nai report

of 28/28
Studiu de Piata Imobiliara Real Estate Market Study

Post on 12-Oct-2015

30 views

Category:

Documents

0 download

Embed Size (px)

DESCRIPTION

nai

TRANSCRIPT

  • Studiu de Piata ImobiliaraReal Estate Market Study

  • 1 General overview

    2 Office market

    3 Investment market

    4 Residential market

    5 Retail market

    6 Land market

    Aspecte generale

    Piata spatiilor de birouri

    Piata tranzactiilor investitionale

    Piata spatiilor rezidentiale

    Piata spatiilor comerciale

    Piata terenurilor

    Content / Cuprins

  • www.nairomania.ro 1

    Romania

    General overview

    Real Estate Market Study

    2014

    After a period when the common element of the market analysis was represented by the difficult context generated by

    the influences of the economic crisis, an evident improvement in the fundaments of real estate market was recorded

    in 2013. The reticent attitude of the market players has been significantly diminished, the main factors that induced

    this behavior being the reduced volatility of the market indicators, the improvement of the local and regional economic

    environment, as well the positive evolution of the more mature European markets.

    Commercial markets recorded the most significant improvement in the market indicators, being reflected in the

    increase of the development activity, stability of the vacancy rates and minor fluctuations of rental levels. This

    improvement is demonstrated by the weight of commercial properties in the total amount of investments for 2013.

    The residential market, that is exclusively dependent from the internal demand, recorded positive elements in terms

    of real estate development activity and demand for residential units addressing medium income customers. On this

    segment, there are still difficulties generated by residential projects completed during the boom of the market that do

    not currently meet the exigency of demand.

    The outlook of the real estate market improved, the hesitant attitude of the market players diminished, being proved

    by the resume of the construction works put on hold during the crisis, initiation of new real estate developments,

    absorption rates of new projects, prospecting market activity and portfolio consolidation undertaken by a number of

    foreign developers and investors. The general equilibrium between the characteristics of the offer and exigencies of

    demand is more robust, this being reflected in the stability of prices and rents.

    The increase of developers confidence is evident for every real estate markets. A similar attitude is expected from

    investors, including institutional investment funds. Consolidation of market fundamentals, corroborated with the

    improvement of the economic environment, provide reasons for investors to consider the local market as destination

    for potential investments. However, a level of uncertainty still persists, especially on the economic side, that might

    affect the confidence of investors in the local market.

  • www.nairomania.ro 2

    Romania

    Aspecte generale

    Studiu de Piata Imobiliara

    2014

    Dupa o perioada in care elementul comun al analizelor de piata a fost contextul dificil generat de influentele crizei

    economice, in 2013 a fost evidentiata o imbunatatire a fundamentelor pietei imobiliare. Atitudinea retinuta a jucatorilor

    pietei a fost mult diminuata, principalele cauze care au generat acest comportament fiind volatilitatea redusa a

    indicatorilor de piata, imbunatatirea contextului economic local si regional, precum si evaluatia pozitiva a pietelor

    imobiliare mature din Europa.

    Segmentul comercial al pietei imobiliare a inregistrat cea mai importanta imbunatatire a indicatorilor de piata, reflectati

    in cresterea activitatii de dezvoltare, stabilitatea ratelor de neocupare si fluctuatiile minore ale chiriilor. Aceasta

    imbunatatire este dovedita de ponderea proprietatilor comerciale in totalul investitiilor realizate in 2013.

    Segmentul rezidential, care este exclusiv dependent de cererea interna, a inregistrat unele progrese evidente in ceea

    ce priveste dezvoltarea imobiliara si nivelul cererii pentru unitatile rezidentiale adresate clientilor cu venituri medii. Pe

    acest segment inca mai persista unele probleme generate de existenta unor proiecte rezidentiale dezvoltate in anii

    de crestere ai pietei, care nu corespund noilor exigente ale pietei.

    Perspectivele pietei imobiliare s-au imbunatatit, atitudinea ezitanta a jucatorilor pietei s-a diminuat, dovada fiind

    inceperea lucrarilor de constructie la proiectele oprite in anii crizei, initierea unor noi proiecte de dezvoltare imobiliara,

    ritmul de absorbtie a noilor proiecte finalizate, activitatile de prospectie a pietei si consolidarea portofoliilor de

    proprietati a unor dezvoltatori si investitori straini. Echilibrul general dintre caracteristicile ofertei si exigentele cererii

    s-a imbunatatit, acesta fiind reflectat in stabilitatea preturilor si a chiriilor.

    Cresterea increderii dezvoltatorilor este evidenta pe toate segmentele de piata. Aceeasi atitudine este asteptata

    si in cazul investitorilor, inclusiv din partea celor institutionali. Consolidarea fundamentelor pietei, coroborata cu

    imbunatatirea contextului economic, vor oferi motive pentru a considera piata locala ca destinatie pentru potentiale

    investitii. Totusi, ramane in continuare o serie de incertitudini, mai ales de ordin economic, care pot afecta increderea

    investitorilor in piata locala.

  • Office market

    The office stock increased with approximately 110.000 sq m in 2013, being obviously higher compared with 2012.

    The increase in the development activity was generated by the completion of large buildings, such as Sky Tower

    (41.200 sq m) and Floreasca Park (37.600 sq m). Although the number of completed buildings dropped significantly

    compared to 2012, the total added stock was generated by the completion of the above mentioned office buildings.

    Developers have anticipated the exigencies of demand and started new developments that benefit of high absorption

    rates, even recorded pre-lease transactions.

    During 2014, the completion rates remains comparative with those recorded in 2013. If the level of demand

    sustained by new comer companies does not record an increase, it is expected that the vacancy rate will increase.

    The competition generated by other local markets (Timisoara, Cluj-Napoca, Iasi) will influence more evidently the

    Bucharest market, the demand coming from new companies (call centers, BPOs) being focused also towards

    regional cities. In addition, the availability of offices will increase as the relocations of tenants will generate vacant

    spaces within buildings with a low level of marketability. This expected increase of vacant areas should not be

    considered a premise for rent reductions, in these particular cases, the particular situation of each property should

    be considered.

    The northern (Barbu Vacarescu-Floreasca) and central-western areas (AFI Business Park) will record buoyant

    development activity. Development activity within the central area will be very limited, despite a number of proposed

    office projects. The lack of available office spaces within the central area will determine the tenants to shift their

    demand towards central-northern and northern submarkets, where Green Court and Hermes Business Park will be

    completed. During 2014, a number of new projects are expected to be initiated, such as AFI Park IV and V, Bucharest

    One.

    The vacancy rate remained high with fluctuations between 14% and 15% in 2013, but the number of buildings that

    meet the characteristics of demand has diminished. The largest vacant areas are within buildings located in the

    peripheral areas of Bucharest, as well as within the buildings located in the secondary areas, but with a low attraction

    for tenants.

    Tenants have become more demanding, trying to obtain a more robust equilibrium between location, quality of the

    space and total occupancy costs. A low occupancy costs do not represent the main decision factor that influence

    the behavior of the tenant.

    The level of take-up in 2013 is lower compared with 2012, totaling approximately 200.000 sq m. This level exclusively

    represents new contracts, excluding renewals and renegotiations. By including these categories of transactions, the

    total level of take up reached 300.000 sq m.

