CBRE Brasov Real Estate Report_small

Transcription

BRASOV
Real-Estate Overview
CBRE RESEARCH
Photo source: georgestoica93.blogspot.ro
Brasov, the heart of Romania
-
Due to the rapid expansion of the outsourcing sector worldwide, the complexity of the services in the biggest office hubs in
Romania increases. Brasov is in favourable situation on the labour market, availability of modern office space and strong
academic centres, as all provide a solid basis for the outsourcing sector.
Brasov shall remain on the FDI short list and it will get even more attractive to production companies as far as major
infrastructure plans will be given the right priority. The current situation looks promising as both the airport and ring
road are under construction and also the state authorities are planning to start construction for the A3 highway Bucharest Brasov.
FIGURE 1: BRASOV HIGHLIGHTS
1
253,200
Population
117,000
Third Generation
Shopping Centre
sq m
Retail Stock
360,000
sq m
Industrial Stock
sq m
93,000
Office Stock
8,282
EUR
GDP per Capita
7 th
4
City by Population
Universities
629,814
County
2
CBRE - Brasov Real Estate 2015
Brasov
Office
OFFICE STOCK
The largest office projects in Brasov
are located in the semi-central area:
Coresi Business Park (reconversion
from Tractorul factory) developed by
Ascenta Management and Brasov
Business Park developed by
Ravensdale Investments.
The modern office stock is estimated
to be 93,000 sq m of class A and B,
which is equivalent to almost 4% of
the Bucharest office stock. However,
counting also the class C buildings,
this rises to 115,000 sq m. 38% of the
office supply of class A and B is
concentrated in the Civic Center and
on Calea Bucuresti. The stock is
rather new, with 80% of office supply
having been delivered or refurbished
after 2008.
FIGURE 2: Total Office Stock by Class
19%
Class C
36
%
Class B
45
Ascenta Management is the most
active developer in Brasov, Coresi
Business Park being a gradual
master-planned development, the
industrial to office reconversion
having started in 2008. The business
park will reach a GLA of
approximately 60,000 sq m in the
next 10 years. The first phase is
already converted to modern offices
and is fully leased by multinational
companies like: CGS, Fresenius,
IBM, Raiffeisen Operational
Centre, Freudenberg,
Walters, e-Value.
%
Class A
construction on the second phase of
the project, consisting of two new
office buildings, with a total area of
18,000 sq m. The first building will
be delivered in Q2 2016. In addition,
the campus offers over 20,000 sq m
of green, landscaped areas, thus a
providing outdoor relaxation at ease.
In close proximity to the office
scheme, a large, dominant shopping
center was opened in early 2015,
Coresi Shopping Resort, anchored by
Auchan.
Brasov Business Park offers 21,000 sq
m in a modern class A environment.
The scheme benefits from great
visibility and accessibility, as well as
proximity to a large retail area. The
second phase is still pending, with
construction delayed due to
macro-economic difficulties.
In addition to the existing,
converted office space, the
project will feature 10 new modern
low-rise office buildings (GF + 3F/4F).
Coresi Business Park started
3
On the short and medium term, the proportion between demand and supply
for office space is balanced. On the long-term however and with reaching a
critical mass of highly skilled human resources and a quality business
environment, we expect the demand for class A office space to substantially
increase.
Silviu Savin - Partner
Ascenta Management
Photo source: Ascenta Management
FIGURE 3: MAJOR OFFICE BUILDINGS IN BRASOV
No
Project
Owner
GLA (sq m)
Status
1
Coresi Business Park
Ascenta Management
24,300
Existing
2
Brasov Business Park
Ravensdale Investments
21,000
Existing
3
Carpatex Office Building
Carpatex
9,500
Existing
4
Allianz Office Building
Allianz Tiriac
6,524
Existing
5
Cristiana Business Center
Cristiana
5,500
Existing
6
Coresi Business Park Ph. II
Ascenta Management
18,000
Under Construction
7
Brasov Business Park Ph. II
Ravensdale Investments
19,000
Planned
8
AFI Europe Office Building
AFI Europe
11,000
Planned
Source: CBRE Research
4
FIGURE 4: EXAMPLE OF EXISTING OFFICE BUILDINGS IN BRASOV
5
COMMERCIAL TERMS
all other maintenance and
operational costs of the building and
common areas. Service charges are
more often quoted in EUR net plus
applicable VAT. A typical service
charge in an A-class building in
Brasov varies from EUR 2 up to 4 /sq
m/ month.
