precedenta piata terenurilor a fost
sustinuta de retaileri, acum se remarca o activitate din ce
in ce mai intensa din partea dezvoltatorilor rezidentiali.

Daca acest trend se va mentine, este posibil ca in

perioada urmatoare sa asistam chiar la o apreciere
a terenurilor, insa vorbim in special de terenuri
foarte bine localizate si care beneficiaza de planuri
urbanistice zonale valabile

Apart from the areas placed on the well-established axis

Piata Unirii - Piata Universitatii - Piata Romana - Piata
Victoriei Kisellef Aviatorilor, a series of investors have
acquisitioned or are prospecting the acquisition of land
plots in areas with a distinct architecture (eg. Gradina
Icoanei, Eminescu), that benefit from the proximity of the
common transportation means and from flexible urban
indicators being suitable, at the same time, for
developments with architectural personality.
If in the previous period the land market was dominated
by retailers, now we are noticing an increasing demand
from the residential developers

Provided this trend maintains, it is possible that in

the next period we assist to a land pricing increase,
but we are strictly referring on very well positioned
land plots, with valid zonal urban plans.
states Mihai Dumitrescu, managing partner, Crosspoint
Investment Banking & Real Estate.

declara Mihai Dumitrescu, managing partner, Crosspoint

Investment Banking & Real Estate.
8

INVESTMENT BANKING
Codrin Matei
codrin.matei@crosspoint.com.ro | 0745.652.727

LAND & INVESTMENTS

Mihai Dumitrescu
mihai.dumitrescu@crosspoint.com.ro | 0747.292.928

RESIDENTIAL
Alexandru Boff
Alexandru.boff@crosspoint.com.ro | 0747.122.012
Oana Mihailescu
oana.mihailescu@crosspoint.com.ro | 0747.211.135
Anamaria Munteanu
anamaria.munteanu@crosspoint.com.ro | 0740.083.396
Camelia Bracea
camelia.bracea@crosspoint.com.ro | 0747.021.992
Catalin Gavrila
catalin.gavrila@crosspoint.com.ro | 047.222.252

OFFICE & COMMERCIAL

Laura Berezitchei
laura.berezitchei@crosspoint.com.ro | 0751.515.155
Eduard Holban
eduard.holban@crosspoint.com.ro | 0747.222.240

Marketing & Communication

Simona Buta
simona.buta@crosspoint.com.ro | 0728.711.820

Crosspoint Real Estate is exclusive

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includes over 500 real estate
companies with almost 3,500
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Network affiliates produced over
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Crosspoint Real Estate is the single
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