    During 2013, demand was mainly sustained by relocations. The decision of tenants to relocate their activities is not

    exclusively based on the intension to reduce costs, concomitantly with an improvement in the quality of occupied

    space. This decisional criterion is specific to small tenants for which the maintenance of a low level of occupancy

    costs is essential for the general activity of the companies.

    www.nairomania.ro 4

    Office market

  • Piata spatiilor de birouri

    Stocul de spatii de birouri a crescut in 2013 cu aproximativ 110.000 mp, fiind sensibil mai mare decat nivelul

    inregistrat in 2012. Aceasta crestere a activitatii de dezvoltare a fost generata de finalizarea unor cladiri cu suprafete

    semnificative, precum Sky Tower (41.200 mp) si Floresca Park 1 (37.600 mp). Astfel, desi numarul de cladiri finalizate

    a scazut semnificativ comparativ cu 2012, suprafata totala adaugata la stocul existent a crescut datorita celor doua

    cladiri. Dezvoltatorii au anticipat exigentele cererii si au demarat proiecte imobiliare, care s-au bucurat de o rata mare

    de absorptie pe piata, unele inregistrand si tranzactii de preinchiriere.

    In 2014, livrarile de noi spatii de birouri vor fi comparative cu nivelele inregistrate in 2013. Daca nivelul cererii provenite

    din partea companiilor nou intrate pe piata nu va cunoaste o crestere, se asteapta ca nivelul ratei de neocupare sa

    creasca. Competitia generata de celelalte piete locale (Timisoara, Cluj-Napoca, Iasi) va influenta din ce in ce mai mult

    piata bucuresteana, cererea provenita din partea unor noi companii (call center, servicii externalizate), fiind orientate

    si catre orasele din provincie. In plus, disponibilitatea suprafetei de birouri va creste deoarece prin relocarile chiriasilor

    se vor genera spatii libere in cladirile care sunt dificil de promovat. Aceasta crestere asteptata a suprafetei spatiilor

    libere nu trebuie considerata o premisa pentru scaderi evidente ale chiriilor la nivelul intregii piete, in aceste cazuri

    trebuie analizata situatia fiecarei proprietati in parte.

    Zonele care vor cunoaste dezvoltari imobiliare insemnate pe segmentul spatiilor de birouri vor fi cele nordice (zona

    Barbu Vacarescu-Floreasca) si cele din zona central-vestica (AFI Business Park). Zona centrala nu va inregistra noi

    cladiri de birouri, chiar daca exista mai multe cladiri aflate in faza de proiect. Lipsa alternativelor in zona centrala

    va determina chiriasii sa isi orienteze cererea catre zonele central-nordica si nordica, unde vor fi finalizate Green

    Court, Hermes Business Park. Totodata, in 2014, se asteapta inceperea unor noi proiecte, cum ar fi AFI Park IV si

    V, Bucharest One.

    Rata de neocupare ramane ridicata, cu variatii cuprinse intre 14-15% in 2013, insa numarul proprietatilor care

    corespund asteptarilor chiriasilor s-a diminuat. Suprafetele disponibile cele mai extinse se regasesc in cladirile din

    zonele periferice, precum si in cladirile din zonele secundare, dar care nu intrunesc exigentele chiriasilor.

    Chiriasii au devenit mai pretentiosi, incercand sa obtina un echilibru cat mai bun intre localizare, calitatea spatiului

    ocupat si costurile totale de ocupare. Scaderea costurilor de ocupare nu mai este factorul primordial care influenteaza

    comportamentul chiriasului.

    Suprafata inchiriata in 2013 este mai mica decat cea inchiriata in 2012, totalizand aproximativ 200.000 mp. Acest nivel

    reprezinta exclusiv contractele noi, excluzand reinnoirile si renegocierile. Daca includem reinnoirile si renegocierile,

    suprafata totala atinge nivelul de aproximativ 300.000 mp.

    In 2013, cererea pentru spatiile de birouri a fost sustinuta in principal de relocari. Decizia chiriasilor de a muta sediul

    operatiunilor nu mai este exclusiv bazata pe reducerea costurilor, concomitent cu o imbunatatire a calitatii spatiului

    ocupat. Acest criteriu decizional este specific chiriasilor mici, pentru care mentinerea costurilor de ocupare la un nivel

    redus este esential pentru activitatea generala a companiilor.

    www.nairomania.ro 5

    Piata spatiilorde birouri

  • In case of large tenants, the relocations are generated by the consolidation of the occupied space and optimization

    of the occupancy costs that do not limit to the level of the rent. The willingness of the tenants to obtain a better

    equilibrium between the quality of the occupied space and the occupancy costs is another factor that generates

    relocations. This equilibrium does not necessary imply a reduction of the occupied costs.

    The relocations generated by the intension of tenants to optimize the occupied space, more precisely, the relocation

    of all activities within one building, have generated extensions of some tenants, especially, those that already

    occupied large spaces. Among the expansions recorded in 2013, should be mentioned Procter & Gamble in Iride

    Business Park, Societe Generale (2.500 sq m) in West Gate, UniCredit Business Integrated Solutions (2.500 sq m) in

    Novo Park. These expansions were recorded within large office parks located in the northern and western Bucharest,

    developed on the former industrial platforms. Usually, the expansion of the occupied spaces was doubled by the

    prolongation of the lease contracts.

    The reduction of the development activity corroborated with a sustained demand for quality spaces generated a

    decrease in the availability of class A offices. This decrease of the vacancy rate generates significant difficulties

    for tenants that are looking for leasing large office areas. As a consequence, the option considered by this type of

    tenants is represented by pre-lease transactions that offer the advantage of lower rents. In 2013, the most important

    pre-lease transactions have been concluded by Electronic Arts (11.700 sq m) in AFI Park 2, Avira Soft (1.650 sq m)

    in Armand Business Center.

    The first quarter of 2014 recorded a similar evolution with 2013, being revealed the willingness of tenants to occupy

    quality spaces, but they are encountering difficulties due to the lack of completed projects. Thus, the local market

    already recorded pre-lease transactions concluded by Vodafone (16.000 sq m) in Bucharest One, Endava (4.500 sq

    m) in AFI Park 3 and Schneider Electric (3.100 sq m) in Green Court.

    Renewals are preferred by large tenants being determined to adopt this option due to lack of large office alternatives

    to relocate and incentives granted by landlords. In addition, relocations imply significant moving costs that cannot be

    compensated by potential reduction of the occupancy costs. In 2013, the most significant renewal contracts have

    been concluded by HP (26.000 sq m), Honeywell (11.000 sq m), Garanti Bank (7.200 sq m), WNS (2.500 sq m),

    Webhelp (1.500 sq m).

    The beginning of 2014 is already marked by the contract concluded by Procter & Gamble (6.000 sq m) in Iride

    Business Park. The similar tendency will be recorded throughout the entire year, considering that the option that

    large tenants have remained limited, while the potential savings that might be generated by the decrease in the total

    occupancy costs do not justify the relocation that implies a high total cost.

    Considering other characteristics of the leasing activity, this remained comparative to 2012. The leasing activity was

    concentrated in the central and central-northern areas, as well in the western area. Thus, the leasing transactions

    followed the geographic pattern of the development activity recorded during 2011-2013. The leasing activity was

    concentrated in Floreasca-Pipera-Dimitrie Pompeiu areas, central and western areas, Politehnica and Industriilor.

    During 2014 the lease activity is expected to remain focused on the northern segment, where a number of class A

    office buildings is under-construction and others are proposed to be initiated during this year.

    Considering the economic activities carried out by tenants, demand was mainly sustained by IT&C companies

    followed by industrial companies.

    www.nairomania.ro 6

    Office market

  • In cazul chiriasilor mari, relocarile sunt determinate de consolidarea spatiului ocupat si de optimizarea costurilor totale

    de ocupare, care nu se limiteaza exclusiv la nivelul chiriei platite. Dorinta chiriasilor de a obtine un echilibru mai bun

    intre calitatea spatiului ocupat si costurile de ocupare este un alt factor, care genereaza relocari. Acest echilibru nu

    inseamna neaparat o reducere a costurilor de ocupare.

