The launch of BR’s Real Estate Guide: Major Insights into Romania’s Property Market in 2022 took place on July 19 with the occasion of the annual Realty Forum – celebrating 21 years during which it became established as the voice of the Romanian Real Estate industry. If you couldn’t join us at the Crowne Plaza to get your own print copy, the digital version (PDF) is now available for download!

TRENDS

High inflation and unstable energy supplies among key challenges for CEE economies
Local real estate market accelerates adoption of sustainability practices
ESG and flexibility among top trends on real estate market

MARKET & INVESTMENTS

Top 5 office projects shaping Bucharest
BTDConstruct & Ambient backs sustainability on Romania’s construction market
Developers adapting offices to meet sophisticated tenant demands
Repurposing offices: Options and challenges
Fulga Dinu: “Office spaces need continuous improvement and higher flexibility”
Retail investors expected to make comeback in bigger cities
New approach to urban development – Iulius gets international competition architectural solution for residential project in downtown Iasi
Residential development facing growing cost pressures

Yitzhak Hagag: “We believe the timing to be highly convenient for real estate investments”
Industrial sector accelerates development push
Romanian property investments hoped to reach EUR 1 billion milestone
Brisk Group’s project & cost management services bring efficiency and clarity to real estate development
Investors awaiting Romania’s new Code on town planning, urbanism, and construction

Editorial: Office market goes all in on flexibility

By Ovidiu Nicolae Posirca, Contributing Editor

Flexibility is the new mantra for some of the largest office developers in Romania, who are deploying a startup mindset to deal with significant changes to the way we work. Property players are refreshing the design of their buildings, boosting facilities for employees, and improving tenants’ overall experience. This is an ongoing process as companies are still trying out different work arrangements to see how they impact their profitability, the overall productivity of employees, and their capacity to attract and retain talent.

For some of the youngest employees, the office could be a place they only visit a few times a year. During the pandemic, they attended remote classes, even their graduation ceremonies may have taken place online, and they later got jobs after Zoom interviews. These are the “remote natives,” as Harvard Business School’s Tsedal Neeley calls them, and they also have to be onboarded by companies.

This means that more investments in communication technologies will be needed to accommodate various scenarios in which some employees are attending a meeting at the office while others have to take part remotely, with no disruptions. This occasionally used to happen before the pandemic as well, but the events of the last two years have accelerated the phenomenon, together with many other trends on the market.

The office still matters for large companies, which continue to drive leasing deals in Romania, while smaller companies are resuming on-site work. One developer said that companies in its portfolio with less than 100 employees had made a complete return to the office. Around 66 percent of Millennials are mostly working at the office, while close to half of Generation Z employees are already working in a hybrid system, a Deloitte survey shows. For the youngest employees, the flexibility offered by a mix of remote and office-based activity could matter more in accepting a job offer. In another turn of events, large developers that in the past would lease large spaces to coworking operators are creating their own flexible work divisions. They’ve understood that adaptation is crucial to securing the future of their business.

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