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Bucharest Property
Year End 2007

3 Introduction 23 Introducere

4 Economic Overview 24 Situatia economica

5 Office Market Overview 25 Piata spatiilor de birouri

9 Residential Market Overview 29 Piata spatiilor rezidentiale

1 4 Retail Market Overview 34 Piata spatiilor comerciale

1 6 Industrial Market Overview 36 Piata spatiilor industriale

1 8 Land Market Overview 38 Piata terenurilor

2 0 Investment Market Overview 40 Piata de investitii

B uc harest Propert y, year end 2007 3

Bucharest office market has continued the trend recorded in the last 2 years with increasing supply surpassed by the growing
demand. Despite the significant number of new completions recorded in 2007 the local market is still witnessing shortage of
available quality office accommodation. The office stock has remained focused in the northern and central submarkets. The
western part of Bucharest is expected to emerge as one of the most active submarkets considering properties currently under
construction or in advanced planning process.

On the investment market the strong demand has been sustained by the important capital inflows coming from investment
funds and property investment companies targeting Romania to diversify real estate portfolios and risks across regional markets.
Albeit the investment market continues to mature, it is still primarily limited by the shortage of quality investment products
offered on the market which are not sufficient to satisfy the ever-increasing demand. As a consequence of the rapid yield
compression the local market has experienced unprecedented trends. New low risk funds have entered the market while some
funds have taken the advantages of the lower yields and exit their first investments. The lack of quality investment products and
high level of pre-lease transactions on specific submarkets offer investors the opportunity to acquire off-plan or under
construction schemes, especially offices. The market has witnessed a clear tendency towards forward purchase transactions over
standing investments as investors are keen on securing better yields and attaining control over the project development.

The local investment market is less affected by the U.S. subprime crisis and Romania is still perceived as an attractive market.
However, the lenders are more prudent in granting finance for real estate projects and transactions. Under the circumstances of
the instability of the international markets, in 2008 the investment funds will become more precautious in their decision to
acquire expensive properties, but will still be looking for alternative products with higher yields. Although the lack of transactional
evidence is still making accurate pricing difficult, it is clear that prime yields are moving towards the levels recorded in H2 2006

Perhaps the most significant trend recorded on the local market is the increasing number of announcements for large residential
projects comprising hundreds or thousands of housing units to support an efficient cost policy. This trend is expected to continue
in the future, allowing developers to promote units at affordable prices addressing medium-income customers.

The purchasing power and the sale price per sq m directly influence the required unit size and type of finishing. Most customers
prefer to purchase one or two-bedroom apartments while three bedroom apartments and duplexes are currently less popular
among buyers as demand is highly price sensitive. The increasing competition on the residential market enlarges the portfolio of
advantages for clients, thus offering a variety of financial arrangements such as buy-back solutions, favourable terms for
mortgage lending or other facilities (furnished rooms, several finishing options etc).

Ioana Momiceanu
Managing Director, President of the Board
Atisreal Romania

Economic Overview
After the impressive increase in 2006 (7.7%), at the end of GDP growth (% Y-O-Y)
2007 GDP recorded a 2 percentage points drop reaching
around 5.7%. The National Commission for Prognosis fore-

GDP Growth %
casts a slowdown of the GDP growth compared to the levels 6
recorded in 2006 and 2007. The above mentioned institution
estimates a constant increase of GDP with an average annual 0
rate of around 5.7% in the next 5 years.
In 2006, Foreign Direct Investment reached a record level of















Euro 9 billion, 75% higher than 2005. According to the National
f - forecast
Bank of Romania, the FDI recorded between January-November Source: National Commission for Prognosis
2007 totalized Euro 6.55 billion, 21% lower than 2006. However,
the higher rate in 2006 was owed to the takeover of the Unemployment and inflation rates evolution
Romanian Commercial Bank by Erste Bank, the largest invest-
ment so far on the Romanian market. For 2008 the Romanian Unemployment (%) Inflation rate (%)
Agency for Foreign Investments forecasts a level of Euro 7 bil- 12 60

lion of FDI comparable to the value recorded in 2007. 10 50


Inflation rate
8 40
According to the National Commission for Prognosis, the total
6 30
investments in the economy will increase in the next five years,
4 20
due to the opportunities created by EU financing and also by
2 10
domestic financing. The investment ratio is expected to grow
0 0
from 23.9% of GDP in 2006 to 31.5% of GDP in 2013.


The fluctuation of oil prices and the economic instability on

the international markets were among the causes for the f - forecast
Source: National Institute of Statistics; National Bank of Romania
higher than expected inflation growth rate in 2007, which
peaked at 6.57% in December 2007. However, the inflation
Structure of household consumption
rate is forecast to decrease to around 5.9% at the end of
expenditure in Q3 2007
2008, along with a lower unemployment rate.
Last year brought the lowest unemployment rate in the past
Agro-food products and
15 years. Romania is facing a shortage in the labour force, 1% non-alcoholic drinks
6% Beverages and tobacco
especially in the construction sector, caused by the migration 5%
Clothing and footwear
of workers to the Western European countries. The annual
6% Housing, water, electricity,
unemployment rate in 2007 was 4.3% and it is expected to gas and other fuels
4% Furniture, dwelling endow-
record a comparable level in 2008. ment and maintenance
5% Health
As a consequence of the labor market imbalance, the average
net monthly salary increased steadily with a rate of 15.2%
during previous year reaching RON 1,266 (Euro 359) in 7% 6%

December 2007. This increase is reflected in the average Leisure and culture

monthly household income, which reached RON 1,693 (Euro Miscellaneous (products
and services )
525) in Q3 2007, as the most important financial source for Education

household income is represented by salary (51.4%). Source: National Institute of Statistics Hotels, cafs and restaurants

Office Market Overview

Existing stock The amount of offices delivered during 2007 (312,000 sq m) is
Bucharest office market has continued the trend recorded in the similar with 2006, witnessing a balance between prime and
last 2 years with increasing supply surpassed by the growing Class B premises. Although the number of Class A completions
demand. Despite the significant number of new completions was limited, these properties usually offer large accommoda-
recorded in 2007 the local market is still witnessing shortage of tion generally over 15,000 sq m. Class B offices have signifi-
available quality office accommodation. cantly dominated the annual completions during previous
years; however, the market is shifting towards large, high qual-
ity premises. As a consequence, the volume of Class B offices
Modern office stock has decreased by 19% compared to 2006 while refurbished
New Refurbished
offices accounted only for 6.5% of the added stock. Refurbished
schemes are represented by large interwar villas (700-1,000 sq

250 m) converted into offices and former state-owned administra-

Thousand sq m

tive buildings (1,500-3,000 sq m) currently private-held.

200 Following the general trend in terms of location preferences,
the new office developments in Bucharest are primarily con-
150 centrated in the northern submarket (along Bucharest-Ploiesti
Road and Pipera area) accounting for 66.5% of completions in
2007. Development activity in the central submarket has been
slower, totaling around 12% of completions, being almost
exclusively dominated by conversions of older villas and small
size office buildings.
2000 2001 2002 2003 2004 2005 2006 2007 At the end of Q4 2007 the total office stock in Bucharest stood
Source: Atisreal Romania at 1,500,000 sq m (gross external area), of which around 35% is
Class-A premises. Class B offices still represent the largest mar-
ket segment, accounting for around 900,000 sq m.

Significant offices completed in 2007 The office stock remained focused in the northern and central
Q Building Location GEA submarkets, while other locations account for around 22% of
(sq m) completions in 2007. The western part of Bucharest is expect-
1 S-Park North 30,000 ed to emerge as one of the most active submarkets consider-
1 North Gate North 20,400
ing properties currently under construction or in advanced
1 Novo Park North 16,000
planning process.
2 Victoria Park North 21,610
Since 2005 this area has witnessed a major interest from
3 Nord City Tower North 12,500
3 West Gate Project West 20,700 developers who have acquired former industrial sites in view
4 Twin Barba I North 30,000 of office re-development.
4 Baneasa Business & Tech- North 26,000 This area is expected to become the secondary non-core office
nology Park - A
location in Bucharest after the northern submarket.
Source: Atisreal Romania

Office Market Overview (cont.)

Demand and take-up The demand for the central submarket comes primarily from
Increasing interest of international and domestic companies professional services companies and financial institutions,
in the local economy has induced a rise in take-up by 61% which are looking for high quality accommodation for setting
compared to 2006, reaching around 435,000 sq m. Demand up client services facilities and headquarters.
for quality office premises is still ahead of supply as the Around 29% of leasing transactions have been orientated
absorption for Class-A offices has reached approximately towards buildings located in this area mainly sustained by the
243,000 sq m. 88% of the total leased space is located in new pre-lease of Tower Center International, Premium Plaza and
buildings or pipeline developments. Clucerului Office Building.
Occupier expansion and relocations have remained the key Since 2004 the local market has started to record a shortage of
driving factors for demand in 2007. The local market has expe- prime offices and, as a result, registered record levels below 1%.
rienced a slight increase of the required average size reflected in 2007 continued this trend and the overall office vacancy rate
the escalation of enquiries for offices over 1,000 sq m. has decreased to 2.0% in December 2007, down from 3.5%
Among the core factors that are strongly influencing this recorded one year before, while vacancy for Class B offices
trend are the high percentage of pre-leases (42.5%) created
by the shortage of available quality offices and the increasing
Office stock by building size

activity of office-bound service companies belonging to

finance, industrial and IT&Telecom sectors.
Foreign companies accounted for 85% of leasing transactions,
being mainly active on large end users niche. Local companies are
usually active on small and medium size accommodation market 16%

as a result of relocations in quality and well located buildings.

<=2,500 sq m
New comer companies have sustained the demand for smaller 2,501-5,000 sq m
5,001-7,500 sq m
areas (up to 500 sq m) and short term leases (up to 3 years).
7,501-10,000 sq m
In terms of location, tenants are mainly looking to rent proper- > 10,000 sq m
ties located in the central submarket. As most occupiers were Source: Atisreal Romania
unable to find suitable premises in this submarket, they started
to look for alternative solutions in other locations, especially in Office take-up
the northern areas, which remained the most active submarket, Class A Class B
with 225,000 sq m leased. Currently the northern submarket
has a number of advantages that attract tenants: larger floor 240
plates enabling tenants to expand, lower rental levels compared
Thousand sq m

to the central submarket, sufficient and less expensive parking
facilities, proximity to desirable residential districts. The polari- 120

zation of the office market continued in 2007, as the most sig- 90

nificant office transactions were concluded for office buildings
located in the northern and central submarkets. Central areas 0
2002 2003 2004 2005 2006 2007
are attractive to tenants in terms of location, business services
Source: Atisreal Romania
availability and commercial image.

Office Market Overview (cont.)

tightened slightly to 2.2%, reflecting the limited availability of Rental levels and sale prices
adequate office options in the market. Rental levels throughout 2007 continued to be affected by

Consequently large tenants have become more committed to the imbalanced situation between demand and supply. Pre-

conclude pre-lease transactions several months before com- existing unsatisfied demand corroborated with increasing

pletion of the buildings, providing good fundamentals for relocations toward better quality premises induced an escala-

office investment market. tion of rental levels of 10-12% in nominal terms compared to

In contradiction with the high interest of tenants for the 2006 both for Class A and B offices.

northern areas, the largest proportion of vacant space (35%) After the relative stability of the rents in 2006, during 2007

is located within this submarket. This situation can be the average prime office rents increased to approximately

attributed to a mismatch between demand for international Euro 21.0-22.0/sq m/month, while for quality Class B buildings

standard premises and the location and specifications of the rents are currently ranging between Euro 14.0-16.0/sq m/

existing available supply. Around 6,000 sq m of the vacant month. The achieved rental levels for less attractive Class B

space is situated in the central submarket, mainly within small space range between Euro 12.0-14.0/sq m/month.

size premises, ranging between 1,000 sq m to 2,000 sq m. However, this trend was not homogenous within the city and
rents have fluctuated significantly depending on location and

Office vacancy rates Total vacancy building quality. The central submarket is still the most expen-
Class-A vacancy
sive location with average asking rents at Euro 22.0-24.0/sq m/
18 month or even higher for accessible and high quality offices,
levels comparable with office rents in late 1990's. Considering
12 the market evolution, landlords of centrally located properties

are not willing to grant substantial discounts for pre-leases. The
6 supply-demand imbalance in the northern submarket has put
an upward pressure on rents that have increased to Euro
0 16.0-18.0/sq m/ month while rents for pre-lease transactions in
2001 2002 2003 2004 2005 2006 2007
Source: Atisreal Romania
this submarket remained stable at Euro 12.0-14.0/sq m/month.
New office accommodation in the western area (the second
non-core office location) is leased at Euro 12.0-15.0/sq m/
Significant office transactions in 2007
Tenant Building Area month for ready-to-occupy spaces and between Euro 11.5-
(sq m) 12.5/sq m/ month for pre-lease spaces. In decentralized loca-
Renault* Barba Center 10,000 tions large tenants with a strong covenant benefit from tenant
Metro* Barba Center 7,300 incentives, which reduce effective rents with around 10%.
Cetelem* Clucerului OB 4,772
Prices for institutional investment products are on the rise driven
Accenture* West Gate 4,000
by the limited availability of properties and increasing recognition
Trapec Domenii OB 2,600
of Romania as one of the best risk-rewarded investment markets,
Ozone Laboratories Arta Grafica 1,700
WNS* West Gate 1,200 with yields compressing by 4 to 5 percentage points over the last

* - pre-lease transaction three years. Sale prices for investment properties are currently

Source: Atisreal Romania ranging between Euro 2,800-3,000/sq m while prime yields have
fluctuated around 6.0-6.5% during H2 2007.

Office Market Overview (cont.)

Lease terms Small and medium size tenants with high standard require-
Under the current market conditions dominated by the imbal- ments will strongly sustain demand in the central submarket
ance between demand and supply, landlords are still in a while large office developments located in decentralized areas
stronger position and therefore less flexible in negotiating lease will be in most demand by service companies.
terms. The average lease is 5 years, although 7-10 year leases An increasing demand for offices coming from governmental
are becoming more common for larger occupiers or good qual- and public institutions is forecasted in the near future as in
ity buildings. Shorter lease terms are common for small offices some cases their current premises are claimed by former own-
in Class B buildings located in less attractive areas. ers or have become inefficient for their activities.
Service charges continued the upward evolution as a result of
Office rents
escalation of utilities and other operational costs. Similar to the Class A Class B
second half of 2006, service charges increased with around
Euro 0.5/sq m/month reaching Euro 3.5-4.0/sq m/month for
Class A and Euro 3.0-3.5/sq m/month for Class B offices.
Euro/sq m/month

Rents for car parking followed the upward trend and recorded
an increase of 15-20% in the last 2 years. In the central sub- 10
market, monthly rents for parking spaces fluctuated between 5

Euro 50-70 per off-street space and Euro 100-110 per under- 0










ground parking space. In non-central locations, underground
Source: Atisreal Romania
spaces are leased for Euro 80-100/space/month while surface
parking spaces are leased for Euro 40-50/space/month. Significant office projects to be completed in
H1 2008
Q Building Location GEA Preleased
Prognosis for 2008
(sq m) (%)
The prospects for coming years are optimistic as significant sup-
1 IEMI North 40,000 91
ply is scheduled to be completed, confirming further market
1 Tower Centre international Central 31,135 80
expansion. By the end of 2008 office stock is expected to reach 1 Dimitrie Pompei BC North 8,150 0
around 1,9 million sq m as a result of almost 410,000 sq m of 1 SEMA Park I West 17,500 100
offices planned for completion. Around 250,000 sq m of Class A 2 Rams Centre East 16,000 52

offices are due to be completed this year, showing a significant 2 Twin Towers Barba Center 2 North 30,000 93
Source: Atisreal Romania
increase compared to 2007. The shortage of supply will continue
in 2008, as 43% of the proposed supply is already pre-leased. Proposed supply for 2008-2010
The proposed supply for 2008 will be mainly located in the
Class A Class B
northern submarket (40%), with several new projects to be 800
delivered within Pipera area, while the western submarket will 600
Thousand sq m

count for 67,000 sq m reflecting further market decentraliza-
tion. In the near future the number of mixed use projects, 300
including retail, residential and office accommodation, will 100
increase as several developers have started the development 2008 2009 2010

of large sites suitable for multiple purpose use. Source: Atisreal Romania

Residential Market Overview

Annual completions of housing units Existing stock
New residential projects delivered on the market in the past
Bucharest Ilfov County
12,000 few years recorded a high selling ratio, although most of them
targeted high-end customers, both in terms of location and

10,000 facilities offered, as well as selling prices.

