Cushman & Wakefield Echinox bets on Romania’s potential as an investment destination

Cushman & Wakefield Echinox had another successful year in Romania, with founder Mihnea Serbanescu highlighting the expansion of the company’s market share and the strengthening of its position as a leading real estate consulting firm as some of the main achievements of 2023.

By Anda Sebesi

What is your leadership style and how does it support your company’s performance?

I believe my leadership style has evolved throughout my professional and personal life. Now, after having led and managed this business for over 30 years, I can say that my leadership style includes different elements from several types of leadership, all of which have something in common: working together with the team and being a part of the team. We are a team with a high degree of expertise, and we have built a trusted relationship with our clients by working hard and competing in a very challenging environment. All these achievements were made possible by teamwork that’s based on trust, respect, and responsibility. Moreover, we have leaders in our team who inspire us and encourage their colleagues to be their best selves.

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What were your main professional achievements in 2023?

We strengthened our position as a leading real estate consultancy firm by increasing our market share across all business lines and recruiting new talent to respond to our clients’ needs. I would like to highlight the performance of the office department, which last year closed some of the most important leasing transactions, positioning us at the top of the office leasing market in Romania, with transactions of over 120,000 sqm successfully brokered. In the retail segment, the agency brought new brands such as Jimmy Key and Wittchen to Romania, and in the industrial segment, the company remains among the top consultants. The asset services department has also expanded its portfolio with new properties and new tenants, managing projects of almost 500,000 sqm, while the valuation team has valued over 400 properties. Moreover, the project management department increased its portfolio and extended its green certification services, with the most important project being the eMAG portfolio in Romania and Hungary.

What were the biggest challenges your business sector faced last year and how did you navigate them?

Inflation and increased interest rates were the biggest challenges last year, as both indicators put pressure on costs. In addition, the sensitive context characterised by numerous financial and geopolitical issues has troubled the European Union both from an economic and a social perspective. As a result, investors, tenants, and developers adopted more cautious approaches when it came to investing in new projects or expanding their businesses and leasing new office or industrial spaces. However, we were able to overcome these challenges by staying close to our clients and finding solutions that best responded their needs. We even developed new business lines, such as landlord representation services, which complemented our office department by assisting landlords and tenants with excess office spaces. We also brought in new people, with varied skills and backgrounds, to help us achieve our goals.

Goals for 2024:

• To continue the development of our business
• To integrate digital solutions and a new niche of real estate consulting services
• To continue promoting Romania as an investment destination and a place to be for both foreign companies and domestic capital.