Asking rents in A-class modern office
buildings remain stable at 10 - 12
EUR /sq m/month and for B-class
between 8 – 10 EUR / sq m/month.
Developers are flexible in offering
incentives tailored to lease term
length and overall contract value.
Tenants often see the incentive
packages they receive lowering the
effective rent even by 15 - 25%.
Parking Place - the fee for a parking
space would be around EUR 40 - 60
per month for the indoor parking
spaces and around EUR 20 – 30 per
months for the outdoor parking
spaces depending on a building’s
location. Parking spaces are
allocated according to a pre-defined
Service Charges - Include water,
electricity, security, heating,
air-conditioning, service, cleaning of
common areas, taxes, insurance and
parking ratio. Depending on the
location, the ratio may vary from 1
space per 50 – 100 sq m of leased
office space
Common Ratio - calculated as a
percentage of the space added to the
net rentable area.
These include lift lobbies, ground
floor lobby, toilets available for all
tenants and guests, rest areas and
corridors etc. Market standards for
the add-on factor in Brasov are in the
range of 4 -12%.
Security Deposit – The equivalent of
3 - 6 months’ rent or a letter of bank
DEMAND AND VACANCY RATE
This year 11,300 sq m were leased in
Brasov, 27% representing expansion
& new demand. This is a most
relevant percentage, as this can be
translated into these companies
having created new jobs in Brasov.
The companies deciding to expand
are a pillar in the local market,
showing that Brasov is indeed an
environment of sustainable growth.
The key elements of the local market
also attracted new names in the
beginning of this year, e-Value
opening their first center outside
Bucharest, less than a year after
opening their first center in
Romania.
The demand for office space in
Brasov is generated especially by
financial-banking sector, BPO’s and
SSC and pharmaceutical companies.
Some of the most renown companies
present in Brasov are Glaxo Smith
Klein, Viessman, Computer
Generated Solutions, Arvato –
Bertelsmann, Siemens, IBM, Canam
Steel, Wind Technologies, Trans
Gourmet – Selgros, BNP Paribas,
Pentalog, Competence Call Center.
Such tenants are looking for A and
B+ class office schemes with a very
good IT infrastructure in a friendly
surrounding what is reflected by a
growing popularity of business
parks.
The vacancy rate for class A and B in
Brasov stands around at 12%, the
vacancy rate for class A office
buildings is estimated at 10%
compared with the vacancy rate for
class B office buildings which is
estimated at 14%.
The most significant changes in
vacancy have occurred in the
periphery area, nearly half of the
vacancy rate is generated by one
project.
FIGURE 5: MAJOR OFFICE TRANSACTIONS 2015
Tenant
Surface (sq m)
Building
Type of deal
CGS
5,000
Renewal & Expansion
Tata Technologies
3,300
New lease (relocation)
e-Value
1,400
New lease (new demand)
Freudenberg
1,000
Renewal
CCC
600
Carpatex Office Building
Expansion
Source: CBRE (based on Romania Research Forum)
6
METHODOLOGY & DEFINITIONS
Prime Rent - represents the top
open-market tier of rent that could
be expected for a unit of standard
size (commensurate with demand in
each location), of the highest quality
and specification and in the best
location in a market at the survey
date. The Prime Rent should reflect
the level at which relevant transactions are being completed in the
market at the time, but need not be
exactly identical to any of them,
particularly if deal flow is very
limited or made up of unusual
one-off deals. If there are no relevant
transactions during the survey
period, the quoted figure will be
more hypothetical, based on an
expert opinion of market conditions.
Vacancy Rate - represents the
percentage ratio of total vacant space
to stock.
