Vastint Romania: ESG principles guiding every business move

Creating a framework in which companies can develop well-being programmes and create a pleasant working environment to enhance company performance while maintaining ESG commitments are top priorities for Vastint Romania. Managing Director Antoniu Panait highlights the unique features of Vastint’s projects and explains what makes them stand out.

By Anda Sebesi

What are some of the unique elements that Vastint projects bring on the local market?

Both projects developed in Bucharest—Bucharest Business Garden & Timpuri Noi Square—are premium office developments with the highest LEED scores in Romania. These projects follow similar design guidelines, with state-of-the-art technical specifications: openable windows, 3 metre clear height, 100% fresh air supply, high energy efficiency equipment, LED lighting, water consumption reduction technologies including rainwater harvesting and usage, and natural light. They also include outdoor recreational areas, sports facilities, generous gardens, as well as pedestrian lanes with sitting areas and free Wi-Fi access, so everyone may work wherever they feel inspired.

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At Vastint Romania, as in any other market where Vastint operates in Europe, we constantly work on improving the quality of our projects, increasing their efficiency, and decreasing the carbon footprint. No shortcuts were taken in the development of these projects.

What were the biggest challenges Vastint faced in 2023?

ESG measures, amid increasingly obvious climate change phenomena, are among our most important goals. There is a direct impact on both the operation of our existing projects as well as the potential technical changes for our future developments. We’ve created the foundation and framework in which companies can develop well-being programmes and create a pleasant working environment to enhance business performance. There have been a series of certification methods, but ESG is an umbrella that already encompasses all these components. Our local portfolio totals nearly 100,000 sqm GLA, class A office and retail space, in dynamic areas of Bucharest, with LEED PLATINUM certified buildings. We reach for the sky and our key target is clear: to provide our tenants with the comfort they expect while having the lowest possible environmental impact and keeping our projects aligned with ESG requirements.

What were the company’s most important achievements in 2023?

In 2023 we reached maturity for a large share of the agreements we signed for the first buildings delivered in Romania. Having these contracts renewed was our most important achievement, representing proof that we have made the right decisions and that we are meeting our clients’ needs.

How important are ESG and sustainability criteria for Vastint Romania?

ESG and sustainability criteria are top priorities. We are building for the future, creating a solid portfolio for the long run. In view of the existing demand for offices and the strong interest in new ESG-compliant buildings, Vastint continues to plan future developments with a clear aim of delivering the same type of high-quality products it has put on the market so far, that all meet today’s environmental and sustainability expectations. We are getting very close to the moment when all companies will have to acknowledge the need to choose their next office spaces wisely, based on their quality and sustainability levels, since all companies will be audited for ESG standards in the near future. Vastint builds to deliver maximum sustainability across all its projects, and every decision we make is centred around ESG requirements. No more than 10 years ago, the decision to relocate or choose an office was made strictly by management based on where they lived or how close it was to the airport. Today, HR departments have a much more significant input, conducting internal surveys to understand where employees live and what they need around the office building, including public transportation.

What is the outlook for the local real estate industry in 2024?

2024 is going to be the first year when EU companies (at least a part of them in the beginning) will have to perform ESG auditing and report their carbon footprints. For many players on the market, whether landlords or tenants, this will be a game-changing practice leading to either success or failure. In 2024, we have big plans to open new phases in our office and residential projects.