    Relocarile generate de optimizarea spatiului de locuit, mai prcis, mutarea activitatilor intr-o singura cladire, au

    generat extinderi ale unor chiriasi, in special, cei care detineau dj spatii mari. Printre extinderile consemnate in

    2013, amintim Procter & Gamble in Iride Business Park, Societe Generale (2.500 mp) in West Gate, UniCredit

    Business Integrated Solutions (2.500 mp) in Novo Park. Aceste extinderi au fost inregistrate in parcurile de birouri

    mari din nordul si vestul Bucurestiului, construite pe amplasamentul fostelor platforme industriale. De regula, aceste

    extinderi au fost dublate de prelungirea contractelor de inchiriere.

    Comprimarea activitatii de dezvoltare imobiliara, coroborata cu cererea sustinuta pentru birouri de calitate, a

    determinat o scadere a disponibilitatii spatiilor de birouri de clasa A. Aceasta diminuare a disponibilitatii determina

    dificultati semnificative pentru chiriasii care doresc inchirierea unor spatii mari de birouri. In consecinta, optiunea

    considerata de acestia este pre-inchirierea, care ofera si avantajul unor chirii mai mici. Cele mai importante contracte

    de pre-inchiriere in 2013 au fost semnate de Electronic Arts (11.700 mp) in AFI Park 2, Avira Soft (1.650 mp) in

    Armand Business Center.

    Primul trimestru din 2014 deja a consemnat aceeasi evolutie, fiind relevata dorinta chiriasilor de a ocupa spatii

    de calitate, dar care se confrunta cu lipsa spatiilor de birouri finalizate. Astfel, piata locala a consemnat in 2014

    tranzactiile de preinchiriere semnate de Vodafone (16.000 mp) in Bucharest One, Endava (4.500 mp) in AFI Park 3

    si Schneider Electric (3.100 mp) in Green Court.

    Reinnoirile sunt preferate de chiriasii mari, fiind determinati sa adopte acesta optiune din cauza lipsei alternativelor

    pentru posibile relocari de suprafete mari, respectiv, datorita stimulentelor pe care le acorda proprietarii. In plus, o

    relocare necesita costuri de mutare semnificative, care nu pot fi compensate de posibilele scaderi ale costurilor de

    ocupare. Cele mai importante contracte de reinnoire au fost incheiate de HP (26.000 mp), Honeywell (11.000 mp),

    Garanti Bank (7.200 sq m), WNS (2.500 mp), Webhelp (1.500 mp).

    Inceputul anului 2014 deja a consemnat contractul semnat de Procter&Gamble (6.000 mp) in Iride Business Park.

    Aceasta tendinta va fi inregistrata pe durata intregului an, avand in vedere ca optiunile chiriasilor mari raman limitate,

    iar potentialele economii pe care le pot obtine din scaderea costurilor de ocupare nu mai justifica o mutare, care

    implica un cost total mare.

    Considerand alte caracteristici ale activitatii de inchiriere, aceasta a ramas in general comparativa cu cea inregistrata

    in 2012. Activitatea de inchiriere s-a concentrat in zona central si central-nordica, precum si in cea vestica. Astfel,

    inchirierile au urmat sablonul geografic al activitatii de dezvoltare imobiliara din perioada 2011-2013. Activitatea de

    inchiriere s-a concentrat in zonele Floreasca-Pipera-Dimitrie Pompeiu, zona centrala si zonele vestice, Politehnica si

    Industriilor.

    In 2014 anticipam ca activitatea de inchiriere va fi concentrata in special in zona de nord, unde sunt in executie cladiri

    de birouri clasa A si alte cateva proiecte propuse a fi incepute in acest an.

    Avand in vedere activitatile economice pe care le desfasoara chiriasii, cererea a fost sustinuta in principal de

    companiile IT&C, urmate de cele din domeniul industrial.

    www.nairomania.ro 7

    Piata spatiilor de birouri

  • Selection of transactions new contracts

    Demand was concentrated on quality buildings that benefit of great accessibility. The take-up recorded in 2013 was

    dominated by class A offices. The buildings that attracted large tenants in 2013 were CDG Plaza (central-north),

    Tower Center (central), Westgate (west), Greengate (central-south), AFI Park (central-west).

    Considering the leasing period, the leasing contracts were generally concluded for periods of 3-5 years or longer for

    larger tenants. Even some contracts were concluded for longer periods (over 5 years), tenants benefit of the right to

    break the contracts without penalties.

    Leasing activity will remained comparable with the level recorded in 2013. Although tenants that already end the

    5 year lease cycle within buildings completed in 2008-2009 are prospecting the market, the probability of large

    relocations is getting lower. Alternatively, the office market will encounter a large number of renewals that will not

    influence the evolution of other market indicators (vacancy rate, rental levels etc). Even if large tenants are willing to

    relocate, there will be no completed office buildings comparable with the properties developed during the period of

    market boom. This context creates the grounds for an increase in the number of pre-lease transactions.

    Base rents did not record fluctuations compared to 2012, these fluctuating between Euro 16-18/sq m/month for

    centrally located class A offices that benefit of the proximity of metro network. Class B offices located within the

    central area are quoted at approximately 10-14 Euro/sq m/month, while the rents for offices located in the peripheral

    areas range between 7 and 9 Euro/sq m/month.

    www.nairomania.ro 8

    Office market

    Tenant Economic sector Building Area sq m Electronic Arts IT&C AFI Park 2 11.700

    Ernst&Young Service Tower Center 4.500

    Ministerul Fondurilor Europeana Public Tower Center 4.000

    Bitdefender IT&C Delea Veche 24 Offices 3.820

    Exim Bank Financial Kiseleff 3.800

    Michelin Industrial Global City Business Park 3.450

    Mercedes-Benz Romania Industrial Swan Office & Technology Park 3.000

    Sodexo Service Novo Park 2.700

    Cegeka IT&C Tower Center 2.500

    Huawei IT&C Tower Center 2.500

    Lafarge Industrial CDG Plaza 2.000

    Elohim Net Service Barba Center 1.800

    Tinmar-Ind Industrial Sky Tower 1.200

    During the first half of 2014, the rents remains stable, but

    the grounds of a potential increase in the central areas occur

    starting with the second semester, if demand continues to be

    primarily focused on the central Bucharest. This pressure will

    be higher if the construction works for the proposed projects

    situated in the central area (Romana Square, Universitate, Unirii)

    do not start. Concomitantly, old buildings situated within areas

    with strong development activity (Floreasca-Pipera-Caramfil)

    will be put under a downward pressure in terms of rents, if

    tenants prefer to relocate in newly completed buildings.10

    15

    20

    25

    2007 2008 2009 2010 2011 2012 2013

    Class A Class B

    Evolution of rents - Euro/sq m/month

    Source: NAI Romania

  • Selectie tranzactii semnificative noi contracte de inchiriere

    Cererea este orientata catre birourile de calitate, care beneficiaza de accesibilitate usoara. Astfel, structura inchirierilor

    in 2013 a fost dominata de cladirile de clasa A. Cladirile care au atras chiriasi mari in 2013 au fost CDG Plaza (centru-

    nord), Tower Center (centru), Westgate (vest), Greengate (centru-sud), AFI Park (centru-vest).

    Considerand perioada contractuala, contractele de inchiriere sunt incheiate in general pentru perioade de 3-5 ani

    sau mai lungi in cazul chiriasilor mari. Chiar daca au fost incheiate contracte cu perioade mai mari de 5 ani, chiriasii

    beneficiaza de dreptul de incetare unilaterala a contractului fara penalitati.

    Activitatea de inchiriere se va mentine la nivele comparative cu 2013. Desi chiriasii, care au incheiat primul ciclu

    de inchiriere dupa 5 ani in cladirile finalizate in perioada 2008-2009, prospecteaza piata, probabilitatea relocarilor

    semnificative devine din ce in ce mai redusa redusa. In shimb, piata va inregistra un numar mare de reinnoiri, care

    nu vor influenta evolutia celorlalti indicatori (rata de neocupare, chirii etc). Chiar daca se va dori relocarea activitatilor,

    chiriasii mari nu au optiuni pentru relocare, care sa fie comparabile cu proprietatile finalizate in anii de crestere ai pietei

    imobiliare. Acest context creeaza premisele pentru o crestere a tranzactiilor de preinchiriere.