Total Stock – represents the total
completed space (occupied and
vacant) in the private and public
sector at the survey date. Includes
owner occupied space.
Business Process Outsourcing (BPO)
– a specialized organization that
provides specific business functions
(or processes), usually non-production ones to third parties.
Shared Service Centre (SSC) – a
separated part of an enterprise that
provides a service to an organization
or group where that service had
previously been found in more than
one part of the organization or
group. The funding and resourcing
of the service is shared and the
providing department effectively
becomes an internal service provider.
Knowledge Process Outsourcing
(KPO) – a form of outsourcing, in
which knowledge-related and
information-related work is carried
out by workers in a different company or by a subsidiary of the same
organization, which may be in the
same country or in an offshore
location to save cost. This typically
involves high-value work carried out
by highly skilled staff.
Cities like Brasov have long been a magnet for diverse, skilled, valuable talent, and
recent economic evolutions have made the city retain and attract both entry, and
mid-level and top-level professionals. With a solid education, varied opportunities
and international exposure, these talents have grown into a workforce pool that can
drive business growth for companies investing in the region.
Emil Minciu, Operations & Sales Director
Manpower Romania
7
LABOUR MARKET
Brasov has emerged as a favourable
office location for Shared Service
Centers, BPO & KPO, business
services and IT&C support centers.
Brasov is a destination as an alternative location to Bucharest or as an
additional location for companies
that already have set up operations
in the capital.
The increase in the number of
people employed in the service
centres also means expanding the
pool of candidates who understand
the nature of work in the sector and
have experience in servicing customers from abroad. The average length
of service in the sector is about three
years and is still growing.
At present, we can clearly distinguish
a group of employees who see their
future career in the business services
sector. Many of these individuals
continue to develop their skills,
including learning additional foreign
languages.’
majority of the employees being
fluent in English.
With a considerable native
Hungarian community (7% of total
population), Brasov provides a
vigorous pool for companies seeking
to find proficient or native
Hungarian speakers. Other very
common languages are German and
Spanish, 2,000 persons being trained
in these languages annually by 10
different institutions in Brasov.
POPULAR LANGUAGES IN
BRASOV
Knowledge of foreign languages is
one of the key advantages of Brasov
when attracting multinational
companies, English being one of
the most popular language, with the
All indications show that the rising
trend in the number of people who
speak a foreign language will
continue.
When compared with other cities, Brasov has the
substantial advantage of the high number of foreign
language speakers, available for employment,
especially those fluent in German. More educational
centres for learning foreign languages would increase
the attractiveness of the city.
Andreea Francu
Representative Freudenberg
FIGURE 6: NO. OF ANNUAL FOREIGN LANGUAGE GRADUATES
200
German
Spanish
Nr. of annual graduates
150
100
50
0
Foreign
Languages
University
Honterus
Highschool
Lexis
Courses
Euroeducational
The
German
Cultural Center
Institutions
CILM
Fides
Magnus
Centrofis
Mesota /
Saguna / Unirea
Highschools
Source: Manpower
8
FIGURE 7: NET MONTHLY SALARY (EUR) IN BRASOV BY DOMAINS OF ACTIVITY
Industry
Entry level
Mid level
Top level
IT&C
350 - 500
800 – 1,200
> 1,500
Professional Sector
300 - 400
600 – 800
> 1,200
BPO
250 - 300
450 - 500
> 800
Financial
250 - 300
400 - 450
> 700
Medical & Pharma
300 - 350
400 - 500
> 700
Consumer Goods
180 - 200
300 - 350
> 500
Public Sector
200 - 250
350 - 400
> 600
Consumer Services & Leisure (CSL)
200 - 250
350 - 400
> 600
Source: Manpower
Top of motivational factors for
employees:
1. Private healthcare
2. Lunch coupons
3. Sport card
4. Transport offered by the employer
5. Reimbursement for studies or
trainings
Source: Manpower
The performance of employees in Brasov is very
good, thus our centre here has become an excellence centre within the group. The main advantage when selecting Brasov was the high level of
qualification and specialization of the electrical
engineers found here, unmatched by other
regions.