Residential developers have started larger developments that

8,000 are currently under construction or in advanced planning

stage. At the end of 2006 the National Institute of Statistics
6,000 (NIS) estimated the total residential stock in Bucharest-Ilfov
Region at approximately 893,241 housing units, of which
4,000 785,696 units located in Bucharest. The total number of new
units completed in 2007 for Bucharest and Ilfov County
2,000 (9,719) increased by 77, 51% compared to 2006.
The residential stock in the Bucharest-Ilfov Region grew fast
0 in the last years. According to NIS, between 2000 and 2007,
2000 2001 2002 2003 2004 2005 2006 Q1-Q3
2007 the total stock in Bucharest increased with 13,623 residential
Source: Atisreal Romania units (of which around 23,87% completed in Q1-Q3 2007),
while in Ilfov County 19,116 units were added (with 6,167
completed in Q1-Q3 2007).

Annual completions by number of rooms Residential units completed in the last years have contributed

in Bucharest - Ilfov Region to the overall improvement of the stock, since new units are
of better quality and more spacious. Whereas the average
usable area per housing unit in 2000 was 130 sq m, new com-

pletions in 2006 witnessed a significant increase with around
20 sq m per unit as newly built units tend to have more bed-
rooms (at least two) and larger living rooms. Residential units
with more than 3 rooms completed in 2006 represented
around 87% of the total units while in 2000 these properties
2,000 accounted for 70% of completions.
As the land prices and the costs of constructions escalated in the
last years, developers have started to reconsider their projects and
0 design smaller units (ranging between 60 sq m to 90 sq m) in
2000 2001 2002 2003 2004 2005 2006
order to maintain end-user prices at affordable levels.
1 room 2 rooms 3 rooms 4 rooms 5 rooms and over
Although a large proportion of demand comes for single-family
Source: Atisreal Romania
homes, in the last 12 months developers have become inter-
ested in building multistory apartment blocks in Ilfov County
due to lack of suitable sites within Bucharest city limits.

Residential Market Overview (cont.)

Existing stock (cont.) Stock evolution by ownership
On the apartment submarket addressing medium and upper
medium customers residential projects generally comprise the 900,000
following percentage of unit mix and usable areas: studios - 800,000

under 5% (35-40 sq m), 1 bedroom - 15-20% (60-70 sq m), 2 700,000

Residential units
bedrooms - 60-65% (80-90 sq m) and 3 bedrooms - 10-15%
(90-100 sq m).
The newly built multifamily buildings are mainly situated in 300,000

secondary locations, such as Titan, Colentina, Dristor, Stefan 200,000

cel Mare, Militari, Drumul Taberei which are attractive to cus-
tomers due to easy access to public transportation and avail- 1994 1998 2002 2006

ability of parking places, sports and retail facilities. The first State owned Private owned

high rise residential buildings are planned to be delivered on Source: National Institute of Statistics

the market in 2008. The vertical extension is the tendency of

developers for new premises, in order to balance the costs of
construction with affordable selling prices, mainly for medium
class customers. According to the city planning, plots located Loans granted for real estate purchase
within areas such as Titan, Drumul Taberei, Vacaresti and
15,0 0 0
Victoriei Square are suitable for high rise residential projects.
Developers remain interested in acquiring land with favoura-
ble planning situated outside Bucharest, but within its prox- 12 ,0 0 0

imity. To date, outside Bucharest, developers have been almost

RON millions

exclusively focused on villa type developments. Generally the 9 ,0 0 0

average gross area per unit ranges between 150 sq m up to

300 sq m. The surface of attached land for each property 6 ,0 0 0

ranges between 300 sq m and 500 sq m.

New villas priced around Euro 1,250-1,500/sq m represented
3 ,0 0 0
the majority of properties offered for sale in Ilfov County. In
order to provide high quality villas and at the same time to
keep profitable margins for projects, the tendency of develop- 2001 2002 2003 2004 2005 2006 Q3 2007

ers is to offer smaller areas for the attached land of the prop- Source: National Institute of Statistics
erty, however in line with the clients demand.
As the availability of land in Bucharest is severely limited and
the sale prices of land in Ilfov County increased significantly,
developers are focusing on multistorey projects.
Several multifamily projects are under construction or in plan-
ning stage, mainly located in the proximity of Bucharest bounda-
ries, such as Pipera, Tunari, Stefanestii de Jos, Mogosoaia.

Residential Market Overview (cont.)

Evolution of population natural increase Existing stock (cont.)
(1960-2005) Perhaps the most significant trend recorded on the local mar-
ket is the increasing number of announcements for large resi-
22,0 Positive natural increase
Negative natural increase dential projects comprising hundreds or thousands of housing
units to support an efficient cost policy. This trend is expected
to continue in the future, allowing developers to promote
16,0 units at affordable prices addressing medium-income cus-
14,0 tomers. The north-eastern part of Ilfov County (Stefanestii de

12,0 Jos area) concentrates up to date the largest residential

projects announced: Cosmopolis, developed by Opus
Development and Fadesa Project, both projects comprising
over 1 million sq m each.
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Source: National Institute of Statistics

Demand on the apartment market addressing medium and
Demand structure on apartment submarket upper medium customers remains strong, as the National

Banks norms concerning mortgage loans have aimed to
25% encourage real estate acquisitions. Currently the residential

market both on apartment and villa segments is driven by
young customers (between 35 and 40 years) born during the
baby boom of early 1970s. The average net monthly income
per household should be in excess of Euro 2,000-2,500 in

40% order to be eligible for mortgage loans. Almost exclusively

Studios 1 bedroom 2 bedrooms 3 bedrooms or more potential customers are living in old apartment blocks built

Source: National Institute of Statistics before 1990s, in studios and 1 bedroom apartments.
The purchasing power and the sale price per sq m directly
influence the required unit size and type of finishing. Most
Asking sale prices (Euro/SQ M) customers prefer to purchase one or two-bedroom apart-
Location Apartments Villas
ments while three bedroom apartments and duplexes are cur-
Baneasa/Pipera 1,400-2,400 1,500-2,000
rently less popular among buyers as demand is highly price
Domenii 2,200-2,900 2,000-3,000
Herastrau 2,300-3,700 2,000-3,000 sensitive. Customers are almost exclusively interested in

Floreasca 2,000-2,800 1,600-2,500 acquiring a fully finished flat having the option to choose the
Primaverii 4,500-6,000 3,200-4,500 quality of finishing before completion.
Aviatorilor 4,000-5,000 2,800-4,500 The highest demand coming from the above mentioned type
Dorobanti 3,000-4,300 2,200-6,000 of customers is recorded for apartments with prices below
Source: National Institute of Statistics Euro 1,800/sq m + VAT.

Residential Market Overview (cont.)

Demand (cont.) Cost elements evolution in constructions
The high rate of sales is also sustained by the increased activity on (2000=1)
the investment market. From the total number of transactions 7.0

recorded in 2007 it is estimated that private investors represented 6.0

around 50%. Currently not only private investors are trying to 5.0
take advantage of the increasing development activity, but also
professional players, such as developers and realtors are investing
in residential properties, by acquiring a significant number of
units in view of disposal on the secondary market after the com-
pletion of the project. It is expected that the number of total 2000 2001 2002 2003 2004 2005 2006 Q3 2007
units offered on the market both for selling and renting will
Construction costs for residential units
increase, due to the situation mentioned above. Average net salary in constructions

An increasing demand has been recorded from foreign indi-

viduals and multinational companies which are looking to
purchase properties as an alternative to renting residential Asking monthly rents (Euro)
accommodation for employees. The rental market for high- Location Apartments Villas
end properties is still dominated by foreigners working in Primaverii 3,000-6,500 4,000-8,000
multinational companies, diplomatic missions and financial Dorobanti 2,500-5,500 3,500-7,000

institutions which prefer to rent smaller apartments (for 1 Herastrau 2,500-5,500 3,500-5,000
Floreasca 2,200-4,500 3,000-5,000
year leases) or larger villas (for longer agreements) selecting
Aviatorilor 3,000-6,000 4,000-8,000
the accommodation according to the highest requirements
Source: Atisreal Romania
location in the most prestigious neighborhood, large areas,
design and special fittings.
Customers that prefer to acquire villas as an alternative to Selected proposed residential developments
apartments located in high rise buildings are more interested Project Location Nr. of Total
units to be pro-
in the quality of lifestyle, comfort, security, privacy, quality of completed in posed
natural environment, location, access and surroundings of the 2008 units

property rather than the sale price.

Newtown Residence Central-East 316 634
Planorama East 1,104 1,104
Sale prices and rents Confort City Central-East 1,680 1,680
The evolution of sale prices for apartments addressing upper- Asmita Garden South 328 799
medium income customers has continued the increasing Confort Park South-East 464 464

trend recorded in 2006, with an average increase of 20% for InCity Residence Central-East 502 502

2007. Generally, the average price for a new apartment is Primavara Residence West 396 396
ranging between Euro 1,400-1,800/sq m on gross area. In
some cases sale prices per sq m vary depending on location of West Park West 300 1,370

the unit within the building, sale prices for the upper floors Source: Atisreal Romania

are sometimes 10% higher.


Residential Market Overview (cont.)

Developers quote sale prices, based on residential area; for Prognosis for 2008
balconies/terraces, storage rooms and common spaces, the 2008 will witness the first completions of large multifamily

sale prices are separately quoted, usually at 50% of the sale projects addressing medium and upper medium customers.

price for residential area. Competition between developers will become fierce as large

In prime residential locations (Primaverii, Aviatorilor, Dorobanti) projects comprising thousands of units having the same tar-

the sale prices for parking are between Euro 20,000-30,000 for get market have been announced. In 2007 the number of

underground parking while in secondary locations sale prices of construction permits issued in the Bucharest-Ilfov Region for

Euro 11,000-15,000 per place for underground and Euro residential buildings has reached 7,499, recording an increase

8,000-10.000 per space for surface parking are recorded. by 22% compared to the same period of 2006.

Sale prices for apartments are affected by several internal and The increasing competition on the residential market enlarges

external factors. The main internal factor is the current shortage the portfolio of advantages for clients, thus being offered a

of supply due to the increased demand coming from both end variety of financial arrangements such as buy-back solutions,

users and speculative transactions. The external factors are the favourable terms for mortgage lending or other facilities (fur-

rise of land prices, labour costs and construction materials prices nished rooms, several finishing options etc).

which witnessed a continue increase since 2000, especially from Demand for residential units is price-sensitive and as a conse-

2005 until today. quence of the increased prices for both land and construction

The average prices for villa-type properties and apartments costs, developers have to build units with areas comparable to

located in low rise buildings situated in prestigious areas those of flats built before 1989, but better finished, in order to

(Primaverii, Dorobantilor Kiseleff) start from around Euro 2,200/sq offer affordable sale prices per unit on the market. As for the

m and reach up to Euro 6,000/sq m. In the last year, sale prices for upper-class, the newly built premises will have variable areas,

new completed villa-type properties located in the northern parts depending on the concept of the project.

of Ilfov County (Pipera, Otopeni, Corbeanca) have slightly

increased reaching Euro 1,300-1,600/euro/sq m+VAT.
Rental levels for high class properties remained stable compared
to H2 2006. As there are many factors influencing the rents, the
range of rates is rather broad. Rents for a 2-3 bedroom apart-
ment in central-northern and northern areas of Bucharest can
reach up to Euro 2,200-6,500/month while for villas the rents are
ranging between Euro 3,000-8,000/month.
Less expensive apartments with monthly rents lower than Euro
3,500 are located in Domenii, Floreasca and Pipera. The above
levels do not include maintenance costs (around Euro 150-250/
month) and the rent for parking (usually on street).
This area is expected to become the secondary non-core office
location in Bucharest after the northern submarket.

Retail Market Overview

Existing stock Existing retail supply by type
A relatively limited development activity has been recorded in
On street units
2007 compared to previous year. Newly built developments
have been mainly represented by extensions of two shopping Malls

malls and completions of specialized stores (furniture, DIY). Hypermarkets

The specialized store segment still has strong growth pros- Shopping
pects as the rapid development of the residential market Galleries

induces a high demand for construction materials, fixtures, Do-it-yourself

furniture and household goods. Three major developments
have been completed in 2007: IKEA (26,000 sq m), Hornbach
(24,000 sq m) and Bucharest Mall extension (8,900 sq m).
Apart from the above mentioned developments, the local stores

market has experienced completions of smaller projects, such Supermarkets

as two Penny Market outlets (1,500 sq m in total), as well as Discount stores

expansions and strategic repositioning. Mega Image super-
0 25 50 75 100 125 150 175 200 225
market, member of Delhaize Group, has extended its network
Thousand sq m
with another 4 outlets (totaling 3,050 sq m of sellable area), Source: Atisreal Romania
Profi discounter has entered the market by acquiring Albinuta
supermarket chain (around 3,000 sq m in total) from the
Lithuanian company Maxima LT, while Billa opened another
two supermarkets in Otopeni and in Bucharest, close to City
Selected retail developments completed in
Mall, both of them totalizing around 900 sq m. On the hyper-
market segment, Carrefour has consolidated its position on Building Type Location Sellable
the market with the opening of another outlet within cen- Area
(sq m)
trally located former Universall outlet (3,600 sq m) nearby
Bucuresti Mall Mall Central-East 8,900
Unirea Shopping Center while Real, member of Metro Group, extension
has opened its first store in Bucharest in Vitan District. City Mall extension Mall Central- 5,243
In 2007, the size and structure of the retail stock have not been
IKEA Furniture North 26,000
significantly affected by the above mentioned completions. The outlet
total growth of modern retail space added to the existing stock Hornbach DIY South 16,000

has reached nearly 66,000 sq m during 2007, a level lower than Real Hyper- South-East 7,700
expected as delivery dates for some projects were postponed
Source: Atisreal Romania
for Q2-Q3 2008. The total modern retail stock in Bucharest is
estimated at around 695,000 sq m, of which 40% is represented
by mall type developments and shopping centers.

Retail Market Overview (cont.)