    Chiriile de baza nu au inregistrat fluctuatii fata de 2012, acestea fiind cuprinse intre 16-18 Euro/mp/luna pentru

    cladirile de clasa A, localizate central, care beneficiaza de proximitatea retelei de metrou. Cladirile clasa B din zona

    centrala sunt cotate la aproximativ 10-14 Euro/mp/luna, in timp ce chiriile pentru spatiile de birouri localizate la

    periferie variaza intre 7 si 9 Euro/mp/luna.

    www.nairomania.ro 9

    Piata spatiilor de birouri

    Chirias Sector economic Cladire Suprafata -mp Electronic Arts IT&C AFI Park 2 11.700

    Ernst&Young Service Tower Center 4.500

    Ministerul Fondurilor Europeana Public Tower Center 4.000

    Bitdefender IT&C Delea Veche 24 Offices 3.820

    Exim Bank Financial Kiseleff 3.800

    Michelin Industrial Global City Business Park 3.450

    Mercedes-Benz Romania Industrial Swan Office & Technology Park 3.000

    Sodexo Service Novo Park 2.700

    Cegeka IT&C Tower Center 2.500

    Huawei IT&C Tower Center 2.500

    Lafarge Industrial CDG Plaza 2.000

    Elohim Net Service Barba Center 1.800

    Tinmar-Ind Industrial Sky Tower 1.200

    In prima parte a anului 2014, chiriile raman stabile, insa apar

    premisele unei potentiale aprecieri pe segmentul central

    incepand cu semestrul 2, daca cererea va continua sa aiba

    ca prima optiune central Bucurestiului. Aceasta presiune va

    exista daca lucrarile la proiectele propuse din zona centrala

    (Piata Romana, Universitate, Unirii), nu vor incepe. Aceasta

    evolutie este totusi putin probabila, pentru ca in anul 2014

    segmentul de birouri va ramane o piata a chiriasului. In acelasi

    timp, cladirile mai vechi aflate in zonele care vor inregistra o

    crestere a activitatii de dezvoltare (Floreasca-Pipera-Caramfil)

    vor fi supuse unei presiuni in sensul diminuarii chiriilor, daca va

    exista o tendinta de relocare a chiriasilor in noile cladiri.

    10

    15

    20

    25

    2007 2008 2009 2010 2011 2012 2013

    Clasa A Clasa B

    Evolutia chiriei medii - Euro/mp/luna

    Sursa: NAI Romania

  • The investment market reflects the evolutions of real estate segments, being recorded a higher number and

    investment volume compared to 2012, respectively, an increase of the price per transacted property. Although the

    fundaments of specific markets have obviously improved, local investment market is still affected by the lack of

    banking financing and general uncertainty, mainly generated by unexpected economic evolutions.

    The reduce volatility of the market indicators recorded on the commercial segments is reflected on the stability of

    yields that have remained at similar levels since 2011. Yields for new modern properties remained stable in 2013,

    fluctuating between 8.25-8.50% for class A offices, between 8.0-8.75% for shopping centers and between 10.0-

    10.5% for industrial properties. For class B offices with a relatively good tenant covenant situated in secondary areas,

    yields fluctuate between 9.0-9.5%, while for older industrial properties that are not situated in established industrial

    clusters, yields fluctuate between 10.5-11.0%.

    Yields will remain stable during the first half of 2014, the future evolution being dependent by a number of factors that

    currently have a high degree of uncertainty: the economic environment is expected to be influenced by the general

    election for presidency, existing conflicts in the region, economic improvements of the European countries.

    The beginning of 2014 has not generated evident changes in the evolution of yields or general activity of investors.

    Geopolitical evolution has not generated repercussions on the European investment markets. The interest of

    investors has remained concentrated on the commercial segments (offices and retail units), both for acquiring

    completed properties and developing real estate projects. The industrial segment is still not of interest to investors,

    but the second part of the year might record an investment transaction on this segment.

    The most important transaction recorded on the local market, excepting Bucharest, is represented by the acquisition

    of City Park Constanta concluded by NEPI, a shopping center with a total area of 29.284 sq m acquired with 81

    Million. The most active investment fund, New Europe Property Investments acquired 2 other shopping developments

    in Drobeta Turnu-Severin (Severin Shopping Center) and Deva (Deva Shopping Center), while in other cities has been

    involved in development activity.

    Investment market

    www.nairomania.ro 11

    Investmentmarket

    6

    8

    10Potential purchasors have become more

    active in 2013 being mainly interested in

    the commercial segment. In Bucharest, the

    office properties represent the largest weight

    in the total investments recorded in 2013,

    while other local markets are dominated by

    the transactions with commercial properties

    (shopping centers and hypermarkets).

    Class A

    Class B

    2007 2008 2009 2010 2011 2012 2013

    Office yield evolution

  • Piata tranzactiilor investitionale

    Piata tranzactiilor investitionale reflecta evolutiile celorlalte segmente de piata, fiind inregistrat un numar si o valoare

    mai mare a tranzactiilor comparativ cu 2012, respectiv, cresterea pretului per proprietate tranzactionata. Desi

    fundamentele pietelor specifice s-au imbunatatit evident, piata locala investitionala continua sa resimta lipsa finantarii

    bancare si incertitudinea generata in primul rand de evolutiile economice asteptate.

    Volatilitatea redusa a indicatorilor inregistrati pe segmentele comerciale ale pietei imobiliare se reflecta in stabilitatea

    ratelor de capitalizare, care raman la nivelele inregistrate in 2011. Ratele de capitalizare pentru proprietatile noi

    moderne s-au mentinut stabile in 2013, fluctuand intre 8.25-8.50% pentru spatiile de birouri clasa A, intre 8.0-8.75%

    pentru cladirile comerciale si intre 10-10.5% pentru spatiile industriale. In cazul cladirilor de birouri clasa B situate in

    zonele secundare, avand un nivel al inchirierilor ridicat, ratele de capitalizare variaza intre 9.0-9.5%, in timp ce pentru

    proprietatile industriale mai vechi, care nu sunt localizate in zonele consacrate dezvoltarilor de acest tip, ratele variaza

    intre 10.5-11.0%.

    Ratele de capitalizare se vor mentine stabile pe parcursul primei jumatati a anului 2014, evolutia ulterioara a acestora

    fiind dependeta de o serie de factori, care pentru moment au un grad mare de incertitudine: contextul economic

    susceptibil a fi influentat de alegerile prezidentiale, starile conflictuale din regiune, consolidarea economica din tarile

    dezvoltate europene.

    Inceputul anului 2014 nu a generat schimbari evidente in evolutia ratelor de capitalizare sau in activitatea generala

    a investitorilor. Evolutia geopolitica a inceputului de an inca nu a avut repercusiuni asupra pietelor de investitii

    europeane. Interesul investitorilor ramane concentrat pe segmentul comercial (birouri si spatii comerciale), atat pentru

    achizitia de proprietati finalizate, cat si pentru dezvoltarea unor proiecte imobiliare. Segmentul industrial inca nu este

    in atentia investitorilor, insa a doua jumatate a anului poate inregistra o tranzactie sip e acest segment.

    Cea mai importanta tranzactie inregistrata pe o piata locala, exceptand Bucurestiul, este cumpararea City Park

    Constanta, un centru comercial cu suprafata de 29.284 mp, de catre NEPI pentru pretul de 81 milioane de euro.