Cornel Zaharia
Representative Fotonation
9
Brasov
Industrial
INDUSTRIAL STOCK
The modern industrial stock is
estimated to be around 360,000 sq m
of class A and B, which is equivalent
to almost 35% of the Bucharest
industrial stock. Brownfield
schemes, class C&D buildings adds
to the overall stock another 450,000
sq m.
FIGURE 8: Total Industrial Stock by Class
10%
Class B
55
%
Class C&D
10
The new supply of industrial space is
concentrated now mainly in the West
part of Brasov, greenfields
developments like: Brasov Industrial
Park, Olympian Park Brasov, WDP
Codlea Industrial Park are located
near Ghimbav and Codlea the other
major industrial park: Prejmer
Industrial Park is situated in the
North East part.
The remaining former industrial
platforms are located in the South,
South East part of Brasov city, while
other brownfield spaces are spread
along the county. Part of the projects
have been demolished creating new
urban spaces and those
remaining have been
refurbished to
accommodate different
industrial activities.
35%
Class A
A great deal of companies
which previously been in
brownfieldd buildings or even
tenants in greenfield developments
had took in some point in time the
decision to develop their own
buildings due to favourable real
estate conditions.
The majority of new industrial
developments has purely production
purposes and only to a small degree
distribution and logistics matters.
'Built to suit' facilities have been
common in the past few years in
terms of development trends only a
few speculative projects were
registered. The trend might continue
for a period of time and contribute to
maintaing a lower based vacancy rate
which now actually stands at 3.8%,
even lower for class A buildings
2.9%.
The construction of the Comarnic –
Brasov highway, the airport and the
ring road should boost the demand
for industrial warehouse and
logistics facilities and even for
production plants.
Purchasers interested in buying plots
of land for industrial purposes could
find offers that already have all the
permits included and utilities on site
for a price that can range between 20
and 30 Eur/sq m.
Photo source: WDP Romania
We chose to develop our industrial park in central Romania due to the
continuous increasing demand for warehousing solutions of the global
tenants present here. Major attraction deciding points are the soon to be
developed airport and road infrastructure connecting the area to the most
important European transportation routes.
Mr. Jeroen Biermans - Managing Director
WDP Romania
FIGURE 9: MAJOR INDUSTRIAL PARKS IN BRASOV
No
Industrial Park
Developer/Owner
GLA (sq m)
Status
Main Tenants
1
Prejmer Industrial Park
Graells&Llonch and Local Authorities
181,000
Existing
Eldon, Indcar, DHL
2
Brasov Industrial Park
ICCO
72,000
Existing
Preh, Continental Powertrain
3
Olympian Park Brasov
Helios Phoenix
18,000
Existing
Terwa, Draxlmaier, HIB Solutions
4
WDP Codlea Industrial Park
WDP
6,000
Existing
Inter Cars
5
Log Center Brasov
Immofinanz Group
0
Planned
N/A
6
Sofimat Logistic Park Brasov
Sofimat
35,000
Existing
Coca Cola
11
Within the industry, the main
branches that have contributed to
production sector were those in
manufacturing, more than 85%.
Much of Industrial production
output is oriented mainly for export
towards European Union countries.
Among those industries we found at
significant rates the Automotive
sector, TIER 1 companies and other
smaller companies that produce
smaller parts for this industry:
Autoliv, Draxlmaier, Continental
Powertrain, Hib Rolem, Preh, Quin,
Stabilus, Terwa, Romradiatoare,
Hutchinson, Ina Schaeffler, Total
Lubricants. Around 44 local and
international companies around
Brasov county that concentrated or
partially concentrated their production capabilities deliver automotive
components and parts to international OEM's.
The wood and the other related
sectors are consistantly contributing
to the county’s economy, many
companies are spread within the
county’s territory boarders: Kronospan, J.F. Furnir Holver, Losan,
Kastamonu, Rompaper, Ecopack,
Ecopaper.
The aeronautical industrial sector is
well represented by companie like:
Eurocopter (Airbus Helicopter),Guerin, IAR Ghimbav, Premium Aerotec
and we expect new companies to
come and invest in the region.