Demand and take-up good public transportation and high visibility. Generally high
Increasing interest coming from newcomer international street tenants require medium size units (between 100-150 sq
banks looking to expand networks in Romania has put an m), typical lease length being 5 years with the right to renew
upward pressure on high street units. Another shift in demand for another 5 years. Newcomer luxury retailers and entertain-
has been generated by residential developers which are look- ment operators have remained active on the shopping malls
ing for showrooms located in highly populated districts, with segment. The standard lease term for high quality retail
accommodation is 5-7 years up to 10 years for anchor tenants
with renewal/break options.
Asking rents by location

Rental levels and sale prices

Rental levels for both high street units and shopping centers have
Peripheral continued to increase slightly compared with 2006. Currently the
rental level for prime high street units are ranging between Euro
100-130/sq m/month while rents for units up to 50 sq m located
within shopping malls are at Euro 100-110/sq m/month. Service
charges within shopping centers have increased to around Euro
7.0-9.0/sq m/month while the marketing fee is usually Euro
1.0-1.5/sq m/month.

Prognosis for 2008
Attracted by the large potential of the Bucharest retail market,
0 30 60 90 120 150
developers are planning to complete various projects in and
Euro/sq m/month
around Bucharest. The total modern stock is expected to
Source: Atisreal Romania
increase by 26% in the next 12 months, as extensive projects
Selected retail schemes proposed for are proposed to be delivered in 2008. Shopping malls will have
delivery in 2008 the most significant development, local market witnessing a
Building Location Sellable Area
(sq m) stock increase of around 191,000 sq m after the completion of

Baneasa Shopping City North 85,000 three new projects (Baneasa Shopping City, Sun Plaza and
Sun Plaza South 76,000 Liberty Centre).
Retail park projects and multi-brand factory-outlet centers
Liberty Centre South-West 30,000
with good accessibility are emerging as new retail formats.
Vitantis South-East 30,000
Fashion House Outlet West 28,000 Developers such as Liebrecht & Wood and American Outlets
Centre Overseas have targeted the western exit of the city along A1
Source: Atisreal Romania highway while BelRom intends to develop a retail park in the
eastern part of Bucharest.

Industrial Market Overview

Existing stock Selected warehouse developments completed
During 2007 construction and leasing activities in the local in 2007
industrial market have been supported by the rapid develop- Property Developer/ Location Area
Owner (sq m)
ment of logistics and retail markets. The supply of quality
available industrial space is still limited as new modern ProLogis Park Phase I ProLogis West 56,500
schemes are dominated by built-to-suit premises mainly for Bucharest West Portland West 37,500
tenant occupancy. However, encouraged by the increasing
Bucharest Industrial Rynart West 20,000
demand, developers have started to build larger industrial
schemes on a speculative basis and expand their interest Equest Logistic Rynart West 20,000
toward the southern and eastern part of Bucharest. Centre
Additionally, a number of developers have approached a niche Source: Atisreal Romania
strategy offering opportunities for small and medium sized
companies which are looking for short to medium-term leases
and storage spaces that range from 500 to 1,500 sq m.
Significant industrial transactions in 2007
The western submarket still remains the most active; the first
Company Project Area (sq m) *
phases of large developments such as ProLogis and A1
Carrefour Cefin 47,000
Industrial Park, or expansions of existing schemes (Cefin
Interbrands Cefin 16,700
Logistics Park) have been completed in 2007. The total stock of CIB Trans Bucharest 15,000
modern industrial premises, as at the end of H2 2007, reached West
approximately 540,000 sq m showing a 74% increase com- Kuehne Nagel ProLogis 10,700
OTZ Logistics Cefin 10,500
pared with the level recorded at the end of 2006.
Cargo Partner ProLogis 8,000
Omega Transport ProLogis 6,600
EVW Holding Cefin 6,500
Industrial demand remained strong, particularly for logistics
Augsburg International ProLogis 6,500
facilities, resulting in a noticeable shortage of supply as the Georgia Pacific Cefin 6,000
majority of transactions was represented by pre-leases. The Lekkerland Bucharest 6,000
current market conditions are supporting these practices as West

developers only start construction works after securing pre- * - including office spaces
leases. As a consequence, it is still difficult for small tenants to Source: Atisreal Romania
find suitable premises for short to medium-term leases.
Usually lease contracts are concluded for 3-5 years, except for
larger logistics operators and retailers which secure spaces for
periods in excess of 5 years.
Almost exclusively, large transactions of over 5,000 sq m have
been concluded in the western submarket due to limited available
supply in other areas and clear preference of tenants to the west-
ern/north-western area (good vehicular connection, proximity of
retail concentrations, large and fully serviced industrial premises).
Strong demand prevailed for the industrial projects situated
along A1 highway in particular (Cefin Logistics Park, ProLogis).

Industrial Market Overview (cont.)

Asking industrial rents Rental levels and sale price
Location Building Euro/sq m/ The increase of supply has generated a decrease of rental lev-
Type month
els with 10-15%. Average rents for new industrial schemes are
North/West New 4.00-5.00
North/West Old 2.50-3.50 currently ranging between Euro 4.0-5.0/sq m/month in the

South New 3.50-4.00 western submarket and up to Euro 5.5/sq m/month in the
South Old 2.50-3.50 northern areas while on other submarkets these are fluctuat-
East New 3.50-4.00 ing between Euro 3.5-4.0/sq m/month. Larger tenants with
East Old 2.50-3.50
strong covenants renting modern premises (larger than 10,000
Source: Atisreal Romania sq m) in the western submarket are achieving lower rents
which fluctuate around the lower limit of the range Euro 4.0-
4.5/sq m per month.
Monthly rents for refrigerated storage facilities range between
Euro 7.0-10.0/sq m while offices within industrial premises are

Selected warehouse developments to be typically leased for Euro 8.0-10.0/sq m/month. Service charges
completed in 2008 generally fluctuate between Euro 0.5-0.7/sq m per month
Property Developer/ Location Area with an upward trend stimulated by the increase of utilities
Owner (sq m)
costs and property taxes.
ProLogis Park Phase II ProLogis West 56,000
Equest Logistic Equest West 15,600 Prognosis for 2008
An increase in the level of speculative developments is expect-
Mercury Logistic Park Helios West 10,000
Properties ed on the medium term in the most sought after locations
Bucharest West Portland 30,000 within Ilfov County. New modern industrial facilities are
expected to be completed in the eastern and southern parts
Source: Atisreal Romania
of the city as large developers and investors, such as European
Future Group and Immoeast, have acquired plots in view of
this type of development.
Demand will continue to be focused on the western locations
as lack of major road improvements and availability of new
modern facilities in other areas will not significantly influence
the occupiers location preferences. In addition the required
size of associated offices to the industrial premises is expected
to increase as there is a clear tenants preference to integrate
within the same location their industrial and administrative

Land Market Overview

General improvement of the real estate market and increasing Bucharest agricultural area
demand coming from developers have led to a rapid escalation of 5,600

land prices as the availability of sites suitable for new projects has 5,400

diminished. This trend has been also levered by the restrictive 5,200

planning policies regarding the vertical urban development and


artificial increase of the prices induced by the psychological fac-
tor of EU accession.
Growth of development activity especially in the residential mar-
ket has induced a shift in developers interest from the central
and secondary locations towards peripheral areas of Bucharest
and Ilfov County. During 2006 around 110 hectares of agricul- 4,000
2000 2001 2002 2003 2004 2005 2006
tural land were withdrawn from agricultural use in Bucharest
Source: National Institute of Statistics
while approximately 490 hectares were converted in land suitable
for constructions in Ilfov County. Despite intense urban extension
developers have remained interested in acquiring former indus-
trial sites within the city and older large residential properties in
view of redevelopment due to limited available plots. The most
sought after residential properties acquired for this purpose are Significant land transactions in Bucharest in
located in the city centre or within its proximity (Traian, Unirii, 2007
Purchaser Location Area Value
Cotroceni, Floreasca areas), where developers prefer to build high (ha) (mil Euro)
standard residential and office accommodation. Raiffesein Evolution North 11 90
AFI Europe* North-West 15.5 77.5
Demand Rosebud Medical North 6.0 72.9

In terms of demand, the local land market is dominated by BelRom East 9.0 60.0
Real4you* East 7.0 60.0
foreign purchasers, mainly originated from Israel, Spain,
Caelum Development East 8.3 53.0
Greece, UK and Ireland. Investors are mainly looking to aggre-
Gran Via* West 5.4 42.0
gate small plots to create larger sites, especially in the north-
IUE Leader* Central-West 4.3 30.6
ern and western areas of Bucharest where large residential Ablon Group North 3.3 9.5
and industrial projects have been developed. The emergence Gran Via* West 3.1 17.5
of multi-brand factory outlet segments has induced an * Involved former industrial sites
increased interest of developers for acquiring plots located
Source: Atisreal Romania
along the main transport corridors.
Although the market is dominated by transactions in view of
development, some specific areas (South, A2 Highway area,
future Bucharest-Brasov Highway) are targeted by opportun-
istic investors which are looking to benefit from the potential
price escalation after the completion of proposed infrastruc-
ture and real estate projects.

Land Market Overview (cont.)

Demand (cont.) involving large plots suitable for residential have been con-
Demand in the western submarket has become more active cluded in the last 12 months in this area. The eastern submar-
and this area is expected to become the secondary residential ket has recorded a great demand for small and medium sized
location after the northern submarket. Several transactions industrial facilities (including production).

Sale prices
Average land prices in Bucharest During 2007 sale prices for centrally located sites suitable for
District Location Average Price residential and office projects have increased on average by 15-
(Euro/sq m)
20% compared to 2006. In the central-northern areas (Kiseleff,
Kiseleff-Clucerului Central 3,300-4,000
Primaverii) prices have steadily increased and now range between
Unirii Central 2,200-3,500
Primaverii North 4,000-4,500 Euro 3,300-4,000/sq m or even higher, being directly reflected in

Herastrau North 2,000-2,500 both the sale prices and rental level quoted in office and residen-
Militari West 900-1,300 tial markets.
Ghencea West 500-700 Excepting some specific areas located in the eastern and south-
Berceni South 400-800 ern Bucharest and Ilfov County which are subject to speculative
Giurgiului South 150-350 transactions, the highest increase (between 20-30%) has been
Pantelimon East 600-1,000 recorded for plots situated in the secondary locations as a result
Titan East 800-1,200 of high demand coming from residential developers. The expan-
Source: Atisreal Romania sion of the residential market was the main factor for the price
increase in Ilfov County supported by the fact that in certain
areas urban planning has allowed the construction of multi-sto-
Land prices outside Bucharest city limits rey buildings.
Area Use Loca- Average Price
tion (Euro/sq m)
Otopeni Residential North 150-450 Prognosis for 2008
Pipera Residential North 400-1,000 Demand for land suitable for residential developments is high
Office North 1,100-1,300 and is likely to remain strong for the foreseeable future.
Chitila Residential West 150-500 Developers react to the strong demand on the residential
A1 Highway Industrial West 45-100
market and upward trend of land prices within Bucharest by
Popesti Leordeni Residential South 150-250
acquiring larger plots situated outside the city but within its
Pantelimon Residential East 150-200
Afumati Residential East 120-250
Demolition of old individual residential properties and former
Source: Atisreal Romania
industrial sites will remain the main sources for increasing the
availability of land in the secondary and peripheral locations.
Opportunistic investors will continue to be focused on plots
situated along the Bucharest-Brasov highway and less devel-
oped eastern and southern areas of Ilfov County. These areas
will witness the most significant price increase, as the current
level of prices and high development potential encourage the
speculative transactions.

Investment Market Overview

European Union membership and optimistic economic out- Investment transactions by market
look strongly corroborated with the upward trend of property
segment in 2007
market as well as favourable country-risk indicators are the 8%
main factors which positively influenced the attractiveness of
the local investment market during the first half of 2007.
Contrary to this trend, the financial markets turmoil, most 19%

particularly the increasing concerns over the credit markets,

led to a contraction of the investment activity in Bucharest
starting Q4 2007.
The still strong investment demand has been sustained by the 71%
important capital inflows coming from investment funds and
property investment companies targeting Romania to diversi-
Office Industrial Residential Hotel
fy real estate portfolios and risks across regional markets.
Source: Atisreal Romania
Albeit the investment market continues to mature, it is still
primarily limited by the shortage of quality investment prod-
ucts offered on the market which are not sufficient to satisfy Investment transactions evolution
the ever-increasing demand.
During 2007, the institutional property investment market
attracted around Euro 750 million, comparable to the value of 700
Investment value (mil Euro)

investment transactions concluded in 2006. The interest in the


office sector has remained strong, with approximately Euro

531 million of investment, while the industrial sector was the
second performing segment, accounting for around 19% of 400

total transacted volume. The hotel segment has witnessed

higher investment activity compared to previous years with
transactions totaling around Euro 61 million. No retail trans- 200

actions were concluded in Bucharest during 2007. While

office transactions have been exclusively concentrated in the
capital city, retail (shopping centers) transactions have been 0
2003 2004 2005 2006 2007
concluded only in regional cities, reaching around Euro 747
Office Industrial Retail Residential Hotel
million. Source: Atisreal Romania
Following the trend recorded in 2006, almost all investment
transactions concluded in 2007 involved Austrian and UK
funds (31% and 27%, respectively). Investors originating from
these two countries have been active since the early stages of
the local investment market (2003-2004) acquiring properties
in all market segments. The two leading investors in 2007
were Immoeast and Ixis Corporate & Investment Bank.

Investment Market Overview (cont).

Immoeast has extended the property portfolio in Bucharest by The French investment fund has entered the local market by
acquiring S-Park (offices) and an industrial development com- acquiring America House for the record value of Euro 120 mil-
pany, while in the regional cities the interest has been con- lion. These two leading investment funds accounted for 45% of
centrated on the retail segment. the total investment volume in 2007. Other significant transac-

Investors by country tions have been concluded by DEGI (Euro 111 million), Fabian

15% (Euro 96 million) and Teesland IOG (Euro 70 million).

As a consequence of the rapid yield compression the local mar-
Austria ket has experienced unprecedented trends. New low risk funds
Greece have entered the market while some funds have taken the
advantages of the lower yields and exit their first investments.
France Ixis and DEGI are low risk investment funds which have entered
Germany the Romanian property market after an investment volume
27% totaling around Euro 120 and respectively Euro 111 million.
DEGI has acquired the local property portfolio of Charlemagne
Source: Atisreal Romania
Capital (European Convergence Property Company) consisting
in three office building which total around 35,000 sq m.
Main investment transactions in 2007
Q Property Use Size Yield The lack of quality investment products and high level of pre-
(sq m) (%) lease transactions on specific submarkets offer investors the
1 UPC Building Office 5,300 7.4
opportunity to acquire off-plan or under construction schemes,
1 S-Park Office 30,800 6.9
especially offices. The market has witnessed a clear tendency
1 Evocentre Office 3,200 8.5
towards forward purchase transactions over standing invest-
1 Logistic facility Industrial 9,000 10.0
2 Cubic Centre Office 44,000 7.4-7.8 ments as investors are keen on securing better yields and

2 Baneasa BC Office 9,600 7.7 attaining control over the project development. Approximately
3 Construdava Office 9,200 7.2 Euro 252 million was involved in forward purchase transactions,
3 Millennium BC Office 14,800 6.4 such as the acquisition of Cubic Centre project by Fabian Capital
3 America House Office 27,000 5.6
Ltd for around Euro 60 million. Due to the limited investment
Source: Atisreal Romania grade product and strong demand for accommodation on cer-
tain market segments, some investors have become interested
Yields by market segments
in taking the development risk and are already focusing on set-
Office Industrial Retail
14.0 12.0 ting up partnerships with either local or international develop-
12.0 10.0
ers and co-fund projects to come.
10.0 As an example, Teesland IOG has acquired A1 Industrial Park

8.0 from Cefin Real Estate while Immoeast has bought Logistic

Contractor, an industrial development company.

