International: Knight Frank Expands Presence in Romania
- Jun 11, 2015
By Adriana Pop, Associate Editor
In the context of an improving economy, Knight Frank has joined forces with its locally based associate The Advisers, to officially launch an office in Bucharest.
The partnership, which has been active in the Romanian commercial property market since May 2009, boasts an exceptional track-record, including some of the capital city’s largest leasing deals this year.
These include Oracle’s expansion in SkyTower (112,000 square feet/10,400 square meters) and in Oregon Park (215,000 square feet/20,000 square meters), and Genpact’s pre-lease deal of up to 270,000 square feet (25,000 square meters) in Hermes Business Campus.
The team will continue to be led by Horatiu Florescu, who has over 17 years of real estate experience.
Knight Frank Romania will now cover all property sectors, including office, capital markets, retail, industrial, land advisory services, valuation, as well as residential, through its newly-launched service line. Called Corporate Residential, the firm’s new division will provide transactional support for corporate investors, diplomats and homeowners.
According to Knight Frank’s new Bucharest market report, 2014 has been the most successful year for the Romanian investment market since the global crisis. The total investment level last year climbed to €1.15 billion, and 2015 is also expected to follow an upward trend.
As a result of last year’s increasing demand for office space in Bucharest, absorption climbed to its highest level since 2009. Development activity also went up, sustained by a surge in pre-leasing deals, which tripled since 2013.
This year, Romania’s strengthening economy is expected to grow by another 2.8 percent.
Knight Frank L.L.P. is a global property consultancy company based in London. The firm and its U.S. alliance partner, Newmark Grubb Knight Frank, operate from over 335 offices, in 52 countries, across six continents and have over 12,000 employees.