The pandemic kept employees in their home offices, but many companies still signed contracts to extend existing leases. “I was curious to see what was happening during this pandemic, but I can say that our tenants expanded last year and the same thing happened this year. We are now in final discussions for extensions with two other tenants,” said Mirela Ciovica Head of Leasing at PPF Real Estate present during BR’s Realty Forum 2021.
Mirela Ciovica was appointed Head of Leasing at PPF Real Estate 4 months ago. Previously, she coordinated the corporate accounts, new business, and foreign markets at Knight Frank. She brings nearly ten years of experience in commercial real estate, focusing on the office market.
”I was involved in commercial consulting for almost 10 years and I was curious to see what things look like from the other side, that of the owner,” said Ciovica. “Thus, PPF Real Estate, an investor with a portfolio of 2 billion euros in Europe (including Romania), England and the USA, is a good place for that”, she continued. PPF is present in Romania through two office buildings, Metropolis Center and Crystal Tower in Bucharest. ”Our profile is to acquire, improve and maintain,” explains Mirela Ciovica.
Although 100 percent occupancy of spaces in the current context is not very common, “some tenants already had returned to the office; as we have seen in the US where Amazon announced a return to their offices, similar steps are being taken in Romania, as well. We took care to ensure all the safety standards, we achieved special health&safety certifications, and so far we had no case of COVID-19 in our buildings.” Mirela continues.
The demand for offices is still steady as there are companies that want to secure their office space. ”In some cases, the rentable area per employee is smaller than previously, but in others, a larger space is taken into account per employee, depending on how each company does their flex hours. All in all, this is a good period for tenants to lease office space.”, said Ciovica.
PPF Real Estate recently announced that over the past year it has signed six tenants in its class A office buildings in Bucharest – Metropolis Center and Crystal Tower, totalling approximately 6.000 sqm of newly-rented office space.
The new tenants, Ceetrus Romania, Editec and Reckitt Benckiser have signed on a total of almost 4.000 sqm of office space in Crystal Tower, citing the building’s central location and its high-quality facilities. At the same time, Orkla Foods Romania, and Ameropa Romania signed leases for nearly 2.000 sqm in Metropolis Center.