The office market remained the most active investment sector
2.0 2.0
in Bucharest during 2007, with a total capital inflow of over
0.0 0.0
2003 2004 2005 2006 2007 EUR 531 million, increasing by 39% compared with 2006.
Source: Atisreal Romania

Investment Market Overview (cont.)

Despite yield compression, the office segment has seen a contin- Africa Israel Hotels has acquired 4 three star hotels for around
ue growth stimulated by the general evolution of the market Euro 30 million while BNB Victoria Tower sold a 4-star hotel
(high level of pre-lease transactions, low vacancy rates, stable affiliated to Golden Tulip Group to Atlas Estates for approxi-
rental levels, optimistic outlook concerning future expanding mately Euro 12 million.
office-bound service companies) and shortage of suitable invest- While the institutional funds are looking to invest in commer-
ment products on other market segments. cial properties, the private equity funds are considering the
The largest office investment transactions to date have been the residential properties addressing upper medium to high
acquisition of America House by Ixis Corporate & Investment income customers. The residential market has attracted
Bank for around Euro 120 million and the purchase of S-Park by approximately Euro 15 million of institutional investments
Immoeast for approximately Euro 101.5 million. Class B offices due to limited quality residential projects offered on the mar-
emerged as an attractive market as investors have diversified ket. Developers are not willing to sell the residential projects
their interest towards smaller office buildings, located in most to a single buyer, preferring to sell the apartments to end
sought after areas of the city, offering higher yields (7.5-8.0%) users or private equity investors to obtain a higher return.
compared to prime offices. Prime yields in Bucharest have been
under downward pressure due to a shortage of available product Prognosis for 2008
and ever-increasing demand. Due to strong market conditions (low vacancy rate, high demand
Prime office yields have decreased from 7.0-7.5% in H2 2006 to coming from tenants, stable rentals) and large amount of pro-
approximately 6.0% at the end of H1 2007, although America posed development in all market segments, the number and
House transaction has been concluded below this level (around value of transactions will maintain high levels, especially in the
5.6%). Sale prices have slightly increased by around 15% com- office segment.
pared with H2 2006 and are currently ranging between Euro The local investment market is less affected by the U.S. subprime
2,800-3,000/sq m of gross external area. crisis and Romania is still perceived as an attractive market.
The local industrial investment activity has been very slow since However, the lenders are more prudent in granting finance for
2003, with only a couple of transactions concluded in the last 3 real estate projects and transactions.
years. Approximately Euro 200 million has been invested into this Under the circumstances of the instability of the international
segment since 2005, with over 74% of the total volume being markets, in 2008 the investment funds will become more precau-
invested since the beginning of 2007 alone. One of the most sig- tious in their decision to acquire expensive properties, but will still
nificant transactions concluded to date has been the acquisition be looking for alternative products with higher yields.
of A1 Industrial Park by the UK fund Teesland IOG for a total of Although the lack of transactional evidence is still making accu-
Euro 70 million. rate pricing difficult, it is clear that prime yields are moving
Industrial yields have decreased slightly during 2007, although towards the levels recorded in H2 2006 (7-7,25%).
yield compression appears to be slower compared with other
market segments due to the limited number of transactions.
Industrial yields are currently ranging between 8.0-8.5% depend-
ing on development type.
The hotel investment market has been very active in 2007 com-
pared with previous years and registered a total capital inflow of
around Euro 61 million.

Pe piata spatiilor de birouri din Bucuresti s-a mentinut tendinta ascendenta inregistrata in ultimii doi ani, oferta aflata in crestere
fiind depasita de cererea tot mai mare. Desi in 2007 au fost finalizate numeroase cladiri de birouri, pe piata exista inca o lipsa acuta
de spatii de calitate disponibile. Stocul de birouri a ramas concentrat in zonele centrale si de nord, in celelalte zone regasindu-se
numai aproximativ 22% din spatiile finalizate in 2007. Se estimeaza ca zona de vest a Bucurestiului va deveni una dintre cele mai
active pe segmentul birourilor, datorita proiectelor aflate in constructie sau in stadii finale de obtinere a avizelor de urbanism.

Cresterea constanta a cererii pe piata de investitii a fost sustinuta de aportul important de capital al fondurilor de investitii si
companiilor ce gestioneaza proprietati imobiliare. Acestea au in vedere Romania in scopul diversificarii portofoliului imobiliar si
a riscului la nivel regional. Cu toate ca piata investitiilor se afla in plin proces de maturizare, dezvoltarea acesteia continua sa fie
limitata de lipsa proprietatilor de calitate, insuficiente pentru acoperirea cererii tot mai mari. Ca urmare a scaderii rapide a
randamentelor, pe piata locala s-au creat noi tendinte. Au aparut noi fonduri de investitii cu risc scazut, in timp ce altele au
profitat de scaderea randamentelor si au vandut investitiile initiale.

Lipsa proprietatilor de calitate si numarul mare de tranzactii de pre-inchiriere pe diferite segmente ale pietei imobiliare determina
investitorii sa achizitioneze proprietati in faza de proiect sau aflate in constructie, in special pe segmentul birourilor. S-a
inregistrat o tendinta clara de achizitionare a cladirilor inainte de finalizarea lucrarilor de constructie, in defavoarea proprietatilor
deja finalizate, deoarece investitorii urmaresc sa isi asigure randamente cat mai bune si sa obtina controlul asupra proiectului.

Piata locala de investitii este mai putin afectata de criza din Statele Unite, Romania fiind inca perceputa ca piata atractiva.
Totusi, institutiile finantatoare sunt mai prudente in acordarea de finantari pentru proiecte si tranzactii imobiliare. In contextul
instabilitatii pietelor financiare internationale, in 2008 fondurile de investitii vor deveni mai precaute in privinta achizitionarii de
proprietati cu preturi mari, dar vor cauta in continuare solutii alternative cu randamente mai ridicate. Desi lipsa unei evidente a
tranzactiilor face in continuare dificila stabilirea exacta a preturilor, este evident ca nivelul randamentelor pentru birourile de
calitate va tinde spre cel inregistrat in a doua jumatate a anului 2006 (7-7,25%). Pe segmentul rezidential, probabil cea mai
importanta tendinta inregistrata pe teritoriul judetului Ilfov este cresterea numarului de anunturi privind initierea unor proiecte
rezidentiale de mari dimensiuni ce cuprind sute sau mii de locuinte, pentru a promova o politica de preturi eficienta. Se estimeaza
ca aceasta tendinta va continua si in viitor deoarece le permite dezvoltatorilor sa vanda locuinte la preturi accesibile populatiei
cu venituri medii.

Puterea de cumparare si pretul de vanzare pe metru patrat influenteaza in mod direct marimea locuintelor si tipul de finisaje
solicitate. Majoritatea clientilor prefera sa achizitioneze apartamente cu unu sau doua dormitoare, locuintele cu trei dormitoare sau
duplex-urile fiind mai putin cautate in acest moment de catre cumparatori, deoarece cererea este puternic influentata de pret.

Competitia crescuta dintre dezvoltatori va duce la cresterea avantajelor oferite clientilor, pornind de la numeroase variante de
finantare, cum ar fi metoda buy-back, pana la conditii favorabile pentru credite sau alte facilitati (mobilarea apartamentelor, mai
multe optiuni de finisare, etc).

Ioana Momiceanu
Managing Director, President of the Board
Atisreal Romania

Situatia economica
Dupa cresterea impresionanta inregistrata in 2006 (7,7%), la Cresterea produsului intern brut (% anual)
sfarsitul anului 2007 Produsul Intern Brut a scazut cu doua 10

Cresterea PIB (%)

puncte procentuale, atingand aproximativ 5,7%. Conform 8
estimarilor Comisiei Nationale de Prognoza, Produsul Intern
Brut isi va incetini ritmul de crestere comparativ cu ritmurile 2
inregistrate in 2006-2007. Institutia mai sus mentionata esti-
meaza o crestere constanta a PIB cu o medie anuala de apro-

ximativ 5,5% in urmatorii 5 ani.















In anul 2006 investitiile straine directe au atins un nivel record de
p - previziuni
9 miliarde Euro, cu 75% mai mult decat in 2005. Conform Bancii Sursa: Comisia Nationala de Prognoza
Nationale a Romaniei, in perioada ianuarie-noiembrie 2007 inves-
titiile straine directe au insumat 6,55 miliarde Euro, cu 21% mai Evolutia somajului si a ratei inflatiei
putin decat in 2006. Totusi, cuantumul superior al investitiilor din
2006 se datoreaza preluarii Bancii Comerciale Romane de catre Somaj (%) Rata inflatiei (%)
12 60
Erste Bank, prin cea mai mare tranzactie inregistrata pe piata
10 50
romaneasca pana in prezent. Pentru anul 2008 Agentia Romana

Rata inflatiei
8 40
pentru Investitii Directe estimeaza investitii straine directe de

6 30
7miliarde Euro, nivel comparabil cu cel inregistrat in 2007.
4 20
Conform Comisiei Nationale de Prognoza, investitiile straine
2 10
directe vor creste in urmatorii cinci ani datorita oportunitatilor 0 0
create prin finantarile Uniunii Europene, dar si prin finantari



interne. Se estimeaza ca ponderea investitiilor in cadrul PIB va
p - previziuni
creste de la 23,9% (2006) pana la 31,5% in 2013.
Sursa: Institutul National de Statistica; Banca Nationala a Romaniei
Fluctuatiile pretului petrolului si instabilitatea economica de
pe pietele internationale s-au numarat printre cauzele ce au
Structura cheltuielilor de consum
determinat cresterea ratei inflatiei peste nivelul estimat pen-
pe familie in trim. 3 2007
tru 2007, aceasta atingand 6,57% in luna decembrie a anului
trecut. Cu toate acestea se estimeaza ca pana la sfarsitul lui 1%
Produse agroalimentare si
2008 rata inflatiei va scadea pana la aproximativ 5,9% coro- 1% bauturi neacoolice
6% Bauturi alcoolice si tutun
borata cu micsorarea ratei somajului.
Imbracaminte si incaltaminte
Anul trecut s-a inregistrat cea mai scazuta rata a somajului din
6% Locuinta, apa, electricitate,
ultimii 15 ani. Romania se confrunta in prezent cu lipsa fortei de 41%
gaze si alti combustibili
munca, in special in sectorul constructiilor, cauzata de migrarea 4% Mobilier, dotarea si
intretinerea locuintei
muncitorilor catre tarile din Europa de Vest. In 2007 rata anuala a 5% Sanatate
somajului a fost de 4,3% si se estimeaza ca in 2008 se va mentine Transport
la un nivel comparabil cu cel de anul trecut. 14%
7% 6%
Ca urmare a dezechilibrului de pe piata muncii, in 2007 salariul
Recreere si cultura
mediu lunar net a crescut intr-un ritm constant, cu 15,2%, atin-
Diverse (produse si servicii)
gand 1.266 RON (359 Euro) in luna decembrie. Aceasta crestere se
reflecta in venitul mediu lunar pe familie, care a ajuns la 1.693
RON (525 Euro) in trimestrul 3 din 2007, salariul reprezentand cea Hoteuri, cafenele si restaurante

mai importanta sursa financiara a familiei (51,4%). Sursa: Institutul National de Statistica

Piata spatiilor de birouri

Oferta Suprafata de birouri livrata in 2007 (312.000 mp) este similara
Pe piata spatiilor de birouri din Bucuresti s-a mentinut tendin- cu cea din 2006, inregistrandu-se un echilibru intre spatiile de
ta ascendenta inregistrata in ultimii doi ani, oferta aflata in clasa A si B. Desi a fost finalizat un numar limitat de cladiri de
crestere fiind depasita de cererea tot mai mare. Desi in 2007 clasa A, acestea ofera in general suprafete mari, de peste
au fost finalizate numeroase cladiri de birouri, pe piata exista 15.000 mp. Birourile de clasa B au fost predominante in cadrul
inca o lipsa acuta de spatii de calitate disponibile. suprafetelor livrate in anii anteriori, insa piata se reorienteaza
treptat catre spatii de calitate de mari dimensiuni. Ca urmare,
birourile de clasa B au scazut cu 19% comparativ cu 2006, iar
Spatii de birouri moderne spatiile renovate au reprezentat numai 6,5% din stocul adau-
N oi R econditionate
gat. Spatiile renovate sunt vile de mari dimensiuni (700-1.000
mp) construite in perioada interbelica si foste cladiri adminis-

250 trative detinute in trecut de stat (1.500-3.000 mp), aflate in

prezent in proprietate privata.
200 Respectand trendul general privind zonele favorite pentru biro-
Mii mp

uri, noile proiecte din Bucuresti s-au concentrat in zona de nord

(de-a lungul Soselei Bucuresti-Ploiesti si in Pipera), acestea
reprezentand 66,5% din stocul total livrat in 2007. In centrul
orasului activitatea de constructie a fost mai redusa, numai
12% din birourile livrate fiind situate in aceasta zona si con-
stand in vile renovate si cladiri de birouri de mici dimesiuni.
La sfarsitul trimestrului 4 din 2007 stocul total de birouri din
2000 2001 2002 2003 2004 2005 2006 2007 Bucuresti era de 1.500.000 mp (suprafata bruta), din care biro-
Sursa: Atisreal Romania urile de clasa A reprezentau 35%. Birourile de clasa B sunt
inca predominante, insumand aproximativ 900.000 mp.
Stocul de birouri a ramas concentrat in zonele centrale si de
nord, in celelalte zone regasindu-se numai aproximativ 22%
Cladiri semnificative de birouri finalizate in
2007 din spatiile finalizate in 2007. Se estimeaza ca zona de vest a

Trim. Cladire Zona Suprafata Bucurestiului va deveni una dintre cele mai active pe segmen-
bruta (mp) tul birourilor, datorita proiectelor aflate in constructie sau in
1 S-Park Nord 30.000 stadii finale de obtinere a avizelor de urbanism. Incepand cu
1 North Gate Nord 20.400
anul 2005 aceasta zona a generat un interes tot mai mare din
1 Novo Park Nord 16.000
partea dezvoltatorilor care au achizitionat foste platforme
2 Victoria Park Nord 21.610
industriale in vederea realizarii unor proiecte de birouri.
3 Nord City Tower Nord 12.500
3 West Gate Project Vest 20.700 Aceasta zona va deveni a doua ca importanta dupa nordul

4 Twin Barba I Nord 30.000 Bucurestiului in privinta concentrarii de spatii de birouri.

4 Baneasa Business & Nord 26.000
Technology Park - A

Sursa: Atisreal Romania


Piata spatiilor de birouri (cont.)