    Cel mai activ fond de investitii, New Europe Property Investments a cumparat alte doua centre comerciale in Drobeta

    Turnu-Severin (Severin Shopping Center) si Deva (Deva Shopping Center), in timp ce in alte orase este implicat in

    activitati de dezvoltare imobiliara.

    Piata tranzactiilorinvestitionale

    6

    8

    10

    Clasa A

    Clasa B

    2007 2008 2009 2010 2011 2012 2013

    Evolutia ratelor de capitalizare

    Potentialii cumparatori au devenit mai

    activi in 2013, acestia fiind interesati cu

    precadere de segmentul comercial. In

    Bucuresti, piata spatiilor de birouri are cea

    mai mare pondere in totalul investitiilor

    inregistrate in 2013, in timp ce in pietele

    locale, cele mai tranzactionate au fost

    proprietatile comerciale (centre comerciale

    si hypermarket-uri).

    www.nairomania.ro 12

  • Investment transactions concluded in Bucharest in 2013 (selection)

    Investment transactions concluded in regional cities in 2013 (selection)

    In 2013, the main source of investment products is represented by investment funds that currently own a portfolio of

    properties and are willing to sale partially or totally their properties. Althouth the current owners are willing to sale their

    properties, they are encountering difficulties generated by the reluctance of new investment funds to enter the local

    market. These potential investors have the financial capacity to acquire these properties, while the already existing

    funds prefer to consolidate their portfolios.

    The qualitative growth of commercial segments creates the grounds for the increase of the institutional investors in

    the investment products, including properties situated in regional cities. Projects that will be completed during 2014-

    2016, both offices and retail developments, might become investment products. The interest of investors is expected

    to increase due to the characteristics of these new developments, such as high standard equipments, accessibility,

    high level of occupancy, some of them being already pre-leased.

    The main investors will be the investment funds that are already present on the local market. Considering that the

    local banking financing will remain difficult to be obtained, the main capital inflows will be attracted from the foreign

    markets. Investors are diversifying the financing sources, being interested in attracting finance from the capital

    market. They will acquire properties that are part of portfolios, mainly on the commercial segment. The growth of

    the office market in regional cities of Romania that is mainly sustained by the demand coming from IT&C and BPO

    companies will increase the interest of potential investors.

    www.nairomania.ro 13

    Property Area-sq m Price - Mil Investor BOC Tower 58.581 110.0 Globalworth REI

    Lake View 23.256 61.7 NEPI

    BOB Tower 23.631 42.0 Globalworth REI

    Former HQ Unicredit Tiriac 3.500 7.0 Uniqua Group

    Magazinul Bucuresti n/a 4.0 n/a

    Property Area-sq m Price - Mil Investor City Park 29.284 81.0 NEPI

    Continental Hotel 6.600 5.0 Napocamin

    Deva Shopping Center 41.700 n/a NEPI

    Severin Shopping Center 16.574 n/a NEPI

    Investment market

  • www.nairomania.ro 14

    Tranzactii de investitii incheiate in Bucuresti in 2013 (selectie)

    Tranzactii de investitii incheiate in orasele regionale in 2013 (selectie)

    In 2013, principala sursa a ofertei de produse investitionale este reprezentata de fondurile de investitii, care detin un

    portofoliu de proprietati si doresc sa realizeze un exit total sau partial. Desi exista dorinta actualilor proprietari de a

    vinde proprietatile, acestia se confrunta cu dificultati generate de reticenta unor noi fonduri institutionale de a intra pe

    piata locala, acestea fiind singurele care pot avea capacitatea financiara sa achizitioneze aceste proprietati, in timp

    ce fondurile active deja existente prefera consolidarea portofoliilor.

    Cresterea calitativa a segmentelor comerciale creeaza premisele pentru o crestere a interesului investitorilor

    institutionali pentru produsele investitionale, inclusiv pentru proprietatile din orasele regionale. Proiectele care

    se vor finaliza in perioada 2014-2016, atat cele de birouri cat si cele comerciale, pot deveni potentiale produse

    investitionale. Interesul investitorilor este crescut datorita caracteristicilor acestor proiecte, cum ar fi specificatii

    tehnice inalte, accesibilitate usoara, grad mare de ocupare, unele chiar din faza de preinchiriere.

    Principalii investitori vor ramane fondurile de investitii care sunt deja prezente pe piata locala. Avand in vedere faptul

    ca finantarea bancara locala va fi deficitara, principalele fluxuri de capital vor fi atrase de pe pietele externe. Investitorii

    isi diversifica sursele de finantare, apeland inclusiv la bursa. Acestia vor prelua proprietati parte a unor portofolii,

    in special pe segmentul comercial. Dezvoltarea segmentului de birouri in principalele orase regionale ale Romaniei,

    sustinuta de cererea din ce in ce mai sustinuta a firmelor internationale de IT&C si BPO creeaza premisele pentru

    atragerea investitorilor.

    Piata tranzactiilor investitionale

    Proprietate Suprafata-mp Pret tranzactie - Mil Cumparator BOC Tower 58.581 110.0 Globalworth REI

    Lake View 23.256 61.7 NEPI

    BOB Tower 23.631 42.0 Globalworth REI

    Fost sediu Unicredit Tiriac 3.500 7.0 Uniqua Group

    Magazinul Bucuresti n/a 4.0 n/a

    Proprietate Suprafata-mp Pret tranzactie - Mil Cumparator City Park 29.284 81.0 NEPI

    Continental Hotel 6.600 5.0 Napocamin

    Deva Shopping Center 41.700 n/a NEPI

    Severin Shopping Center 16.574 n/a NEPI

  • After a period when the residential market was characterized by a low development activity and slow absorption

    rate of residential units, in 2013 the positive evolutions initiated in 2012 became more obvious. During 2013 the

    number of newly completed residential units in the Bucharest-Ilfov Region increased by 16.5%, reaching 5.275

    units. Although in the Bucharest-Ilfov Region (+16.5%) and West Region (+8%) the residential development activity

    increased, the number of newly completed residential units calculated at the national level decreased in 2013 for the

    fifth consecutive year.

    Residential market

    www.nairomania.ro 16

    Residentialmarket

    0

    2000

    4000

    6000

    8000

    10000

    During 2013 a number of 40.071 residential

    units has been completed in Romania, by 6%

    less compared to 2012. The annual decline was

    generated by the significant decrease in the number

    of completed units during Q4 2013, when 13.478

    units were completed, representing a decrese of

    15% compared with the similar period of 2012. At

    the national level, the most significant decrease

    in the number of completed residential units was

    recorded in the Nort-West Region, where 5.186

    units were completed, representing a drop of 23.5%

    compared with 2012.

    Number of residential units completed in the Bucharest-Ilfov Region

    2008 2009 2010 2011 2012 2013

    Source: National Institute of Statistics

    In the Bucharest-Ilfov Region the most intense residential development activity was recorded in the peripheral areas

    of Bucharest, that are situated within the administrative limits of Ilfov County. Thus, the largest number of completed

    residential units are located in Popesti-Leordeni, Berceni, Bragadiru, Voluntari.

    The development activity within these areas has been concentrated almost exclusively on the apartment segment

    situated within small size residential compounds in terms of total number of apartments and number of levels

    (maximum GF+6). These residential projects offer mainly 2 and 3 room apartments with usable areas between 50-55

    sq m, respectively, 65-70 sq m.

    A similar tendency is expected in 2014, when a number of small scale residential developments are proposed for

    completion in the southern and western areas of Bucharest. The eastern areas of Bucharest (Fundeni-Dobroesti) will

    record a similar rhythm of expension comapred to Popesti-Leordeni, Bragadiru, this area benefiting of vacant plots

    and a developed infrastructure.

