Globalworth Romania: a record-breaking 2023

Ema Iftimie has recently been appointed as managing director at Globalworth Romania and has almost 20 years of experience in real estate, the last decade of which she spent at Globalworth Romania, running the leasing department. Business Review talked to her to learn about the real estate developer’s success on the local market.

By Anda Sebesi

You have recently been appointed as managing director at Globalworth Romania. How would you describe this new professional challenge?

As for my recent appointment as Managing Director of Globalworth Romania, I can say that I am ready to handle all the challenges that lie ahead. Together with my team of professionals, we will continue to write the success story of Globalworth. Our unique approach to client service, combining a holistic understanding of tenant needs with a forward-thinking strategy, has resulted in successful partnerships with industry titans such as Amazon, Vodafone, Huawei, Deutsche Bank, Nestle, Allianz, Unicredit, and many more.

Also, as of this year, I’ve taken on the position of Board Member at the Globalworth Foundation. In this role, I actively participate in supporting various CSR initiatives that have a significant impact on the local community.

What were the biggest challenges Globalworth Romania faced as a business in 2023?

In terms of leasing, our goal for 2023 was to exceed the 90% occupancy rate, which we have already accomplished. We continued to implement our medium and long-term ESG strategy, pledging to reduce carbon emissions by more than 40% by 2030 compared to the baseline in 2019 (for Scope 1 and 2). These targets were approved and validated by the globally recognised Science-Based Targets initiative (SBTi) and will form key stepping blocks to enable Globalworth to deliver on its long-term strategy and ambition to become the first choice in sustainable real estate. Furthermore, the Forge solution that we introduced this year provides precise data regarding the performance of our office buildings. Forge is a machine learning solution that enables asset insights for building operations and it is designed to help reduce operational and maintenance costs and improve occupants’ comfort, asset availability, and the sustainability of our office portfolio.

What were the most important projects the company carried out in 2023?

2023 was perhaps the best year yet for Globalworth Romania, as we reached occupancy rates above pre-pandemic levels and we heavily digitalized the company’s operations. We also continued our efforts on the ESG side by green-certifying all our office buildings in Romania and maintaining our policy of securing 100% of the energy used in our properties from alternative sources while equipping several of our properties with on-site renewable installations. Globalworth registered record-breaking numbers in the first half of 2023. The company leased close to 100,000 sqm of office space, which speaks volumes considering the entire market demand stood at 188,000 sqm. Among these impressive leasing transactions, eMag and Banca Transilvania alone rented out almost 10,000 sqm each. Moreover, large tenants like Honeywell and Deutsche Bank have maintained their leased surfaces at 24,400 sqm and 12,700 sqm, respectively.

What’s the current state of the Romanian office market and what changes should we expect to see in the coming years?

The pandemic significantly influenced the office sector at a global level, with remote work becoming more prevalent. In Romania, just like everywhere else, there has been an increased focus on flexible work, and some companies have reconsidered their office space requirements. The adoption of remote and hybrid work models has led some businesses to reassess their office needs. Companies have been exploring more flexible leasing arrangements or downsizing office spaces. This shift has impacted both demand and pricing on the office real estate market.

How important are ESG and sustainability criteria for Globalworth Romania?

They are very important for us in both countries where we operate, Romania and Poland, because ESG is no longer just a trending topic; it is a necessity on many levels. Whether we’re talking about social responsibility, protecting our cities from pollution, tackling global warming or aiming to cut down the company’s electricity consumption, a solid green building as the place to conduct our businesses is the first and best option.

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