Cererea si gradul de ocupare Cererea pentru birouri in centrul capitalei provine in principal din
Interesul crescut din partea companiilor locale si internationale partea companiilor furnizoare de servicii si institutiilor financiare,
pentru economia romaneasca a dus la cresterea gradului de ocu- care doresc spatii de calitate pentru sediile principale sau pentru
pare cu 61% comparativ cu 2006, acesta ajungand la aproximativ servicii destinate clientilor. Aproximativ 29% din tranzactiile de
435.000 mp. Cererea pentru birouri de calitate inca depaseste inchiriere au fost incheiate in aceasta zona, in cladiri ca Tower
oferta, absorbtia spatiilor de clasa A ridicandu-se la aproape Center International, Premium Plaza si Clucerului Office Building,
243.000 mp. Din totalul suprafetei inchiriate, 88% se situeaza in unde au fost incheiate multe tranzactii de pre-inchiriere.
cladiri noi sau in proiecte in curs de finalizare. Piata locala a inregistrat o lipsa acuta a birourilor de clasa A ince-
Extinderea si relocarea spatiilor de birouri au ramas principalii pand cu anul 2004 si ca urmare rata de neocupare pentru acestea
factori ce au determinat cresterea cererii in 2007. Pe piata locala a atins niveluri record de sub 1%.
s-a inregistrat o usoara crestere a suprafetei medii solicitate spre In 2007 aceasta tendinta a continuat si gradul total de neocupare
inchiriere, situatie reflectata de cresterea rapida a solicitarilor a spatiilor de birouri a scazut pana la 2.0% in decembrie, de la
pentru suprafete de peste 1.000 mp. nivelul de 3,5% inregistrat in anul precedent. Pentru spatiile de
Cauzele principale care au dus la crearea acestei tendinte sunt clasa B gradul de neocupare a fost de 2,2%, ceea ce denota ofer-
numarul mare de pre-inchirieri (42,5%) realizate din cauza lipsei ta limitata de birouri de calitate de pe piata.
de birouri de calitate si activitatea crescuta a companiilor din Spatii de birouri in functie de
domeniile financiar, industrial, IT si telecomunicatii. suprafata cladirii
Companiile internationale au incheiat 85% din totalul tranzactii-
lor de inchiriere, solicitand in principal suprafete de mari dimensi-
uni. Companiile locale au solicitat suprafete medii si mici,
preferand relocarea in cladiri de calitate, amplasate in zone bine
cotate. Companiile nou intrate pe piata au generat cererea pentru
suprafete de mici dimensiuni (pana la 500 mp), pentru perioade
<=2.500 mp
scurte de timp (pana la 3 ani).
2.501-5.000 mp
Din punct de vedere al amplasarii, chiriasii solicita in principal
5.001-7.500 mp
birouri situate in zona centrala. Deoarece nu au gasit spatii 10%
7.501-10.000 mp
corespunzatoare in aceasta zona, majoritatea chiriasilor s-au 9%
> 10.000 mp
reorientat spre solutii alternative in alte zone, in special in nor- Sursa: Atisreal Romania
dul capitalei. Acesta a ramas cel mai activ sector al pietei bucu-
Gradul de ocupare a spatiilor de birouri
restene de birouri, cu 225.000 mp inchiriati in zona respectiva.
Clasa A Clasa B
In prezent cladirile de birouri din nordul Bucurestiului ofera 300
chiriasilor numeroase avantaje: suprafete de mari dimensiuni
care le permit extinderea ulterioara, un nivel mai scazut al chi- 210
riilor comparativ cu cele din zona centrala, locuri de parcare 180
Mii mp

suficiente si mai ieftine, apropierea fata de cartiere rezidentiale 150

cunoscute. Polarizarea pietei de birouri din Bucuresti a continu-
at si in 2007, cele mai multe tranzactii fiind incheiate in cladiri
de birouri din centrul si nordul capitalei. Zonele centrale sunt 30

atractive din punct de vedere al amplasarii, serviciilor disponibi- 0

2002 2003 2004 2005 2006 2007
le si vizibilitatii comerciale. Sursa: Atisreal Romania

Piata spatiilor de birouri (cont.)

Ca urmare, companiile aflate in cautarea unor suprafete de mari nesatisfacuta coroborata cu relocarile tot mai numeroase catre
dimensiuni au devenit tot mai interesate sa incheie tranzactii de birouri de calitate mai buna au determinat cresterea rapida a
pre-inchiriere, cu cateva luni inainte de finalizarea lucrarilor de chiriilor cu 10-12% comparativ cu 2006, atat pentru birourile de
constructie, aceasta practica reprezentand un bun fundament clasa A, cat si pentru cele de clasa B.
pentru piata de investitii. Dupa relativa stabilitate din 2006, pe parcursul anului 2007 chiri-
In contradictie cu interesul crescut manifestat de chiriasi pentru ile medii pentru birourile de clasa A au crescut pana la aproxima-
zona de nord, cea mai mare suprafata disponibila (35%) se rega- tiv 21-22 Euro/mp/luna. Pentru birourile de clasa B chiriile se
seste tot aici. Aceasta situatie poate fi explicata prin diferenta situeaza in prezent intre 14-16 Euro/mp/luna. Chiria obtinuta
existenta intre caracteristicile cererii (birouri la standarde interna- pentru spatii de clasa B mai putin atractive se incadreaza intre
tionale) si cele ale ofertei disponibile. Aproximativ 6.000 mp din 12-14 Euro/mp/luna.
spatiile disponibile sunt situate in zona centrala, in cladiri de mici Totusi, aceasta tendinta nu a fost constanta in toate zonele ora-
dimensiuni, cu suprafete intre 1.000 2.000 mp. sului, chiriile variind semnificativ in functie de zona si calitatea
constructiei. Centrul orasului ramane cel mai scump segment, cu

Nivelul chiriilor si preturile de vanzare chirii solicitate intre 22-24 Euro/mp/luna sau chiar mai mult, in

Pe parcursul anului 2007 nivelul chiriilor a continuat sa fie afectat cazul cladirilor cu acces facil ce ofera spatii de calitate, la care

de dezechilibrul dintre cerere si oferta. Cererea pre-existenta chiriile pot ajunge la niveluri comparabile cu chiriile solicitate la
sfarsitul anilor 90. Avand in vedere evolutia pietei, proprietarii
Evolutia ratelor de neocupare cladirilor de birouri situate in zona centrala nu acorda reduceri
Rata totala de neocupare
Birouri clasa-A neocupate
semnificative pentru incheierea contractelor de pre-inchiriere. In
zona de nord a orasului dezechilibrul dintre cerere si oferta a
16 determinat cresterea chiriilor pana la 16-18 Euro/mp/luna, in
timp ce pentru tranzactiile de pre-inchiriere acestea s-au menti-
nut la un nivel stabil de 12-14 Euro/mp/luna.

8 In zona de vest (a doua zona ca atractivitate din cele situate la
4 periferia orasului) birourile noi deja finalizate se inchiriaza cu
2 12-15 Euro/mp/luna, iar tranzactiile de pre-inchiriere se incheie cu
2001 2002 2003 2004 2005 2006 2007 aproximativ 11,5-12,5 Euro/mp/luna. In zonele secundare, compa-
Sursa: Atisreal Romania niilor de mari dimensiuni dispuse sa incheie contracte de inchiriere
pe perioade lungi de timp, le sunt oferite stimultente importante,

Tranzactii semnificative cu spatii de birouri care pot reduce valoarea efectiva a chiriei cu pana la 10%.
in 2007 Pentru proiectele corespunzatoare calitativ pentru investitiile
Chirias Cladire Suprafata (mp) institutionale, preturile de vanzare sunt in crestere ca urmare
Renault* Barba Center 10.000 a lipsei de oferta si a recunoasterii Romaniei drept una dintre
Metro* Barba Center 7.300 cele mai profitabile piete de investitii in privinta raportului
Cetelem* Clucerului OB 4.772 risc-profit, cu randamente ce au scazut cu 4-5 puncte procen-
Accenture* West Gate 4.000
tuale in decursul ultimilor 3 ani. In prezent, pretul de achizitie
Trapec Domenii OB 2,600
a cladirilor inchiriate variaza intre 2.800-3.000 Euro/mp, in
Ozone Laboratories Arta Grafica 1.700
timp ce randamentele pentru birourile de calitate au fluctuat
WNS* West Gate 1.200
intre 6,0-6,5% in semestrul 2 din 2007.
* - tranzactie de pre-inchiriere
Sursa: Atisreal Romania

Piata spatiilor de birouri (cont.)

Conditii de inchiriere comerciale, rezidentiale si de birouri. Mai multi dezvoltatori au
In conditiile pietei actuale dominate de dezechilibrul dintre inceput constructia unor suprafete de mari dimensiuni potrivite
cerere si oferta, proprietarii sunt intr-o pozitie avantajoasa, fiind unor proiecte cu destinatii multiple.
mai putin flexibili in negocierea termenilor de inchiriere. Companiile mici si medii aflate in cautarea unor spatii de calitate
Perioada medie de inchiriere este de 5 ani, insa devin din ce in vor sustine cererea pentru birouri in centrul orasului, in timp ce
ce mai numeroase si inchirierile pe 7-10 ani, mai ales pentru proiectele de mari dimensiuni situate in zone secundare vor fi
chiriasii ce ocupa spatii de mari dimensiuni sau pentru cladirile solicitate de companiile furnizoare de servicii.
de calitate superioara. Inchirierile pe perioade mai scurte sunt
Evolutia chiriilor
caracteristice spatiilor de clasa B, de mici dimensiuni, situate in Clasa A Clasa B
zone mai putin atractive.
Costurile de intretinere si-au mentinut tendinta ascendenta ca 30

urmare a cresterii pretului utilitatilor si altor costuri operationa- 25

le. La fel ca in a doua jumatate a lui 2006, costurile de intretine- 20


re au crescut cu aproximativ 0,5 Euro/mp/luna, ajungand la 15

3,5-4 Euro/mp/luna pentru birourile de clasa A si la 3-3,5 Euro/ 10

mp/luna pentru spatiile de clasa B. 5

Si chiriile pentru spatiile de parcare au continuat trendul ascen- 0











dent, inregistrand o crestere cu 15-20% in ultimii doi ani. In
zona centrala chiria pentru un loc de parcare suprateran a fluc- Sursa: Atisreal Romania
tuat intre 50-70 Euro/loc/luna, in timp ce pentru parcarile sub-
terane nivelul chiriilor a variat intre 100-110 Euro/loc/luna. In Cladiri semnificative de birouri propuse pentru
zonele secundare locurile de parcare subterane se inchiriaza cu finalizare in semestrul 1 2008
Cladire Zona Suprafata Prein-

80-100 Euro/loc/luna, in timp ce pentru parcarile de la suprafa-

totala chiriere
ta chiria este de 40-50 Euro/loc/luna. construita (%)
1 IEMI Nord 40.000 91
Previziuni pentru 2008 1 Tower Centre International Centru 31.135 80
Previziunile pentru anii ce vin sunt optimiste, fiind propuse spre 1 Dimitrie Pompei BC Nord 8.150 0
finalizare numeroase proiecte de birouri, ceea ce confirma expan- 1 SEMA Park I Vest 17.500 100
siunea continua a acestui segment. Pana la sfarsitul anului 2008 2 Rams Centre Est 16.000 52
se estimeaza ca stocul de birouri va atinge 1,9 milioane mp, fiind 2 Twin Towers Barba Center 2 Nord 30.000 93
programati spre finalizare aproximativ 410.000 mp. Aproximativ
Sursa: Atisreal Romania
250.000 mp de birouri de clasa A sunt propusi pentru finalizare
pana la sfarsitul acestui an, ceea ce reprezinta o crestere semnifi-
Spatii de birouri propuse pentru livrare
cativa comparativ cu 2007. Lipsa de spatii de birouri se va menti-
in 2008-2010 Clasa A Clasa B
ne si in 2008, 43% din birourile programate spre livrare fiind deja 800
pre-inchiriate. 700
Mii mp

Spatiile de birouri propuse spre finalizare in 2008 vor fi situate in 500

principal in zona de nord a orasului (40%), cu cateva proiecte noi 400
ce urmeaza a fi livrate in zona Pipera, in timp ce in zona de vest 200
vor fi livrati 67.000 mp, ceea ce demonstreaza continuarea ten- 100
dintei de descentralizare a pietei. In viitorul apropiat va creste 2008 2009 2010

numarul proiectelor cu utilizare mixta ce vor include spatii Sursa: Atisreal Romania

Piata spatiilor rezidentiale

Numarul de locuinte construite anual Oferta
Noile proiecte rezidentiale livrate pe piata in ultimii ani au inre-
Bucuresti Judetul Ilfov
12.000 gistrat vanzari ridicate, desi multe dintre acestea s-au adresat
populatiei cu venituri mari, din punct de vedere al amplasarii, al

10.000 facilitatilor oferite, dar si al preturilor.

Dezvoltatorii au initiat proiecte rezidentiale de mari dimensiuni,

8.000 care se afla in acest moment in curs de constructie sau in stadii

avansate de obtinere a avizelor de urbanism. La sfarsitul anului

6.000 2006, Institutul National de Statistica (INS) a estimat stocul

total din regiunea Bucuresti-Ilfov la aproximativ 893.241 de
4.000 unitati rezidentiale, din care 785.696 sunt amplasate in
Bucuresti. Numarul total de noi unitati livrate in 2007 in
2.000 Bucuresti si judetul Ilfov (9.719) a crescut cu 77,51% comparativ
cu 2006.
0 Numarul locuintelor din aceasta regiune a crescut rapid in ulti-
2000 2001 2002 2003 2004 2005 2006 Trim 3
2007 mii ani. Conform INS, intre anul 2000 si 2007, stocul total a
Sursa: Atisreal Romania crescut cu 13.623 unitati noi in Bucuresti (din care aproximativ
23,87% au fost finalizate in primele trei trimestre din 2007), in
timp ce in aceeasi perioada in Ilfov au fost construite 19.116

Numarul de locuinte finalizate anual locuinte (din care 6.167 au fost livrate in primele trei trimestre
in functie de numarul de camere din 2007).
in regiunea Bucuresti-Ilfov Locuintele finalizate in ultimii ani au contribuit la imbunatatirea
6.000 calitatii stocului rezidential, noile unitati fiind de calitate supe-
rioara si mai spatioase. Daca in anul 2000 suprafata utila medie
per locuinta era de 130 mp, in 2006 s-a inregistrat o crestere cu
4.000 aproximativ 20 mp per unitate, noile locuinte avand mai multe
dormitoare (cel putin doua) si living-uri mai mari. Locuintele cu
mai mult de trei camere finalizate in 2006 au reprezentat apro-
2.000 ximativ 87% din stocul total, in timp ce in anul 2000 acestea
reprezentau 70% din totalul locuintelor construite.
Ca urmare a cresterii rapide din ultimii ani a pretului terenurilor

0 si materialelor de constructie, dezvoltatorii au inceput sa regan-

2000 2001 2002 2003 2004 2005 2006
deasca structura proiectelor, construind locuinte de dimensiuni
1 camera 2 camere 3 camere
4 camere 5 sau mai multe camere
mai mici (intre 60-90 mp) pentru a mentine preturile la niveluri
Sursa: Atisreal Romania accesibile.

Piata spatiilor rezidentiale (cont.)

