Romanian real estate investor: Exaggeration on local office development market

Speculative office developments or developments based on relocations announced in Bucharest, will inevitably lead to an unsustainable occupancy rate, Romanian real estate investor Liviu Tudor, president of Genesis Development, told local Mediafax. “If I’m to be very brief regarding the office market this year, I would say this was a German year. Several German companies such as Deutsche Bank, Allianz or Deutsche Bahn entered the Romanian market by renting large office areas, while others, already present on the market, expanded their operations and I expect further expansions to follow. In terms of new constructions, I think we are witnessing some sort of exaggeration. Several speculative developments, or based on relocations, have been announced, which will inevitably lead to an unsustainable occupancy rate,” said Liviu Tudor. Bucharest ranks second in Europe on office space growth. Irina Popescu, irina.popescu@romania-insider.com