FIGURE 10: MAJOR INDUSTRIAL TRANSACTIONS BRASOV
No
Clients
Surface (sq m)
Industrial Park
Type of lease
Year
1
Preh
13,000
BTS
2015
2
Continental Powertrain
2,000
BTO
2015
3
Inter Cars
5,500
WDP Codlea Industrial Park
Pre-lease
2013
4
HIB Solutions
4,500
Olympian Park
BTS
2013
We relocated in Brasov for the highly professional, efficient and competitive
labour force that we needed for our business expansion. We were greatly
interested in the staff previously well trained into the industrial production
processes.
Florin Onu - General Manager
Benchmark Electronics Romania
12
FIGURE 11: MAJOR INDUSTRIAL PARKS IN BRASOV
13
COMMERCIAL TERMS AND
MARKET PRACTICE
landlord (e.g. rent free periods,
fit-out contribution)
ASKING RENTS
• Class A 4.5-6 EUR/Sq m
• Class B 2.5-3 EUR/Sq m
• Class C&D 0.5-1.5 EUR/Sq m
SERVICE CHARGES
• Class A 0.8 EUR/Sq m
• For class B buildings the service
charge is usually covered by the rent
• Paid monthly in advance; generally
quoted in EUR, paid in RON
• Based on ‘open book principle’,
reconciled annually
LEASE TERM
• 3 years in existing buildings
• 7-10 years for built-to-suit (BTS)
projects
HEADLINE RENT
• Paid monthly in advance; quoted in
EUR, paid in RON
• Annual indexation linked to CPI
indices (usually HICP Index)
EFFECTIVE RENT
• Average rent accounted over entire
lease period, including financial
incentives provided to tenant by
METHODOLOGY & DEFINITIONS
Prime headline rent (in Euro per sq
m) represents the top open-market
tier of rent that could be expected for
a unit of standard size commensurate with demand in each location, of
highest quality and specification and
in the best location in a market at
the survey date. For the purposes of
this report, a unit of standard size is
assumed to be around 2,000 sq m
GLA.
Vacancy Rate - (in sq m) represents
the total net lettable (or rentable)
floor space in existing properties,
which is physically vacant and being
actively marketed at the survey date.
Prime headline rent (in Euro per sq
m) represents the top open-market
tier of rent that could be expected for
a unit of standard size commensurate with demand in each location, of
highest quality and specification and
14
SCOPE OF SERVICES INCLUDED IN
SERVICE CHARGES
• Security of park - common areas;
Property taxes; Property insurance
(excl. tenant internal area); Property
management; Maintenance and
repairs; Landscaping / site cleaning;
Snow removal; On-site personnel
LEASE SECURITY
• Bank guarantee (common) or
deposit (rare), equal to 3 - 6 months’
in the best location in a market at
the survey date. For the purposes of
this report, a unit of standard size is
assumed to be around 2,000 sq m
GLA. Effective rent – an average rent
over the whole lease period which
includes tenant’s incentives.
Build-to-suit (BTS) – a non-standard
warehouse or industrial scheme
designed according to specific
tenant’s requirements regarding
size, location and building
standards. The design is based on
the client’s technology process. The
projects are usually dedicated for one
tenant, newly built or after general
refurbishments. BTS projects are
more and more popular, especially
for production companies. Clients
preferring BTS investments over
constructing their own buildings,
limit the risk by choosing an experienced developer, shorten the time
necessary for the development
rent + service charges + VAT
• Parent company guarantee (especially in the case of new companies)
INSURANCE
• Liability insurance, insurance for
own installations and owned equipment - covered by tenant
• Building insurance and landlord
liability insurance included in
service charges - covered by tenant
REPAIRS
• Internal - covered by tenant
• Structural and common areas covered by tenant (part of the service
charge)
TENANT INCENTIVES
• Rent-free periods
• Partial fit-out according to tenant’s
specification and the required
adaptation works
process and reduce the development
cost by using the developer’s resources. Lease agreements are more
advantageous than the construction
of a company’s own facilities, mainly
because such projects do not require
the involvement of their own capital
and provide flexibility for future
extension or relocation.