Oferta (cont.) devine tot mai limitat, iar pretul de vanzare al terenurilor din
Desi o mare parte a cererii se concentreaza pe locuinte unifa- judetul Ilfov creste semnificativ, dezvoltatorii isi concentraza
miliale, in ultimele 12 luni dezvoltatorii au devenit interesati atentia catre proiecte multifamiliale. Un numar mare de astfel
de construirea de blocuri rezidentiale in judetul Ilfov, ca urma- de proiecte se afla in constructie sau in stadiul de obtinere a
re a lipsei terenurilor in interiorul orasului. autorizatiilor, fiind situate in apropierea limitelor orasului:
Pe segmentul apartamentelor destinate populatiei cu venituri Pipera, Tunari, Stefanestii de Jos, Mogosoaia.
medii si medii-ridicate proiectele au urmatoarea structura in ceea
ce priveste numarul de camere si suprafetele utile: garsoniere
Evolutia stocului de locuinte
sub 5% (35-40 mp), apartamente cu un dormitor 15-20%
pe forme de proprietate
(60-70 mp), apartamente cu doua dormitoare 60-65% (80-90 1.000.000

mp) si apartamente cu 3 dormitoare 10-15% (90-100 mp). 900.000

Blocurile rezidentiale nou construite sunt situate in zone
secundare, in cartiere ca Titan, Colentina, Dristor, Stefan cel 600.000

Mare, Militari, Drumul Taberei. Proiectele de acest gen sunt 500.000

atractive datorita accesului usor la transportul public si exis-
tentei parcarilor, dar si a facilitatilor pentru sport si spatiilor
comerciale. Primele blocuri noi sunt propuse spre livrare pe 100.000

piata in 2008. Construirea pe verticala este noua tendinta a 0

1994 1998 2002 2006
dezvoltatorilor pentru noile proiecte rezidentiale, aparuta
Proprietate publica Proprietate privata
pentru mentinerea echilibrului intre costurile de constructie si
Sursa: Institutul National de Statistica
preturile de vanzare, in special pentru proiectele destinate
populatiei cu venituri medii. Potrivit planului de urbanism al
orasului, terenurile situate in zone precum Titan, Drumul Credite acordate pentru
Taberei, Vacaresti si P-ta Victoriei sunt potrivite pentru con- achizitionarea de locuinte
15.0 0 0
struirea de cladiri rezidentiale multietajate.
Dezvoltatorii raman interesati de achizitionarea de terenuri cu
regimuri urbanistice favorabile situate in proximitatea orasului. 12 .0 0 0

Pana in prezent dezvoltatorii au construit numai complexuri de

milioane RON

vile in afara Bucurestiului. In general suprafata medie construita 9 .0 0 0

a locuintelor de acest tip este intre 150-300 mp. Suprafata de

teren aferenta fiecarei proprietati variaza intre 300 -500 mp. 6 .0 0 0

Vilele nou construite cu preturi intre 1.250-1.500 Euro/mp au

reprezentat majoritatea proprietatilor oferite spre vanzare in
3 .0 0 0
judetul Ilfov. Pentru a furniza vile de calitate fara a micsora
rata profitului, dezvoltatorii au tendinta de a oferi suprafete
Trim 3
mai mici de teren aferente proprietatilor, tinand insa seama si 2001 2002 2003 2004 2005 2006
de solicitarile clientilor. Sursa: Institutul National de Statistica

Pe masura ce numarul terenurilor disponibile in Bucuresti


Piata spatiilor rezidentiale (cont.)

Evolutia cresterii naturale a populatiei Oferta (cont.)
(1960-2005) Probabil cea mai importanta tendinta inregistrata pe teritoriul
judetului Ilfov este cresterea numarului de anunturi privind
Crestere naturala a populatiei pozitiva initierea unor proiecte rezidentiale de mari dimensiuni ce
20,0 Crestere naturala a populatiei negativa
cuprind sute sau mii de locuinte, pentru a promova o politica
de preturi eficienta. Se estimeaza ca aceasta tendinta va con-
16,0 tinua si in viitor deoarece le permite dezvoltatorilor sa vanda
14,0 locuinte la preturi accesibile populatiei cu venituri medii. Pana

12,0 in prezent cele mai mari proiecte rezidentiale anuntate sunt

situate in zona de nord-est a judetului Ilfov, in zona Stefanestii
de Jos. Este vorba de proiectul Cosmopolis, dezvoltat de com-

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
pania Opus Development si de proiectul Fadesa, totalizand
peste un milion de metri patrati fiecare.
Sursa: Institutul National de Statistica

Structura cererii pe Pe segmentul apartamentelor destinate populatiei cu venituri
segmentul apartamentelor medii si medii-ridicate cererea continua sa fie in crestere, ca

5% urmare a masurilor luate de Banca Nationala pentru incuraja-

25% rea achizitiilor imobiliare.

30% In prezent, dezvoltarea segmentelor de apartamente si vile

este sustinuta de categoria populatiei tinere (intre 35 si 40 de
ani) nascute in timpul exploziei demografice de la inceputul
anilor 70. Venitul mediu net pe familie trebuie sa depaseasca
40% 2.000-2.500 Euro pentru a se putea obtine un credit ipotecar.
garsoniere 1 dormitor Clientii potentiali locuiesc aproape exclusiv in blocuri vechi
2 dormitoare 3 sau mai multe dormitoare
construite inainte de 1990, in garsoniere si apartamente cu un
Sursa: Institutul National de Statistica
singur dormitor.
Puterea de cumparare si pretul de vanzare pe metru patrat
influenteaza in mod direct marimea locuintelor si tipul de
Preturi de vanzare solicitate (euro/mp)
Zona Apartmente Vile finisaje solicitate. Majoritatea clientilor prefera sa achizitione-

Baneasa/Pipera 1.400-2.400 1.500-2.000 ze apartamente cu unu sau doua dormitoare, locuintele cu

Domenii 2.200-2.900 2.000-3.000 trei dormitoare sau duplex-urile fiind mai putin cautate in
Herastrau 2.300-3.700 2.000-3.000 acest moment de catre cumparatori, deoarece cererea este
Floreasca 2.000-2.800 1.600-2.500 puternic influentata de pret. Cumparatorii sunt aproape
Primaverii 4.500-6.000 3.200-4.500
exclusiv interesati de achizitionarea unui apartament complet
Aviatorilor 4.000-5.000 2,800-4.500
finisat, cu posibilitatea de a alege calitatea finisajelor inainte
Dorobanti 3.000-4.300 2.200-6.000
de finalizarea constructiei.
Sursa: Institutul National de Statistica

Piata spatiilor rezidentiale (cont.)

Cererea (cont.) Evolutia costurilor materialelor de constructie
Populatia cu venituri medii solicita in principal apartamente (2000=1)
cu preturi sub 1.800 Euro/mp + TVA. 7,0

Volumul mare de vanzari este sustinut si de activitatea crescu- 6,0

ta de pe piata investitiilor. Se estimeaza ca din numarul total
de tranzactii din 2006, cele incheiate de investitori privati au
reprezentat 50%. In prezent nu numai investitorii privati
incearca sa profite de activitatea sustinuta de constructie, ci si
cei ce activeaza in mod obisnuit pe aceasta piata, cum ar fi
dezvoltatorii si agentiile imobiliare, care investesc in proprie- 2000 2001 2002 2003 2004 2005 2006
Trim 3
tati imobiliare. Acestia achizitioneaza un numar important de
Costuri de contructie pentru spatii rezidentiale
locuinte in vederea vanzarii ulterioare pe piata secundara, Salariul mediu net in domeniul constructiilor

dupa finalizarea proiectului. Se estimeaza ca numarul locuin- Sursa: Atisreal Romania

telor oferite pe piata spre vanzare si inchiriere va creste, ca
urmare a activitatii mai sus mentionate. Chirii lunare solicitate (euro)
S-a remarcat o cerere crescuta din partea persoanelor fizice strai- Zona Apartamente Vile
ne si a companiilor multinationale, care sunt interesati de achizi- Primaverii 3.000-6.500 4.000-8.000
tionarea de proprietati ca alternativa la inchirierea de locuinte Dorobanti 2.500-5.500 3.500-7.000

pentru angajati. Herastrau 2.500-5.500 3.500-5.000

Floreasca 2.200-4.500 3.000-5.000
Segmentul inchirierilor de proprietati de lux este inca dominat de
Aviatorilor 3.000-6.000 4.000-8.000
straini ce activeaza in cadrul companiilor multinationale, misiuni-
Sursa: Atisreal Romania
lor diplomatice si institutiilor financiare. Acestia prefera sa inchi-
rieze apartamente de mici dimensiuni (pe perioade de 1 an) sau
Selectie de proiecte rezidentiale propuse spre
vile mai mari (pentru perioade mai lungi de timp), selectandu-si
locuinta conform celor mai ridicate standarde: amplasarea in cele
Proiect Zona Nr. de Nr. total
mai renumite cartiere, suprafete cat mai mari, design si dotari unitati de unitati
propuse spre propuse
speciale. finalizare in
Clientii care prefera sa achizitioneze vile ca alternativa la aparta-
Newtown Residence Centru-Est 316 634
mentele situate in blocuri sunt interesati mai mult de aspecte
Planorama Est 1.104 1.104
precum calitatea stilului de viata, confort, securitate, intimitate, Confort City Centru-Est 1.680 1.680
calitatea mediului inconjurator, amplasare, acces si vecinatatea Asmita Garden Sud 328 799
proprietatii, si mai putin de pretul de vanzare. Confort Park Sud-Est 464 464
InCity Residence Centru-Est 502 502

Nivelul chiriilor si preturile de vanzare Primavara Residence Vest 396 396

Tendinta crescatoare de la sfarsitul anului 2006 a preturilor de
vanzare la apartamentele destinate populatiei cu venituri West Park Vest 300 1.370

medii ridicate a continuat si in 2007, inregistrandu-se o cres- Sursa: Atisreal Romania

tere medie de aproximativ 20%.


Piata spatiilor rezidentiale (cont.)

In general, pretul mediu al unui apartament nou construit se Chirii lunare mai mici de 3.500 Euro se solicita pentru aparta-
situeaza intre 1.400-1.800 Euro/mp construit. In unele cazuri mente situate in zonele Domenii, Floreasca si Pipera. Chiriile
pretul pe metru patrat difera in functie de amplasarea aparta- mentionate mai sus nu includ costurile de intretinere (aproxi-
mentului in cadrul cladirii. Astfel, pretul apartamentelor situa- mativ 150-250 Euro/luna) si chiria pentru locul de parcare (de
te la etajele superioare poate fi cu 10% mai ridicat. obicei amenajat stradal).
Dezvoltatorii prefera sa stabileasca preturile de vanzare in
functie de destinatia spatiului; pentru balcoane/terase, spatii Previziuni pentru 2008
de depozitare si spatii comune, preturile sunt stabilite separat, Pe parcursul lui 2008 se vor finaliza primele proiecte de mari
de obicei la 50% din pretul de vanzare al spatiului de locuit. In dimensiuni destinate populatiei cu venituri medii si medii-
zonele rezidentiale prestigioase (Primaverii, Aviatorilor, ridicate. Competitia intre dezvoltatori va deveni acerba, fiind
Dorobanti) pretul de vanzare al parcarilor subterane este de anuntate proiecte ce cuprind mii de locuinte care se adreseaza
20.000-30.000 Euro, pe cand in zonele secundare acesta atin- aceluiasi segment de piata. In 2007 numarul de autorizatii de
ge 11.000-15.000 Euro. Pretul de vanzare al unui loc de parca- constructie eliberate in zona Bucuresti-Ilfov pentru construc-
re amenajat la suprafata in aceste zone descentralizate se tii rezidentiale a fost de 7.499, inregistrandu-se o crestere de
incadreaza intre 8.000-10.000 Euro. 22% comparativ cu aceeasi perioada din 2006.
Pretul de vanzare al apartamentelor este influentat de mai Competitia crescuta dintre dezvoltatori va duce la cresterea
multi factori interni si externi. Principalul factor intern este avantajelor oferite clientilor, pornind de la numeroase varian-
lipsa ofertei de locuinte datorata cresterii cererii din partea te de finantare, cum ar fi metoda buy-back, pana la conditii
utilizatorilor finali si incheierii unui mare numar de tranzactii favorabile pentru credite sau alte facilitati (mobilarea aparta-
speculative. Factorii externi sunt cresterea pretului terenurilor, mentelor, mai multe optiuni de finisare, etc).
a costului fortei de munca si al materialelor de constructie, Nivelul preturilor influenteaza major cererea de locuinte. Ca
care au inregistrat un trend constant ascendent incepand din urmare a preturilor crescute la terenuri si materiale de con-
anul 2000, dar in special din 2005 pana in prezent. structie dezvoltatorii sunt nevoiti sa construiasca apartamen-
Pentru proprietatile tip vila si apartamentele situate in cladiri te cu suprafete comparabile cu cele construite inainte de
de joasa inaltime din cartierele de lux (Primaverii, Dorobantilor, 1989, dar cu finisaje superioare din punct de vedere calitativ,
Kiseleff), pretul mediu de vanzare porneste de la aproximativ pentru a putea promova preturi accesibile. Suprafetele apar-
2.200 Euro/mp si ajunge pana la 6.000 Euro/mp. In ultimul an, tamentele noi destinate populatiei cu venituri ridicate variaza
preturile locuintelor tip vila nou construite situate in zona de in functie de conceptul fiecarui proiect.
nord a judetului Ilfov (Pipera, Otopeni, Corbeanca) au crescut
usor, ajungand la 1.300-1.600 Euro/mp+ TVA.
Chiriile pentru proprietatile de lux au ramas la acelasi nivel cu
cele din a doua jumatate a anului 2006. Exista numerosi fac-
tori care influenteaza chiriile, intervalul in care acestea variaza
fiind destul de mare. Pentru un apartament cu 2-3 dormitoare
situat in zona de centru-nord sau in nordul Capitalei chiria
poate varia intre 2.200-6.500 Euro/luna, iar pentru vile se pot
plati intre 3.000-8.000 Euro/luna.

Piata spatiilor comerciale

Oferta Oferta de spatii comerciale
In 2007 pe piata spatiilor comerciale s-a inregistrat o activita-
te relativ scazuta comparativ cu anul trecut. Proiectele noi au Comert stradal

fost reprezentate de extinderea suprafetelor a doua mall-uri si Mall-uri

finalizarea unor magazine specializate (mobilier, bricolaj).
Segmentul magazinelor specializate are inca un potential
semnificativ, dezvoltarea rapida a pietei imobiliare generand o comerciale

cerere crescuta de materiale de constructii, accesorii, mobilier Bricolaj

si obiecte pentru intretinerea casei. In 2007 au fost finalizate Centre

trei proiecte importante: IKEA (26.000 mp), Hornbach (24.000
mp) si extensia Bucuresti Mall (8.900 mp).
In afara proiectelor mentionate mai sus, pe piata locala a spa- universale
tiilor comerciale au fost livrate proiecte de dimensiuni mai Supermarket-uri
mici: doua magazine Penny Market (in total 1.500 mp), pre- Magazine
cum si cateva extinderi si repozitionari strategice. Lantul de de reduceri
0 25 50 75 100 125 150 175 200 225
supermarket-uri Mega Image, membru al Grupului Delhaize,
Mii mp
si-a extins reteaua prin deschiderea a inca 4 unitati (in total
Sursa: Atisreal Romania
3.050 mp), magazinul de reduceri Profi a intrat pe piata prin
achizitionarea lantului de supermarket-uri Albinuta (aproxi-
mativ 3.000 mp) de la compania lituaniana Maxima LT, iar
Selectie de proiecte comerciale finalizate
Billa a deschis inca 2 magazine in Otopeni si in Bucuresti, in in 2007
apropiere de City Mall, ambele totalizand aproximativ 900 mp. Cladire Tip Zona Suprafata
Pe segmentul supermarket-urilor reteaua Carrefour si-a con- de vanzare
solidat pozitia pe piata prin deschiderea unui nou magazin in
Bucuresti Mall Mall Central-Est 8.900
centrul capitalei (3.600 mp), in incinta fostului supermarket extindere

Universall, in apropiere de Unirea Shopping Center. Lantul City Mall Mall Central-Sud 5.243
Real, membru al grupului Metro, si-a deschis primul magazin
IKEA Mobilier Nord 26.000
in Bucuresti in cartierul Vitan. Hornbach Bricolaj Sud 16.000
In 2007 dimensiunea si structura stocului de spatii comerciale Real Hypermarket Sud-Est 7.700
nu au fost influentate semnificativ de finalizarea proiectelor Sursa: Atisreal Romania
mai sus mentionate. Anul trecut stocul de spatii comerciale
moderne din Bucuresti s-a marit cu aproximativ 66,000 mp,
ceea ce reprezinta o cifra mai scazuta decat cea estimata,
datorita amanarii datei de finalizare a unor proiecte pentru
trimestrele doi si trei din 2008. Stocul total al spatiilor comer-
ciale moderne din Bucuresti este estimat la aproximativ
695.000 mp, din care 40% sunt reprezentati de proiecte de tip
mall si centre comerciale.

