AllCloud secures a workspace in River Plaza, for agile growth, advised by CBRE

AllCloud, a US-based global leader in cloud-based services, has selected River Plaza, a modern office building in Romania’s capital city, in a strategic real estate transaction facilitated in a highly efficient manner by CBRE Romania. The collaboration of all parties involved resulted into a lease of a fully fitted out workspace, with the flexibility to accommodate a potential future expansion of the technology focused professional services company.

“After a thorough analysis of the facilities and services provided by River Plaza, we opted to secure a premium space within the building. This choice aligns seamlessly with the high-quality standards of our team. Selecting this space was not a challenge as River Plaza captivated us from the initial visit”, said Joanne Pallas, President of Global Operations, AllCloud.

Demand for fully fitted out office spaces is on the rise, not only in the Center office sub-market, but could be observed for all the eleven sub-markets in Bucharest as such space provides a rapid moving solution and initial expenses for tenants. This dynamic has increased the challenge undertaken by tenants in their objective to secure a modern and ESG compliant workplace when trying to relocate or enter the local market. River Plaza Building B, the new space of AllCloud, is located on Splaiul Unirii, with the location well served by all types of transportation means, including Timpuri Noi metro station located within 5 minutes walking distance.

“Our building stands out due to its unique personality, prominently evident in the Timpuri Noi Hub. Its individuality is expressed externally through the modern design of the building and internally through a contemporary art exhibition that greets visitors at the entrance. The exhibition features paintings by modern artists and sculptures by Prince Simon Monyo Mihailescu Nasturel Herescu. It truly offers something special and unique”, stated Roleta Barbu, Property and Facility Manager at River Plaza.

AllCloud set out to identify a space that serves the company’s level of growth over the past few years and marks the transition into a new phase of development. The ideal space was not only intended to provide the flexibility needed for expansion, meet a standard of employee well-being, and enhance their sense of belonging and pride, but also to embody the professional aspect essential to fostering a highly productive environment to support their expanding presence in Romania. While activating in cloud-computing, an industry whose reputation is deeply related to sustainability, AllCloud extends its invitation to sustainability and well-being not only to clients but to employees also. CBRE Romania supported them in navigating the local commercial real estate landscape, as well as accommodating their needs in a market tight with opportunities.

“The current context of new office supply scarcity in the center sub-market proved challenging, nonetheless we were resourceful and managed to overcome these by finding the most suitable space for our client, at the 7^th floor of River Plaza – an ESG compliant building with a BREEAM certification. Above all else, we prioritize our clients’ interests throughout the transaction and all these contributed to a successful leasing experience for both the landlord and the tenant” highlighted Ileana Mitrache, Senior Consultant at CBRE Romania.

The current vacancy rate of 14.7% in the Bucharest is expected to decrease on short term, while the leasing activity in 2023 marked an all-time high and validates companies’ need to secure and optimize workspaces. Despite the total workplace area decreasing, the area allocated per desk has increased by 14% compared with a pre-pandemic average. This shows an overall migration to a human-centric approach in HR policies, with a main focus on the well-being of the employee.