www.business-review.eu Business Review | February 2022
6 REAL ESTATE
Growth to continue on real estate market after 2021 recovery trend The volume invested in real estate assets in Romania, Poland, and Slovakia increased in 2021, while the Czech and Hungarian markets experienced a decline compared to 2020, according to data from real estate consulting firm Cushman & Wakefield Echinox. By Aurel Constantin
(75,000 sqm GLA) office project in Bucharest to Adventum Group, with this transaction marking the latter’s entrance on the RomaTotal demand for modern office space increased by 23 percent in 2021
A
nian real estate market. CTP (the largest owner of industrial and logistics spaces in the country) strengthened its position by
t the regional level, total transaction
by retail properties (13). Despite a smaller
completing four transactions during the year,
volumes reached EUR 9.98 billion,
number of assets transacted, the 8 office
totalling EUR 170 million.
a 4.3 percent decrease from the
buildings that changed their owners in 2021
previous year. The Polish market registered
had a 44 percent market share of the total
OFFICE MARKET STILL ON THE RISE
a growth of 8.3 percent, while the transacted
volume (EUR 402 million), followed by the
Total demand for modern office space
volume in Slovakia was 54.2 percent higher
industrial segment (30 percent share) and
increased by 23 percent in 2021 to 263,000
in 2021 than in the previous year. On the
retail (20 percent).
square meters compared to the same period
other hand, the Czech Republic recorded a
“Investors’ interest in real estate assets
of the previous year, according to Colliers
36 percent drop in transactions pertaining to
remained at a high level in 2021 amid a rela-
data. At the same time, new demand reached
income-producing assets, while the volume
tive re-balancing of the relationship between
104,000 square meters, up 47 percent from
in Hungary declined by 18.2 percent.
landlords and tenants, an aspect that is meant
the same period in 2020. The fourth quarter
In Romania, 54 transactions with real
to ensure a stable financial flow for investors.
was the first truly normal quarter in two
estate assets were completed last year, twice
A high-potential part of the market are sale &
years, Colliers consultants note, suggesting
the number recorded in 2020, with the total
lease-back transactions, as the owners of vari-
that signs of future demand give confidence
investment volume reaching EUR 916 million,
ous businesses will benefit from such deals if
that the return to the office market may
up 0.2 percent, according to the Romania
they are able to finance their core businesses
indeed begin in 2022, even though it might
Investment Marketbeat report.
by disposing of their real estate portfolios. In
take a few more years to reach pre-pandemic
2022, we can expect new record deals, which
levels.
After a first semester in which the investment volume was below the level registered
could contribute to exceeding the 1 billion
“Compared to previous years, 2021
in the same period of 2020, the market
euro transactional volume threshold,” said
remains relatively weak, but the second
strongly recovered in H2 2021, with transac-
Cristi Moga, Head of Capital Markets at Cush-
half provided encouraging signals in terms
tions totalling EUR 618 million, an increase of
man & Wakefield Echinox.
of companies and signed contracts. New
more than 100 percent when compared with
The largest transactions in terms of
demand in the fourth quarter was in line
volume were Louis Delhaize’s (Cora) sale and
with the quarterly average recorded from
leaseback of its six commercial galleries in
2015 onwards. The total value of completed
involved logistics and industrial premises—
Romania and Supernova and Atenor Group’s
Colliers-mediated office rental transactions
around 40 percent of the total (21)—followed
disposal of the Hermes Business Campus
in 2021 exceeded 43,000 square meters, a
the first six months of the year. In terms of asset classes, most transactions