    The characteristics of the properties are adapted to the demand expectations in terms of prices, as a consequence

    the asking prices should not exceed the maximum limit stipulated by First time buyer program. Considering the

    asking prices, these fluctuate between 600 and 700 per usable sq m for apartments located at a remote distance

    from the public transportation routes, while the apartments located in Popesti-Leordeni-Berceni area, in the proximity

    of the metro station, are quoted at 675-800/sq m. The adaptation of the offer to the characteristics of demand is

    revealed by the increase of the weight of apartments completed after 2008 (34%) in the total number of properties

    financed by the First Time Buyer program.

  • www.nairomania.ro 17

    Dupa o perioada in care piata rezidentiala a fost marcata de o activitate de dezvoltare si absorbtie redusa a unitatilor

    locative, in anul 2013 s-au accentuat evolutiile pozitive initiate in 2012. In 2013 s-a inregistrat o crestere cu

    aproximativ 16,5% a numarului de locuinte finalizate in regiunea Bucuresti-Ilfov, atingand nivelul de 5.275 unitati. Desi

    in regiunile Bucuresti-Ilfov (+16.5%) si Vest (+8%) au fost constatate cresteri ale activitatii de dezvoltare imobiliara

    pe segmentul residential, numarul de locuinte nou construite la nivel national a scazut in 2013 pentru al cincilea an

    consecutive.

    Piata rezidentiala

    Piata rezidentiala

    0

    2000

    4000

    6000

    8000

    10000

    Numarul de locuinte finalizate in regiunea Bucuresti-Ilfov

    2008 2009 2010 2011 2012 2013

    Sursa: Institutul National de Statistica

    In 2013, au fost finalizate la nivel national 40.071

    unitati rezidentiale, cu aproximativ 6% mai putin fata

    de 2012. Declinul anual a fost generat de scaderea

    semnificativa a numarului de locuinte in trimestrul

    4 2013, in care au fost finalizate doar 13.478 de

    locuinte, un declin de peste 15% fata de perioada

    similara a anului 2012. La nivel national, regiunea

    cu cea mai mare scadere a numarului de locuinte

    finalizate este cea de Nord-Vest, unde au fost date

    in folosinta 5.186 locuinte in 2013, in scadere cu

    23,5% fata de 2012.

    Pe piata locala din regiunea Bucuresti-Ilfov, cea mai intensa activitate de dezvoltare imobiliara rezidentiala s-a

    inregistrat in zonele limitrofe Bucurestiului, care din punct de vedere administrativ apartin judetului Ilfov. Astfel, cele

    mai multe unitati rezidentiale au fost finalizate in zonele Popesti-Leordeni, Berceni, Bragadiru, Voluntari.

    Activitatea de dezvoltare din aceste zone s-a concentrat aproape in exclusivitate pe segmentul apartamentelor situate

    in cadrul complexelor rezidentiale de mici dimensiuni, atat ca numar de apartamente, cat si ca inaltime (maximum

    P+6). Aceste ansambluri rezidentiale ofera cu precadere apartamente cu 2 si 3 camere cu suprafete utile cuprinse

    intre 50-55 mp, respectiv, intre 65-70 mp.

    Aceeasi tendinta se asteapta si in 2014, cand sunt propuse pentru finalizare alte proiecte rezidentiale de mici

    dimensiuni amplasate in zonele de sud si vest ale Bucurestiului. Zona de est (Fundeni-Dobroesti) va inregistra acelasi

    ritm de extindere ca si zonele Popesti-Leordeni, Bragadiru, aceasta beneficiind de terenuri disponibile si un grad de

    dezvoltare al infrastructurii destul de dezvoltat.

    Caracteristicile proprietatilor sunt adaptate cerintelor de pret ale cererii, astfel ca preturile de vanzare ale acestora sa

    nu depaseasca plafonul de finantare instituit prin programul Prima Casa. Astfel, din punctul de vedere al preturilor

    solicitate, acestea variaza intre 600 si 700 Euro/mp util pentru apartamentele care sunt situate relativ departe fata de

    retelele de transport public, in timp ce apartamentele din zona Popesti-Leordeni-Berceni, aflate in proximitatea retelei

    de metrou, au preturi de vanzare cuprinse intre 675-800 Euro/mp. Adaptarea ofertei la cerintele cererii este relevata

    de cresterea ponderii apartamentelor construite dupa 2008 (34%) in totalul proprietatilor finantate prin programul

    Prima Casa.

  • In order to attract potential buyers, developers offer free parking places, storage areas and allow diverse financing/

    sale plans in order to facilitate the sale of the apartments, such as payment in installments, acquisition of the

    apartments in shell and core condition. Although some residential compounds are more attractive due to the proximity

    of public transportation, new residential developments do not benefit of social services (education, health etc) and

    adequate infrastructure. As a consequence, old apartments are preferred by the largest part of clients in Bucharest.

    Residential developments located within Bucharest are dominated by small size projects, addressing to medium-high

    income customers, these being located in the secondary areas (Bucurestii Noi, Titan, Iancului) or in well established

    residential areas, such as Aviatorilor, Domenii, Baneasa.

    The offer is sustained also by financial institutions that adopted a more aggressive sale strategy of distressed assets.

    Their number has increased significantly, these properties being promoted on the websites of banks and specialized

    portals. The properties under special administration have reconsidered the price policy together with the bank in

    order to become more attractive for the potential clients. Although the price per sq m recorded evident adjustments,

    the most significant difficulties are encountered by the residential projects with large usable areas located in areas

    with difficult access.

    The residential market is still dependent of the banking finance, thus the sale price is the most important decision

    factor under the condition of a less liquid demand. The changes in the provisions of the First Time Buyer program

    have negatively influenced the demand for residential units, some potential clients do not met the requirements of a

    new regulation that imposes exclusively the finance of acquisitions in local currency.

    The First Time Buyer program will continue in 2014, demand benefitting of financial support. Even if the economy

    will record a positive evolution, demand is not expected to record significant changes compared with 2013. The

    largest weight of acquired properties will be represented by apartments with prices up to 50.000. Residential

    market will be dominated by small size developments, located in secondary and peripheral areas that offer affordable

    residential units. Economic uncertainty and weak purchasing power are the main factors that generate the decrease

    of demand for apartments up to Euro 45.000-50.000.www.nairomania.ro 18

    Residential market

    0

    200

    400

    600

    800

    1000

    1200

    Medium sale prices - First Time Buyer (Euro/sq m)

    2009 2010 2011 2012 2013

    According to the statistical data provided by National Credit Guarantee Fund for SMEs, the medium price of

    apartments financed by the First Time Buyer program had a decreasing tendency from 1.025/usable sq m in 2011

    to approximately 975/usable sq m. This tendency will maintain considering the weight of the apartments acquired

    in areas with prices up to 800/sq m and the weight of old apartments. The medium level of a loan guaranteed by

    the Fund was 37.000 in 2013.

  • Conform datelor statistice furnizate de Fondul National de Garantare a Creditelor pentru Intreprinderile Mici si Mijlocii,

    pretul mediu al apartamentelor achizitionate prin programul Prima Casa au avut o tendinta de scadere de la 1.025

    Euro/mp util in 2011 la aproximativ 975 Euro/mp util in 2013. Aceasta medie isi va continua scaderea avand in vedere

    ponderea din ce in ce mai mare a achizitiilor de apartamente din zonele cu preturi sub 800 Euro/mp, precum si

    ponderea mare a apartamentelor vechi. Valoarea medie a unei finanrii acordate n anul 2013 a fost de aproximativ

    37.000 Euro.

    www.nairomania.ro 19

    Piata rezidentiala

    Pentru atragerea potentialilor cumparatori, dezvoltatorii ofera locuri de parcare gratuite, spatii de depozitare sau diverse

    planuri de finantare/vanzare, care sa inlesneasca vanzarea apartamentelor, cum ar fi plata in rate, achizitionarea la

    gri. Desi unele ansambluri rezidentiale sunt mai atractive prin proximitatea fata de transportul public, noile zone de

    dezvoltare nu beneficiaza de servicii sociale (educatie, sanatate etc) sau de infrastructura adecvata. Din aceasta

    cauza apartamentele vechi din Bucuresti sunt preferate de cea mai mare parte a cumparatorilor.

