There is a growing number of real estate developers that are interested in projects located in the center of Bucharest, close to subway stations, said Monica Vasile, senior broker, Office Agency at Cushman & Wakefield Echinox, during Realty 2017, the event organized by Business Review magazine on Tuesday.
“Developers have gotten tired of waiting for the large infrastructure project to be completed, and they developed mixed projects in emerging areas, such as buildings with retail components and diversified facilities. This is what Vastint did at Timpuri Noi, as well as Afi, Accor and others. Therefore, the lack of a poorly developed infrastructure do not weigh as much in the decision making process,” said Vasile.
“After the development of the western part of Bucharest, we will see a battle on the central area, around the three main four metro stations, namely Piata Victoriei, Universitate, Piata Romana and Piata Unirii. Somehow, the transport needs will be taken over by the public network,” she added.
See the main statements from Realty 2017
Talking about Bucharest, she said that there are signs that developers will focus more on the northern part of the capital and investors will also venture into smaller cities such as Galati, Constanta and Targu Mures.
In Romania, the current yields for office buildings stand at around 7.5 percent, according to the senior broker.
The post Real estate developers to compete for space in central Bucharest, says Monica Vasile (Cushman & Wakefield Echinox) appeared first on Business Review.