Piata spatiilor comerciale (cont.)

Cererea si gradul de ocupare Marcile de lux nou intrate pe piata si operatorii spatiilor desti-
Interesul crescut din partea bancilor internationale ce doresc sa nate petrecerii timpului liber au ramas activi pe segmentul
isi extinda activitatea pe piata romaneasca a determinat creste- spatiilor comerciale de tip mall. Perioada standard de inchirie-
rea cererii de spatii stradale amplasate pe arterele importante re a spatiilor comerciale de calitate este de 5-7 ani, pana la 10
ale orasului. O alta modificare a structurii cererii a survenit ca ani pentru companiile ce inchiriaza suprafete mari, cu optiuni
urmare a interesului dezvoltatorilor de proiecte imobiliare in de prelungire/reziliere a contractelor.
deschiderea de showroom-uri situate in cartiere dens populate,
accesibile transportului public si cu vizibilitate comerciala. Nivelul chiriilor si preturile de vanzare
In general, companiile aflate in cautarea de spatii stradale solicita Comparativ cu al doilea semestru al anului 2006, nivelul chiriilor
suprafete de aproximativ 100-150 mp, perioada medie de inchiri- a continuat sa creasca usor atat pentru spatiile comerciale stra-
ere fiind de 5 ani, cu posibilitatea de prelungire pentru inca 5. dale, cat si pentru centrele comerciale moderne. In prezent chirii-
Nivelul chiriilor in functie de zona le solicitate pentru spatiile stradale ultracentrale se situeaza in
intervalul 100-130 Euro/mp/luna, in timp ce pentru suprafetele
comerciale mai mici de 50 mp situate in cadrul mall-urilor nivelul
chiriei este de 100-110 Euro/mp/luna. In centrele comerciale cos-
turile de intretinere au crescut usor, pana la aproximativ 7-9 Euro/
mp/luna, in timp ce cheltuielile de marketing se ridica de obicei la
1-1,5 Euro/mp/luna.

Previziuni pentru 2008
Atrasi de potentialul ridicat al pietei spatiilor comerciale din
Bucuresti, dezvoltatorii intentioneaza sa inceapa constructia unor
Ultracentral proiecte importante in interiorul si in apropierea orasului. Pentru
2008 sunt propuse spre finalizare proiecte de mari dimensiuni,

0 30 60 90 120 150
estimandu-se ca stocul total de spatii comerciale moderne va
Euro/mp/luna creste cu 26% in urmatoarele 12 luni. Spatiile de tip mall vor
Sursa: Atisreal Romania cunoaste cea mai importanta dezvoltare, stocul acestora urmand
sa ajunga la 191.000 mp dupa finalizarea celor 3 noi proiecte
Selectie de proiecte comerciale propuse pen-
tru finalizare in 2008 Baneasa Shopping City, Sun Plaza si Liberty Centre.
Cladire Zona Suprafata de vanzare Proiectele de parcuri comerciale si centrele de tip outlet usor
accesibile incep sa se afirme tot mai mult ca noi tipuri de
Baneasa Shopping Nord 85.000
City concepte pe piata spatiilor comerciale.
Sun Plaza Sud 76.000 Dezvoltatori ca Liebrecht & Wood si American Outlets Overseas
s-au orientat catre iesirea din partea de vest a Bucurestiului,
Liberty Centre Sud-Vest 30.000
de-a lungul autostrazii A1, in timp ce altii precum BelRom
Vitantis Sud-Est 30.000
intentioneaza sa construiasca un parc comercial in partea de
Fashion House Vest 28.000
Outlet Centre est a capitalei.

Sursa: Atisreal Romania


Piata spatiilor industriale

Oferta cule, apropierea de cele mai importante zone comerciale,
Pe parcursul anului 2007 activitatea de constructie si inchiriere spatii industriale de mari dimensiuni, dotate cu toate facilita-
pe segmentul spatiilor industriale din Bucuresti a fost sustinuta tile pentru logistica). Cea mai mare cerere a fost inregistrata
de dezvoltarea rapida a pietei spatiilor comerciale si de logistica. pentru proiectele industriale situate de-a lungul autostrazii
Oferta de spatii industriale de calitate este inca limitata, proiec- A1 (Cefin Logistics Park, ProLogis).
tele noi fiind cu preponderenta construite la cererea utilizatori-
lor; totusi, ca urmare a cresterii cererii, dezvoltatorii au inceput
constructia speculativa a unor spatii de dimensiuni mai mari, Selectie de proiecte industriale finalizate in
extinzandu-si interesul catre zonele de sud si est ale 2007
Bucurestiului. In plus, cativa dezvoltatori au adoptat o strategie Proprietate Dezvoltator/ Zona Suprafata
Proprietar (mp )
de nisa, oferind spatii de dimensiuni mici si medii companiilor
aflate in cautarea de suprafete de depozitare intre 500-1.500 ProLogis Park Phase I ProLogis Vest 56.500
mp, pe perioade de timp scurte si medii. Bucharest West Portland Vest 37.500
Zona de vest a orasului ramane cel mai activ segment; in 2007
Bucharest Industrial Rynart Vest 20.000
au fost finalizate primele faze ale unor proiecte de mari Park
dimensiuni (ProLogis, Parcul Industrial A1) si extinderea unor Equest Logistic Rynart Vest 20.000
proiecte existente (Cefin Logistics Park). Stocul total de spatii
Sursa: Atisreal Romania
industriale moderne a fost de 540.000 mp la sfarsitul semes-
trului 2 din 2007, ceea ce reprezinta o crestere cu 74% in
comparatie cu nivelul inregistrat la sfarsitul anului 2006.

Cererea Tranzactii industriale semnificative incheiate

Cererea pentru spatii industriale s-a mentinut la un nivel ridi- in 2007
cat, in special pentru spatii logistice, ceea ce a dus la o lipsa Companie Proiect Suprafata
(mp) *
acuta de astfel de spatii. Majoritatea tranzactiilor incheiate au
Carrefour Cefin 47.000
fost contracte de pre-inchiriere, dezvoltatorii incepand con- Interbrands Cefin 16.700
structia numai dupa incheierea unor astfel de contracte. Ca CIB Trans Bucharest West 15.000
urmare, chiriasii aflati in cautarea unor spatii mici pentru Kuehne Nagel ProLogis 10.700

perioade de timp scurte sau medii se afla intr-o situatie difici- OTZ Logistics Cefin 10.500
Cargo Partner ProLogis 8.000
la. De obicei contractele de inchiriere se incheie pentru peri-
Omega Transport ProLogis 6.600
oade de 3-5 ani, exceptie facand operatorii de logistica si
EVW Holding Cefin 6.500
detinatorii de spatii comerciale de mari dimensiuni, care inchi-
Augsburg International ProLogis 6.500
riaza spatii industriale pentru perioade mai mari de 5 ani. Georgia Pacific Cefin 6.000
Majoritatea tranzactiilor mari cu suprafete de peste 5.000 mp Lekkerland Bucharest West 6.000
au fost incheiate in zona de vest a orasului, ca urmare a ofer- * - spatii de birouri incluse
tei limitate din celelalte zone si a preferintei clare a chiriasilor
Sursa: Atisreal Romania
pentru partea de vest/nord-vest (acces usor pentru autovehi-

Piata spatiilor industriale (cont.)

Nivelul chiriilor solicitate pentru spatii Nivelul chiriilor si preturile de vanzare
industriale Cresterea ofertei a generat scaderea nivelului chiriilor cu 10-15%.
Zona Tipul cladirii Euro/mp/
Chiria medie pentru spatiile industriale noi se situeaza in prezent
Nord/Vest Nou 4,00-5,00 intre 4-5 Euro/mp/luna pentru zona de vest a orasului si ajunge

Nord/Vest Vechi 2,50-3,50 pana la 5,5 Euro/mp/luna in zona de nord. In celelalte zone chiri-
Sud Nou 3,50-4,00 ile fluctueaza intre 3,5-4 Euro/mp/luna. Clientii care inchiriaza
Sud Vechi 2,50-3,50 suprafete mari (peste 10.000 mp) in zona de vest beneficiaza de
Est Nou 3,50-4,00
termeni avantajosi, chiria pentru acestia variind in jurul limitei
Est Vechi 2,50-3,50
minime a intervalului 4-4,5 Euro/mp/luna.
Sursa: Atisreal Romania
Pentru spatiile industriale cu temperatura controlata chiria este
de 7-10 Euro/mp/luna, iar pentru spatiile de birouri situate in
cadrul proiectelor industriale se percep aproximativ 8-10 Euro/
mp/luna. Costurile de intretinere variaza in general intre 0,5-0,7
Euro/mp/luna, situandu-se pe un trend ascendent datorita cres-
terii costului utilitatilor si a taxelor legate de proprietate.

Proiecte industriale semnificative propuse Previziuni pentru 2008

pentru livrare in 2008 Pe termen mediu pe piata spatiilor industriale se estimeaza cres-
Proprietate Dezvoltator/ Zona Suprafata terea numarului de proiecte speculative in cele mai cautate zone
Proprietar (mp)
din judetul Ilfov. Investitori si dezvoltatori importanti precum
ProLogis Park Phase II ProLogis Vest 56.000
Equest Logistic Equest Vest 15.600 European Future Group si Immoeast au achizitionat terenuri in
Centre zona de sud si est, aici urmand sa fie construite proiecte industri-
Mercury Logistic Park Helios Vest 10.000
ale noi.
Bucharest West Portland Vest 30.000 Cererea va ramane concentrata in zona de vest, datorita calitatii
Trust slabe a infrastructurii si lipsei de proiecte de calitate in celelalte
Sursa: Atisreal Romania zone ale orasului. De asemenea, se estimeaza cresterea cererii de
spatii de birouri situate in cadrul proiectelor industriale, existand
tendinta clara a chiriasilor de integrare in cadrul propietatii atat a
operatiilor logistice, cat si a celor administrative.

Piata terenurilor
Cererea tot mai ridicata din partea dezvoltatorilor si scaderea Zona agricola a Bucurestiului
ofertei de terenuri disponibile au determinat cresterea rapida a 5.600

pretului terenurilor. Aceasta tendinta a fost sustinuta si de politi- 5.400

cile restrictive de acordare a avizelor de urbanism privind dezvol- 5.200

tarea pe plan vertical si de cresterea artificiala a preturilor, 5.000

datorata factorului psihologic al aderarii la Uniunea Europeana.

Intensificarea activitatii de constructie pe segmentul industrial,
dar in special pe cel rezidential au determinat transferul interesu-
lui dezvoltatorilor de la zonele centrale si secundare ale
Bucurestiului catre periferia orasului si judetul Ilfov. In cursul
anului 2006 aproximativ 110 hectare de teren au fost retrase din
2000 2001 2002 2003 2004 2005 2006
circuitul agricol al Bucurestiului, in timp ce in judetul Ilfov aproxi-
Sursa: Institutul National de Statistica
mativ 490 hectare au fost transformate in teren construibil. In
ciuda expansiunii urbane intense, dezvoltatorii raman interesati
in achizitionarea de terenuri aferente fostelor platforme industri-
ale si a unor proprietati rezidentiale vechi de mari dimensiuni
situate in interiorul orasului, in vederea dezvoltarii unor noi pro-
iecte. Cele mai atractive proprietati rezidentiale achizitionate in Tranzactii semnificative cu terenuri incheiate
acest scop sunt situate in centrul orasului sau in apropierea aces- in Bucuresti in 2007
Cumparator Zona Suprafata Valoare
tuia (zonele Traian, Unirii, Cotroceni, Floreasca), unde dezvoltatorii
(ha) (mil
prefera sa construiasca locuinte de lux sau spatii de birouri. Euro)
Raiffesein Evolution Nord 11 90
AFI Europe* Nord-Vest 15,5 77,5
Rosebud Medical Nord 6,0 72,9
Din punct de vedere al cererii, piata locala a terenurilor este
BelRom Est 9,0 60,0
dominata de cumparatori straini, majoritatea originari din
Real4you* Est 7,0 60,0
Israel, Spania, Grecia, Marea Britanie si Irlanda. Investitorii Caelum Development Est 8,3 53,0
urmaresc in principal comasarea unor loturi de mici dimensi- Gran Via* Vest 5,4 42,0
uni pentru crearea de suprafete mari, in special in zonele de IUE Leader* Centru-Vest 4,3 30,6
nord si de vest ale Bucurestiului, unde au fost construite pro- Ablon Group Nord 3,3 9,5
Gran Via* Vest 3,1 17,5
iecte rezidentiale si industriale de anvergura.
Aparitia segmentului spatiilor de tip outlet a generat un inte- * Foste platforme industriale

res crescut al dezvoltatorilor pentru achizitionarea de terenuri Sursa: Atisreal Romania

situate de-a lungul principalelor coridoare de transport.