    Dezvoltarile imobiliare din interiorul Bucurestiului sunt dominate de proiectele de mici dimensiuni, care se adreseaza

    clientilor cu venituri medii-mari, acestea fiind localizate in zone secundare (Bucurestii Noi, Titan, Iancului) sau in cele

    consacrate, cum ar fi Aviatorilor, Domenii, Baneasa.

    Oferta de locuinte este sustinuta si de institutiile bancare care au adoptat o strategie mai agresiva de vanzare a

    apartamentelor executate. Numarul acestora a crescut semnificativ, aceste proprietati fiind promovate pe web site-

    urile bancilor, cat si pe cele specializate. Proprietatile aflate sub administrare speciala si-au reconsiderat politica

    de prt impreuna cu banca finantatoare, pentru a deveni mai atractive pentru potentialii clienti. Desi preturile per

    mp au cunoscut ajustari evidente, dificultatile cele mai mari sunt intampinate de ansamblurile localizate in zone cu

    accesibilitate dificila, care includ apartamente cu suprafete utile foarte mari.

    Piata rezidentiala a ramas dependenta de finantarea bancara, astfel ca pretul de achizitie e cel mai important factor

    de decizie in conditiile unei pauperizari a cererii. Modificarile programului Prima Casa au influentat negativ cererea

    de locuinte, unii clienti nu mai sunt eligibili dupa ce programul asigura numai finantarea in moneda nationala.

    Programul Prima Casa va continua si in 2014, cererea avand in continuare un support financiar. Chiar daca si

    economia va avea o evolutie pozitiva, nu sunt anticipate modificari semnificative comparativ cu 2013 in ceea ce

    priveste cererea. Ponderea cea mai mare va fi reprezentata de cererea pentru apartamentele cu preturi sub 50.000

    Euro. Piata va fi in continuare dominata de dezvoltarile rezidentiale de mici dimensiuni, localizate in zonele secundare

    si periferice, care ofera unitati locative permisive din punct de vedere al pretului. Incertitudinile economice si puterea

    de cumparare slaba sunt principalele cauze ale scaderii cererii pentru apartamentele cu valori mai mari de 45.000-

    50.000 Euro.

    0

    200

    400

    600

    800

    1000

    1200

    Pretul mediu de vanzare proprietati - Prima Casa (Euro/mp)

    2009 2010 2011 2012 2013

  • www.nairomania.ro 21

    The positive economic growth recorded during the last 2 years, corroborated with the evolution of the retail sales

    encouraged developers to initiate the construction works for large format retail developments (Mega Mall, Parklake

    Plaza, Kaufland hypermarkets) or to carry out the procedures to implement off plan projects. A similar tendency is

    recorded in regional cities that have a very limited stock of modern retail developments. The extension of discounters

    was a characteristic of the retail market in 2013.

    The Bucharest market recorded the opening of Promenada Mall that added 35.000 sq m to the existing stock. During

    2014-2016, a number of 3 new commercial developments are proposed for completion: Mega Mall (60.000 sq m),

    Parklake Plaza (63.000 sq m) and Victoria City Lifestyle (35.000 sq m).

    DIY segment was significantly affected by the reduction in the construction activity on the residential segment.

    Bricostore was affected by the drop in the sales. In 2013, Bricostore network (15 stores) was acquired by the UK

    based group Kingfisher that plans to extend the number of stores on the medium term.

    Demand for on street retail units was sustained by proximity stores, some of them being represented by small format

    (Carrefour Express, La Doi Pasi) of large retail chains (Carrefour, Metro). On the supermarket segment, Mega Image

    is the leader of expansions. This retailer covers also the segment of proximity stores (Shop & Go) directly competing

    the stores of large retailers. On this segment, demand was sustained by supermarkets, groceries, garment and

    footwear stores, service providers (insurance, medical services, travel agencies).

    The relatively high level of availability for on street retail units generated a reduction in the rental levels on this

    segment. Demand is active, but the economic activities carried out within the leased premises are not able to

    sustain the occupancy costs, forcing tenants to vacate the occupied spaces. This segment has a higher degree of

    uncertainty, beside the general factors that influence the retail market, an important role is played by micro-location.

    In general, monthly rents for on street retail units in Bucharest fluctuate between 30-50/sq m in centrally located

    areas, between 10-25/sq m in secondary areas and between 5-15/sq m in peripheral areas.

    Demand on shopping center segment was generated by fashion and footwear retailers and service providers. On

    this segment, the fluctuation of tenants is more reduced, their typology being limited by the tenant mix imposed by

    the owner of the shopping center.

    Shopping center segment did not recorded significant fluctuations of the rental levels. Within shopping centers

    located in large cities, rental levels fluctuate between Euro 25-40/sq m/month for small areas and between Euro

    6-12/sq m/month for large or anchor tenants.

    Rental levels for on street retail units and spaces located within shopping centers will remain comparable with

    those recorded in 2013. The market will grow on shopping center, hypermarket and proximity store (supermarket)

    segments. Extensions will be recorded also in regional cities that have a low level of modern retail stock. At the

    same time with the completion of shopping centers in middle size towns, fashion and footwear stores will continue

    their expansion at the national level in order to benefit of lower occupancy costs and proper retail units that meet

    specific requirements.

    Retail market

    Retail market

  • Piata spatiilorcomerciale

    Cresterea economica pozitiva din ultimii 2 ani, coroborata cu evolutia volumului vanzarilor, a incurajat dezvoltatorii sa

    initieze lucrarile de constructie la unele dezvoltari comerciale de format mare (Mega Mall, Parklake Plaza, hypermarket-

    uri Kaufland) sau sa continue demersurile pentru implementarea proiectelor aflate in faza de proiect. Aceeasi tendinta

    se inregistreaza si in orasele regionale, care au un stoc foarte limitat de spatii comerciale moderne. Extinderea

    lanturilor comerciale de tip discount a fost o caracteristica a pietei spatiilor comerciale in 2013.

    Piata din Bucuresti a consemnat deschiderea centrului comercial Promenada Mall, care a adaugat o suprafata de

    35.000 mp spatii. In perioada 2014-2016, sunt propuse a fi finalizate 3 noi centre comerciale: Mega Mall (60.000

    mp), Parklake Plaza (63.000 mp) si Victoria City Lifestyle (35.000 mp).

    Segmentul de bricolaj a fost puternic afectat de diminuarea activitatii de constructii pe segmentul rezidential.

    Bricostore a resimtit efectele negative ale scaderii vanzarilor. In 2013, reteaua (15 magazine) a fost cumparata de

    grupul britanic Kingfisher, care planuieste extinderea retelei pe termen mediu.

    Cererea pe segmentul spatiilor comerciale stradale a fost sustinuta in special de magazinele de proximitate, multe

    dintre acestea fiind formatele comerciale stradale (Carrefour Express, La Doi Pasi) ale marilor lanturi comerciale

    (Carrefour, Metro). Pe segmentul supermarketurilor, se detaseaza ca leader al expansiunilor lantul Mega Image.

    Acesta acopera si segmentul magazinelor mici de proximitate (Shop & Go), prin care concureaza direct magazinele

    marilor lanturi comerciale. Pe acest segment, cererea a fost sustinuta de supermarket-uri, magazine alimentare,

    confectii si incaltaminte, precum si de prestatorii de servicii (asigurari, servicii medicale, agentii de turism).