LABOUR MARKET
Between 1990 and 2004 industrial
production in Brasov county
decreased by 70%, companies like:
Roman Trucks Factory, Tractorul
Plant and Bearing Factory Brasov
which previously employed about
80,000 people decreased their
manufacturing activity or even
closed it. As a consequence a large
labour pool available for being
employed appeared within a couple
of years.
Among the first international
companies to consider relocating
their production processes in the
central part of Romania was HIB
Rolem in 1994 with around 1,200
employees and Autoliv in 1997 which
now has around 5,800 employees.
Companies have been attracted back
then by the high unemployment rate,
the skilled labour force which
previously worked in different
industrial sectors and of course by
the educational facilities.
Lately we see an increasing demand,
thus difficulty, to hire unskilled
workers forcing companies to
expand their search area to over 60
km and offer a salary bump. Almost
the same situation we can observe
when looking towards the more
qualified labour force as more and
more companies started to open
local R&D departaments such as:
Autoliv, Ina Schaeffler, Continental
Powetrain.
German companies decided to help
the local educational system in
Brasov by creating Kronstadt
German Professional School which
at the end of the program hire the
students.
FIGURE 12: NET MONTHLY
SALARY (EUR) IN BRASOV BY
DOMAINS OF ACTIVITY
Industrial Sector
Net Salary-Euro
Plant manager
2000-4000
Production manager
1200-1800
Logistics Manager
800-1300
Production engineer
600-1000
Quality engineer
500-800
Maintenance engineer
500-800
Shift leader
400-600
Skilled operator
250-400
Source: Manpower
Good road routes connections, central country location and the growing
necessities for A class warehouses pushed us into considering further development projects in Brasov region in the comong few months.
Athos Myrianthous -Development Director
Helios Phoenix
15
Brasov
Retail
RETAIL MARKET
present, alongside local and national
operators: Chocolat, Taverna
Sarbului, Prato, Bistro dell’Arte, Betty
Ice, Petru.
high-performing and attractive
high-street environment. Republicii
Blvd, Muresenilor Blvd, Piata
Sfatului and the surrounding streets
form a mix of retail, leisure and
entertainment, set within the
beautiful medieval architecture of
the old city center.
Even if Brasov is the 7th largest city
in Romania, until recently the retail
market was rather undeveloped and
scattered into multiple, small and
medium size schemes. After the
opening of Coresi Shopping Resort,
in Q1 2015, the situation is different,
Brasov having a retail density of 463
sq m of retail space per 1,000
inhabitants.
SHOPPING CENTERS
The market is polarised between two
types of malls: first and second
generation centers, opened before
2008 / 2009, in some cases obsolete
and under-performing, and one third
generation scheme (Coresi Shopping
Resort). In total the modern retail
stock in Brasov is of 117,000 sq m,
with first and second generation
schemes accounting for 60%.
Among the most important retailers
present we can name: Stefanel, Ecco,
Tamaris, Carturesti, Librariile
Humanitas, Nissa, Gaastra, Musette,
Depot 96, Tommy Hilfiger, DM
Drogerie, Sensiblu. In terms of food
& beverage international chains like
McDonald’s, KFC, Come Back are
HIGH-STREET
Compared to many other regional
cities, Brasov has a strong,
FIGURE 13: RETAIL DENSITY
Sq m / 1,000 inhabitants
800
Current Retail Density
Under Construction Retail Density
700
600
500
400
300
200
100
0
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16
FIGURE 14: MAJOR RETAIL SCHEMES IN BRASOV (EXISTING & PLANNED)
No
Retail Scheme
GLA (sq m)
Type
Owner
1
Coresi Shopping Resort
48,000
Shopping Center - Third Generation
Immochan
2
Carrefour Brasov
9,400
Shopping Center - First Generation
Carrefour Property
3
Eliana Mall
11,000
ISRO House
4
Star Brasov
10,000
Starcom
5
Brasov Strip Mall
5,000
Specialised Retail Park
NEPI
6
Magnolia Center
7,600
Miller Developments
7
Unirea Shopping Center
18,000
Nova Trade
8
Auchan Brasov
8,400
Auchan Romania
9
Korona Brasov
36,000 Planned
Shopping Center - Second Generation
Echo Investments
10
Coresi Brasov
13,500 Planned
Extension
Immochan
11
AFI Europe Brasov
45,000 Planned
Shopping Center - Third Generation
AFI Europe
12
Carrefour Brasov
TBA
Redevelopment
NEPI & Carrefour Property
17
FIGURE 15: EXISTING RETAIL SCHEMES IN BRASOV
18
In addition to the above mentioned
sites, there are multiple stand-alone
units, operated by hypermarkets
(Kaufland), discounters (Lidl, Penny
Market), cash&carry (Metro, Selgros)
and DIY units (Praktiker, Brico
Depot, Horhbach, Dedeman,
Baumax).