Desi in prezent piata este dominata de tranzactii cu terenuri
destinate dezvoltarii de proiecte noi, anumite zone (sudul ora-
sului, vecinatatile autostrazii A2 si viitoarei autostrazi Bucuresti-
Brasov) sunt vizate de investitori oportunisti care incearca sa

Piata terenurilor (cont.)

profite de potentiala crestere a pretului terenurilor dupa finali- Preturile de vanzare
zarea proiectelor imobiliare si de infrastructura propuse in In 2007 preturile pentru terenurile destinate proiectelor rezidenti-
zonele respective. Vestul Bucurestiului a devenit tot mai solici- ale si de birouri, situate in zona centrala au crescut in medie cu
tat din punct de vedere al cererii, estimandu-se ca acesta va 15-20% in comparatie cu 2006. In zonele de centru-nord
deveni a doua zona rezidentiala ca importanta dupa nordul (Kiseleff, Primaverii, Herastrau) preturile au crescut usor, situan-
Capitalei. In ultimele 12 luni in vest au fost incheiate mai multe du-se in prezent intre 3.300-4.000 Euro/mp sau mai sus. Acest
tranzactii cu terenuri destinate proiectelor rezidentiale. nivel crescut se reflecta atat in nivelul chiriilor, cat si in cel al
Zona de est a inregistrat o cerere crescuta pentru spatii indus- preturilor de vanzare de pe piata rezidentiala si de birouri.
triale de dinesiuni mici si medii (inclusiv spatii de productie). Cu exceptia unor zone specifice situate in estul si sudul
Bucurestiului si in judetul Ilfov, care fac obiectul tranzactiilor spe-
Pretul mediu al terenurilor in Bucuresti culative, cea mai mare crestere de pret a fost inregistrata pentru
Cartier Zona Pretul mediu
terenurile amplasate in zone secundare, ca urmare a cererii prove-
Kiseleff-Clucerului Centru 3.300-4.000 nite din partea dezvoltatorilor de proiecte rezidentiale. Dezvoltarea

Unirii Centru 2.200-3.500 pietei rezidentiale a fost principalul factor ce a determinat creste-
Primaverii Nord 4.000-4.500 rea preturilor si in judetul Ilfov, crestere sustinuta si de faptul ca in
Herastrau Nord 2.000-2.500 unele zone ale judetului regimul urbanistic permite construirea de
Militari Vest 900-1300 cladiri multietajate.
Ghencea Vest 500-700
Berceni Sud 400-800
Previziuni pentru 2008
Giurgiului Sud 150-350
Pantelimon Est 600-1.000 Cererea de terenuri pentru proiecte rezidentiale este ridica-

Titan Est 800-1.200 ta si se va mentine astfel si in viitorul apropiat. Dezvoltatorii

Sursa: Atisreal Romania

reactioneaza la cresterea cererii de pe piata rezidentiala si la
cresterea pretului terenurilor din interiorul orasului prin
achizitionarea de loturi mai mari, situate in zone adiacente

Pretul terenurilor in afara Bucurestiului capitalei, dar in proximitatea acesteia. Demolarea proprieta-

Cladire Utilizare Zona Pretul mediu tilor rezidentiale vechi si a fostelor platforme industriale
raman principalele surse pentru cresterea ofertei de terenuri
Otopeni Rezidential Nord 150-450
in zonele secundare si periferice ale orasului.
Pipera Rezidential Nord 400-1.000
Birouri Nord 1.100-1.400 Investitorii speculativi vor continua sa isi concentreze aten-
Chitila Rezidential Vest 150-500 tia asupra terenurilor situate de-a lungul viitoarei autostrazi
Autostrada A1 Industrial Vest 45-100 Bucuresti-Brasov si in zonele mai putin dezvoltate din estul
Popesti Leordeni Rezidential Sud 150-250
si sudul judetului Ilfov. In aceste zone se vor inregistra cele
Pantelimon Rezidential Est 150-200
mai mari cresteri de pret, potentialul deosebit de dezvoltare
Afumati Rezidential Est 120-250
al zonelor respective si nivelul actual al preturilor incura-
Sursa: Atisreal Romania
jand tranzactiile speculative.

Piata de investitii
Aderarea la Uniunea Europeana si perspectivele economice Primele doua companii in privinta volumului investiilor in 2007
optimiste, coroborate cu evolutia ascendenta a pietei imobili- au fost Immoeast si Ixis Corporate & Investment Bank.
are precum si indicatorii favorabili referitori la riscul de tara, Immoeast si-a extins portofoliul de proprietati detinute in
constituie principalii factori ce au condus la cresterea atracti- Bucuresti prin achizitionarea proiectului S Park (spatii de biro-
vitatii pietei locale de investitii in prima jumatate a lui 2007. uri) si a unei companii de dezvoltare in domeniul industrial, in
Insa ca urmare a instabilitatii de pe pietele financiare interna- timp ce in orasele de provincie interesul companiei a fost con-
tionale si in special datorita ingrijorarii crescute legate de
piata creditelor, in trimestrul 4 al anului trecut s-a inregistrat Tranzactii de investitii in functie de
o scadere a activitatii de investitii in Bucuresti. segmentele pietei in 2007
Cresterea constanta a cererii pe acest segment a fost sustinu- 8%
ta de aportul important de capital al fondurilor de investitii si
companiilor ce gestioneaza proprietati imobiliare. Acestea au
in vedere Romania in scopul diversificarii portofoliului imobi- 19%
liar si a riscului la nivel regional. Cu toate ca piata investitiilor
se afla in plin proces de maturizare, dezvoltarea acesteia con-
tinua sa fie limitata de lipsa proprietatilor de calitate, insufici-
ente pentru acoperirea cererii tot mai mari.
In 2007 piata investitiilor institutionale a atras aproximativ 71%

750 milioane Euro, suma comparabila cu volumul tranzactiilor

de investitii realizate in 2006. S-a mentinut interesul crescut Birouri Industrial Rezidential Hotel
pentru piata spatiilor de birouri, pe acest segment inregistran-
Sursa: Atisreal Romania
du-se tranzactii de investitii in valoare de 531 milioane Euro.
Sectorul industrial se afla pe locul doi, cu aproximativ 19%
din volumul total al tranzactiilor de investitii. Segmentul Evolutia tranzactiilor de investitii
hotelurilor a inregistrat o activitate mai crescuta comparativ
cu anii precedenti, tranzactiile de investitii totalizand 61 mili-
oane Euro. In 2007 nu au fost inregistrate tranzactii de inves- 700
Valoarea investitiei (mil Euro)

titii cu spatii comerciale in Bucuresti.

Spre deosebire de trazactiile cu spatii de birouri care au fost
incheiate exclusiv in capitala, investitiile implicand centre 500

comerciale au fost realizate numai in orasele din provincie,

totalizand aproximativ 747 milioane Euro.
Ca si in decursul anului 2006, aproape toate tranzactiile de 300

investitii incheiate in acest an au fost realizate de fonduri de

investitii provenind din Austria si Marea Britanie (31%, respectiv
27%). Investitorii din aceste tari au fost activi inca din stadiile 100

incipiente ale pietei romanesti de investitii (2003-2004), achizi-

tionand proprietati in toate sectoarele domeniului imobiliar. 2003 2004 2005 2006 2007

Birouri Industrial Comercial Rezidential Hotel

Sursa: Atisreal Romania

Piata de investitii (cont.)

Investitori in functie de tara de provenienta centrat pe segmentul spatiilor comerciale. Fondul francez de
15% investitii Ixis a intrat pe piata locala prin achizitionarea cladirii
America House, pentru valoarea record de 120 milioane Euro.
Austria Aceste doua fonduri de investitii au incheiat tranzactii repre-
Grecia zentand 45% din totalul volumului de investitii inregistrat in
2007. Alte tranzactii semnificative au fost incheiate de DEGI
Marea Britanie
(111 milioane Euro), Fabian (95 milioane Euro) si Teesland IOG
(70 milioane Euro).
7% Ca urmare a scaderii rapide a randamentelor, pe piata locala
s-au creat noi tendinte. Au aparut noi fonduri de investitii cu

Sursa: Atisreal Romania risc scazut, in timp ce altele au profitat de scaderea randa-
mentelor si au vandut investitiile initiale. Ixis si DEGI sunt
fonduri cu risc scazut care au intrat pe piata romaneasca dupa
volume de investitii totalizand 120 milioane Euro, respectiv
Principalele tranzactii de investitii in 2007 111 milioane Euro. DEGI a achizitionat portofoliul local al
Proprietate Destinatie Suprafata Randa-

companiei Charlemagne Capital constand in 3 cladiri de biro-

(mp) ment (%)
1 UPC Building Birouri 5.300 7,4 uri cu suprafete insumand 35.000 mp.

1 S-Park Birouri 30.800 6,9 Lipsa proprietatilor de calitate si numarul mare de tranzactii
1 Evocentre Birouri 3.200 8,5 de pre-inchiriere pe diferite segmente ale pietei imobiliare
1 Logistic facility Industrial 9.000 10,0 determina investitorii sa achizitioneze proprietati in faza de
2 Cubic Centre Birouri 44.000 7,4-7,8 proiect sau aflate in constructie, in special pe segmentul biro-
2 Baneasa BC Birouri 9.600 7,7 urilor. S-a inregistrat o tendinta clara de achizitionare a cladi-
3 Construdava Birouri 9.200 7,2 rilor inainte de finalizarea lucrarilor de constructie, in
3 Millennium BC Birouri 14.800 6,4 defavoarea proprietatilor deja finalizate, deoarece investitorii
3 America House Birouri 27.000 5,6
urmaresc sa isi asigure randamente cat mai bune si sa obtina
Sursa: Atisreal Romania controlul asupra proiectului. Astfel de achizitii au totalizat
aproximativ 252 milioane Euro, incluzand proiecte precum
Cubic Centre dezvoltat de Fabian Capital Ltd, tranzactionat
pentru aproximativ 60 milioane Euro. Datorita lipsei proprie-
Randamentul investitiilor pe
segmente de piata tatilor generatoare de venit, a gradului mare de lichiditate a
fondurilor internationale de investitii, dar si a cererii crescute
Birouri Industrial Comercial
14,0 12,0 de spatii pe anumite segmente ale pietei, unii investitori au
12,0 10,0 devenit interesati in dezvoltarea de proiecte prin initierea

10,0 unor parteneriate cu dezvoltatori locali sau internationali si


co-finantarea de proiecte viitoare.
De exemplu, Teesland IOG a achizitionat Parcul Industrial A1 de la

Cefin Real Estate, iar Immoeast a achizitionat Logistic Contractor,
2,0 2,0
o companie de dezvoltare industriala.
0,0 0,0
2003 2004 2005 2006 2007

Sursa: Atisreal Romania


Piata de investitii (cont.)

De exemplu, Teesland IOG a achizitionat Parcul Industrial A1 de la Randamentele pentru tranzactiile de investitii in sectorul indus-
Cefin Real Estate, iar Immoeast a achizitionat Logistic Contractor, trial au scazut usor in primul semestru al acestui an, desi descres-
o companie de dezvoltare industriala. terea pare a fi mai lenta decat pe celelalte segmente ale pietei
In Bucuresti, segmentul spatiilor de birouri a ramas cel mai activ datorita numarului redus de tranzactii. In prezent nivelul acestora
in ceea ce priveste tranzactiile de investitii in 2007, cu un aport este de 8-8,5%, in functie de tipul proiectului.
total de capital de 531 milioane Euro, suma reprezentand o cres- In 2007 activitatea de investitii in sectorul hotelurilor a fost mai
tere cu 39% comparativ cu aceeasi perioada a lui 2006. In ciuda intensa comparativ cu anii precedenti, inregistrandu-se un volum
scaderii randamentelor, segmentul birourilor a cunoscut o dez- total al investitiilor de aproximativ 61 milioane Euro. Grupul
voltare continua, stimulata de evolutia generala a pietei (numar Africa Israel Hotels a achizitionat unitati de 4 stele pentru aproxi-
mare de tranzactii de pre-inchiriere, grad ridicat de ocupare, nivel mativ 30 milioane Euro, iar BNB Victoria Tower a vandut hotelul
stabil al chiriilor, previziuni optimiste in privinta extinderii compa- de 4 stele afiliat lantului Golden Tulip Group companiei Atlas
niilor prestatoare de servicii) si de lipsa proprietatilor de calitate Estates, pentru aproximativ 12 milioane Euro.
pe celelalte segmente ale pietei. In timp ce fondurile institutionale de investitii sunt interesate de
Cele mai importante tranzactii de investitii cu spatii de birouri au spatii comerciale, fondurile private au in vedere si proprietati
fost achizitionarea America House de catre Ixis Corporate & rezidentiale destinate persoanelor cu venituri medii si ridicate.
Investment Bank pentru aproximativ 120 milioane Euro si vanza- Sectorul rezidential a atras doar aproximativ 15 milioane Euro din
rea proiectului S-Park catre Immoeast pentru aproape 101.5 partea fondurilor institutionale de investitii, ca urmare a numaru-
milioane Euro. Piata birourilor de clasa B a devenit si ea atractiva lui redus de proiecte de calitate disponibile pe piata. Dezvoltatorii
pentru investitori, acestia indreptandu-si atentia si catre cladiri de nu doresc sa vanda proiectele rezidentiale unui cumparator unic,
birouri de dimensiuni mai mici, situate in cele mai cautate zone preferand sa vanda clientilor individuali sau investitorilor particu-
ale orasului si care ofera randamente mai mari in comparatie cu lari pentru a obtine profituri cat mai mari.
spatiile de calitate (7,5-8%).
In Bucuresti randamentele tranzactiilor de investitii in birouri de
Previziuni pentru 2008
clasa A cunosc o tendinta descrescatoare ca urmare a lipsei de
Datorita conditiilor favorabile de pe piata (grad ridicat de ocupa-
cladiri de calitate si a cererii aflate in continua crestere.
re, cerere crescuta din partea chiriasilor, nivel stabil al chiriilor) si
Pentru spatiile de calitate randamentele au scazut de la 7-7,5% in
numarului mare de proiecte propuse spre livrare in toate sectoa-
semestrul 2 2006 pana la aproximativ 6% la sfarsitul semestrului
rele pietei, numarul si valoarea tranzactiilor de investitii se vor
1 2007, desi tranzactia cu cladirea America House a fost incheiata
mentine la niveluri ridicate, in special pe segmentul birourilor.
cu un randament mai scazut (aproximativ 5.6%). Preturile de
Piata locala de investitii este mai putin afectata de criza din
vanzare au crescut usor, cu pana la 15% comparativ cu semestrul
Statele Unite, Romania fiind inca perceputa ca piata atractiva.
2 2006 si se situeaza in prezent intre 2.800-3.000 Euro/mp supra-
Totusi, institutiile finantatoare sunt mai prudente in acordarea de
fata construita.
finantari pentru proiecte si tranzactii imobiliare.
Pe piata locala a spatiilor industriale activitatea de investitii a
In contextul instabilitatii pietelor financiare internationale, in
inregistrat un ritm foarte lent incepand cu anul 2003, cu numai
2008 fondurile de investitii vor deveni mai precaute in privinta
cateva tranzactii incheiate in ultimii 3 ani. Numai aproximativ
achizitionarii de proprietati cu preturi mari, dar vor cauta in con-
200 milioane Euro au fost investiti in acest sector din 2005 pana
tinuare solutii alternative cu randamente mai ridicate.
in prezent, 72% din aceasta suma fiind investita chiar in 2007.
Desi lipsa unei evidente a tranzactiilor face in continuare dificila
Una dintre cele mai mari tranzactii incheiate pana acum a fost
stabilirea exacta a preturilor, este evident ca nivelul randamente-
achizitionarea Parcului Industrial A1 de catre fondul britanic
lor pentru birourile de calitate tinde spre cel inregistrat in a doua
Teesland IOG pentru 70 milioane Euro.
jumatate a anului 2006 (7-7,25%).

Atisreal International
Atisreal, continental Europes leading commercial real estate services group, offers to public and private sector organizations,
occupiers and investors, a comprehensive range of real estate services: consultancy, letting & sales, investment, valuations, space
planning, as well as market research.

Atisreal accompanies its clients national and international real estate strategies via a network of 60 direct offices in Europe and
in New York, and across America and Asia thanks to its Alliance Partners and a staff of 2,220 professionals. Atisreal generated a
net banking income (NBI) of 340 million in 2006.

Atisreal is a subsidiary of BNP Paribas Real Estate, the real estate division of BNP Paribas, ranking among the worlds top 10 banks
by market capitalization and total assets.

Atisreal Romania
In Romania Atisreal provides to their international clients a comprehensive range of services: letting & sales, investments,
valuation, advisory and market research.

Atisreal Romania is active in the following sectors: office, residential, retail, industrial and land.

2007 Key Facts Atisreal Romania

Started operations in 2001 under another international name
January 2008 augured by Atisreal
Total headcount: 30
Turnover (2007): 3 million EURO
Average annual growth (2002-2007): 60%
Number of clients: Approx. 1,800 companies Landlords, investors, end users
Over 100,000 sq m of office transactions
Over 500 valuation and consulting instructions