    Disponibilitatea relativ mare a spatiilor comerciale stradale a generat o diminuare a chiriilor pe acest segment. Cererea

    este activa, insa activitatile comerciale prestate nu au capacitatea de a sustine costurile de ocupare, fortand chiriasii

    sa paraseasca spatiile ocupate. Acest segment are un grad de incertitudine mai mare, pe langa factorii generali care

    influenteaza piata spatiilor comerciale, un rol essential il au factorii de la nivelul microlocalizarii. In general, chiriile

    lunare pentru spatiile comerciale stradale in Bucuresti variaza intre 30-50 Euro/mp in zonele central, intre 10-25 Euro/

    mp in zonele secundare si intre 5-10 Euro/mp in zonele periferice.

    Cererea pe segmentul centrelor comerciale a fost generata de comerciantii de imbracaminte, incaltaminte si prestatorii

    de servicii. Pe acest segment, fluxul de chiriasi este mai redus, tipologia acestora fiind limitata de mixul de chiriasi pe

    care il doreste proprietarul centrului comercial.

    Segmentul centrelor comerciale nu a inregistrat evolutii notabile ale chiriilor. Acestea variaza intre 25-40 Euro/mp/luna

    pentru spatiile mici si 6-12 Euro/mp/luna pentru chiriasii mai mari sau tip ancora in centrele comerciale din orasele

    mari.

    Chiriile pentru spatiile comerciale stradale, precum si cele pentru spatiile situate in centrele comerciale se vor mentine

    intre intervalele inregistrate in 2013. Piata spatiilor comerciale va inregistra extinderi pe segmentul centrelor comerciale,

    hypermarket-urilor si a magazinelor de proximitate (supermarket). Extinderile vor cuprinde si orasele regionale, care

    au un stoc redus de spatii comerciale moderne. Odata cu finalizarea centrelor comerciale din orasele mijlocii, se vor

    extinde si magazinele specializate de imbracaminte si incaltaminte, care doresc sa isi continue agresiv extinderea la

    nivel national, pentru a beneficia de scaderea costurilor de ocupare si spatii comerciale potrivite cerintelor specifice.

    Piata spatiilor comerciale

    www.nairomania.ro 22

  • www.nairomania.ro 24

    Land market

    Land market recorded two distinct evolutions, depending on the type of land considered. Thus, agriculture land

    recorded a significant increase of the interest for the acquisition of large areas, under the condition of price increase

    that became more evident in 2013. The high level of interest occurs as foreigners will be able to purchase agricultural

    land starting 2014. Although the price of agricultural land increased, this level is still below the level recorded in

    western European markets.

    The prices for agricultural land fluctuate between Euro 2.000-5.000 per hectare, depending on the quality of soil,

    presence of irrigation systems, proximity of storage and transport facilities. In the western areas of Romania, the

    prices are higher than Euro 5.000 per hectare due to high pressure of demand coming from west European farmers.

    The prices will continue to increase as the level demand will remain high while the landlords will become more aware

    of the value of agricultural land in the context of intensive European agriculture.

    The market of land intended for real estate developments did not record significant changes compared with 2012.

    Excepting the areas of Bucharest that recorded completion of residential developments addressing beneficiaries

    of the First Time Buyer program, land market had a limited number of transactions generated by low interest of

    developers to acquire new plots. Projects initiated in 2012-2013 are developed on plots acquired during the period

    before economic crisis.

    Demand is focused on small size plots, benefitting of certain urban indicators, situated within areas with good

    accessibility in the proximity of interest points. Demand was concentrated on plots proper for office and residential

    developments, especially on those for small scale developments. Purchasors are trying to speculate the limited

    liquidity and put a downward pressure on prices taking an aggressive approach of the negotiation process. However

    this attitude resulted in conclusion of some transactions, especially in case of properties offered for sale by banks that

    are willing to rapidly dispose the distressed assets. Among the most important land transactions recorded in 2013

    we mention the transaction of the land attached to former Aversa industrial platform that was acquired by Benevo

    Capital for Euro 17.3 Million.

    Demand will remaine at comparable levels with 2013, being concentrated on plots proper for residential and office

    developments. Development activity in the last 2 years covered only partially the vacant plots. Developers have

    already in their portfolios plots suitable for developments. On this segment of real estate market, demand should be

    created, the owners should promote their properties directly to potential purchasors and use less other promotion

    channels (advertising, online ads etc).

    Land market

  • Piata terenurilor a inregistrat doua evolutii distincte, in functie de tipul de terenuri pe care le consideram. Astfel, pe

    piata terenurilor agricole a fost inregistrata o crestere semnificativa a interesului pentru achizitia de suprafete mari, pe

    fondul unei cresteri de preturi, care a devenit mai evidenta in 2013. Interesul crescut a fost generat de liberalizarea

    pietei terenurilor pentru persoanele fizice cetateni straini incepand cu 2014. Desi pretul terenului agricol a crescut,

    acesta a ramas mult sub preturile solicitate in pietele din vestul Europei.

    Pretul pentru terenurile agricole variaza in general intre 2.000-5.000 Euro per hectar, in functie de suprafata, calitatea

    solului, dotarea cu sisteme de irigatie, apropierea fata de facilitatile de stocare si transport. In zonele de vest ale

    tarii, preturile de vanzare sunt mai mari de 5.000 Euro per hectar, din cauza presiunii cererii foarte ridicate venite din

    partea agricultorilor din vestul Europei. Preturile pentru terenurile agricole vor continua sa creasca, avand in vedere ca

    nivelul cererii va ramane ridicat, in timp ce proprietarii vor deveni constienti de valoarea terenului agricol, in contextul

    european al agriculturii intensive.

    Piata terenurilor destinate dezvoltarilor imobiliare nu a cunoscut modificari semnificative comparative cu 2012.

    Exceptand zonele din Bucuresti, care inregistreaza dezvoltari rezidentiale adresate cumparatorilor vizati de programul

    Prima Casa, piata terenurilor a fost marcata de un numar limitat de tranzactii determinat de interesul scazut

    al dezvoltatorilor, pentru achizitia de noi terenuri. Proiectele initiate in 2012-2013 sunt dezvoltate pe terenurile

    achizitionate in perioada dinaintea izbucnirii crizei economice.

    Cererea vizeaza suprafete mici de teren, cu indicatori urbanistici certi, amplasate in zone cu accesibilitate buna si

    proximitatea punctelor de interes. Cererea de terenuri s-a focalizat pe segmentul proprietatilor propice dezvoltarilor

    imobiliare de birouri, precum si pe segmentul rezidential, in special ansambluri mici de apartamente. Cumparatorii

    speculeaza lichiditatea limitata si pune presiune puternica asupra pretului manifestand agresivitate in negocierile de

    vanzare. Totusi, aceasta atitudine a avut ca rezultat incheierea unor tranzactii, mai ales in cazul proprietatilor oferite la

    vanzare de catre banci, care doresc o vanzare rapida a proprietatilor executate. Printre cele mai importante tranzactii

    de terenuri inregistrate in 2013, mentionam tranzactia amplasamentului intreprinderii Aversa incheiata de Benevo

    Capital pentru 17.3 milioane Euro.

    Cererea va ramane la nivele comparabile cu cele din 2013, fiind focalizata pe loturi de teren propice dezvoltarilor

    rezidentiale si a celor de birouri. Activitatea de dezvoltare imobiliara din ultimii 2 ani a reusit sa acopere doar o mica

    parte din terenurile disponibile pentru acest tip de activitate. Dezvoltatorii dj au in portofolii loturi de teren propice

    dezvoltarilor imobiliare. Pentru acest segment al pietei imobiliare, cererea va continua sa fie creata, prin oferta directa

    catre potentiali cumparatori identificati si mai putin prin alte mijloace de promovare (publicitate, anunturi online etc).

    Piata terenurilor

    Piata terenurilor

    www.nairomania.ro 25

  • Aurel Vlaicu Building, 4 Pipera Ave7 floor, Bucharest, 014255

    nairomania.ro

    th