Brasov offers multiple options for
shopping, within a variety of
formats, targeting locals, customers
from neighbouring counties and
tourists.
PIPELINE
During 2007 – 2008 several retail
schemes were proposed for development in Brasov, meaning IUS Center
(Immofinanz), Civis Center (former
Riofisa), Polus Center (Trigranit),
Roua Shopping Park (Immofinanz).
At the moment all of them are on
hold, with limited chances for
development in the format initially
presented.
Most recently, three major developers showed interest in Brasov: NEPI,
through a partnership with Carrefour
Property, to extend, redevelop the
site where currently Carrefour
operates, AFI Europe, through the
acquisition of the Hidromecanica
plot, owned by Cora, Echo Investments, by pursuing the development
of Korona Shopping Center (former
factory Fartec).
AFI Europe plans to open up a third
generation shopping center of
around 45,000 sq m, alongside a
class A office building of 12,000 sq
m. The scheme is scheduled for
opening in Q4 2017.
In addition, Coresi Shopping Resort
is planned for an extension of
around 13,500 sq m, in the form of
exterior big box units, located near
the existing shopping centre.
tion, but it is unlikely that more than
one developer will proceed with
development.
DEMAND
All major food and DIY operators are
present in the market, with one or
multiple outlets. Also, homeware
retailers like Altex, Flanco, Media
Galaxy, Mobexpert, Jysk are present.
Fashion stores include Inditex
brands, H&M, German retailers like
New Yorker, C&A, Takko, Deichmann, niche retailers like Nissa,
Steilmann, Ecco, Musette. Specialised retailers like Noriel, Carturesti,
Sergent Major, are also present.
Comfort categories is represented by
Douglas, Sephora, Yves Rocher, DM
Dorgerie and others. In general the
market is well balanced and offers
plenty of attractions.
It is difficult to estimate which
scheme will start first the construc-
Recognising that Brasov is the main touristic destination in Romania,
attracting approx. 1.5 million tourists a year and has a large number of
inhabitants with above average spending power, convinced us to enter the
Brasov retail market and develop this mixed use project of a 45,000 sqm
GLA and a 12,000 sqm GLA class A office building.
David Hay - CEO
AFI Europe Romania
19
Contacts
CBRE
Razvan Iorgu
Managing Director
+40 21 313 10 20
[email protected]
Walter Wolfler
Senior Director
Head of Retail CEE CBRE GmbH
t: +43 1 533 40 80 97
e: [email protected]
Joerg Kreindl
Senior Director
Head of Industrial CEE
t: +48 22 544 8006
Mike Atwell
Senior Director
Head of Capital Markets CEE
t: +48 22 544 8070
Laura Dumea-Bencze
Head of Research
t: +40 21 313 10 20
Tudor Muntean
Research Analyst
t: +40 21 313 10 20
Daniela Gavril
Research Analyst
t: +40 21 313 10 20
Ascenta Management
Florin Rebic
Partner
+40 21 210 40 89
[email protected]
Manpower
Alpar Major
Key Accounts Manager
+40 268 424 296
[email protected]
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be
reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation
about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented
exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
20

CBRE Brasov Real Estate Report_small

Transcription

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