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0
500000
1000000
1500000
2000000
2500000
Bucharest Prague Budapest Warsaw
2005 Class A office stock
Office Space Market
0
200000
400000
600000
800000
1000000
1200000
2003 2004 2005 2006* 2007*
* forecast
Dynamics of office space stock, 2003 - 2007
FMCG5%
IT & Telecom
41%
Finance15%
Services12%
Other11%
Law9%
Pharma7%
2005 Class A Absorption by Industry
Class A Developments Delivered in 2005
No PropertyLeasable Area (m²)
Large Projects
11 America HouseAmerica House 22,00022,000
22 CDG PlazaCDG Plaza 22,00022,000
33 Bucharest Business ParkBucharest Business Park 18,50018,500
Medium Sized Projects
44 Unimed BuildingUnimed Building 7,4007,400
55 Floreasca TowerFloreasca Tower 7,1007,100
66 Dorobanti 239Dorobanti 239 6,7416,741
77 Colonial CenterColonial Center 6,0006,000
88 Banu AntonacheBanu Antonache 4,4004,400
Class A Projects to be Delivered in 2006
No Project LocationLeasable Size (m²)
Delivery Date
1 BCC center-north 13,000 Q1, 2006
2 Nordului 62 north 3,300 Q2, 2006
3 Buzesti 85 center-north 2,900 Q3, 2006
4 Forum III center 4,800 Q3, 2006
5 BBP D north 6,000 Q3, 2006
6 Victoria Park I north 10,000 Q4, 2006
7 Anchor Plaza west 22,850 Q4, 2006
8 Millenium east 13,068 Q4, 2006
Office Space Market
0%
3%
6%
9%
12%
15%
Bucharest Prague Budapest Warsaw
Vacancy rate of A class office space
Main Projects to be Delivered in 2007
No Project Location Area (m²)
1 City Gate north 40,000
2 S Park north 35,000
3 Baneasa Business & Technology Park north 30,000
4 Park Plaza centre-north 14,000
5 Millenium Business Center center 13,000
6 Calea Victoriei 145 centre-north 11,000
7 Victoria Park II north 10,000
8 B.O.S centre-north 8,645
9 Olympia Tower east 6,500
10 Baneasa Airport Tower north 5,900
Office Space Market
Terms 2003 2004 2004 2005 2006 2007
Class A 1,000 – 1,200 1,200 – 1,500 1,400 – 1,800 1,600 -1,800
1,800 – 2,000
Over 2,000
Class B 700 - 900 800 – 1,000 900 – 1,100 1,000 1,100 1,300
Sales prices in Euro/net m²
Terms 2003 2004 2005 2006 2007exp.
Class A 16 – 19 17 – 25 17 – 20 15 - 18 14 - 17
Class B 13 – 16 13 – 16 12 – 15 12 - 14 12 - 13
Contract 3 – 5 years 3 – 5 years 5 – 7 years 5 – 7 years 5 - 10 years
Services 3 3 3 2 - 3 Open book sys.
Down payment
1 – 3 months 1 – 3 months 3 – 6 months No change No change
Office Space Market
7
9
11
13
15
2003 2004 2005 2006
Ofiice Retail - Big Box retailers
Office & Retail Yields Evolution
Lease prices in Euro/net m²
Residential For Sale
13% 13%
17%
57%
Middle ClassSmall InvestorsHigh ClassEmbassies & Multinational Companies
Area Price (Euro/built m²)
2005 2006 2007
Dorobanti 1,500 – 2,000 1,500 – 2,000 1,500 – 2,000
Floreasca 1,000 – 1,300 1,500 – 2,000 1,600 – 2,200
Primaverii 1,800 – 2,000 2,000 – 2,200 2,000 – 3,000
Aviatorilor 1,600 – 2,000 1,600 – 2,500 1,700 – 3,000
Kiseleff 1,500 – 2,000 1,600 – 2,500 1,700 – 3,000
Nordului Road 1,300 – 2,000 1,600 – 2,000 1,800 – 2,000
Pipera 800 – 900 1,000 – 1,200 1,200 – 1,400
Iancu Nicolae 800 – 1,200 1,200 – 1,600 1,300 – 1,600
Otopeni 800 – 1,200 900 – 1,300 1,000 – 1,400
Corbeanca 600 – 800 1,000 – 1,200 1,000 – 1,500
Residential space target
Prices New Residences
Area Price (Euro/built m²)
2005 2006 2007
Rosetti 1,000 – 1,500 1,000 – 1,500 1,000 – 1,500
Cismigiu 600 – 1,100 900 – 1,500 1,200 – 1,700
Cotroceni 700 – 1,300 900 – 1,400 1,000 – 1,500
Romana 1,000 – 2,000 1,200 – 2,500 1,500 – 2,500
Kiseleff 1,500 – 2,500 1,600 – 2,500 1,800 – 2,500
Domenii 700 – 1,2000 1,000 – 1,500 1,100 – 1,800
Primaverii 1,500 – 3,000 1,700 – 2,000 1,800 – 2,000
1 Mai 600 – 1,000 900 – 1,500 1,000 – 1,600
Dorobanti 1,000 – 2,500 1,000 – 2,500 1,200 – 2,500
Prices Old Residences
Area Euro/m2
11. Pipera 1,400
12. Baneasa 1,600
13. Herastrau 1,700
14. Domenii 1,200
15. Primaverii 2,500
16. Floreasca 2,000
17. Pantelimon 900
18. Militari 1.000
19. Unirii 2,000
10. Titan 850
11. Tineretului 1.000
12. Rahova 850
1
2
3
45
6
7
109
8
11
12
Averaged Residential Prices by Area in 2006
Residential Projects in Bucharest
Name No. of Units Delivery
Edenia 800 2006
Ferdinand Exclusive 85 2007 – 2008
Titan Residences I 73 2006
Titan Residences II 92 2007
Pipera Residences 1000 2008 - 2010
Baneasa Project 3000 2007 – 2010
Central Park 450 2007
InCity Residences 500 2008
Emerald Residences 280 2007
West Park 1000 2009
Planorama 1100 2007
Asmita Gardens 788 2009
Sema Park 1200 2007 - 2008
Neo Peninsula 2700 2007 - 2008
Sisesti 390 2008
Quadra Place 340 2007
Noor Residences 200 2007
Shopping centerNet rentable
surfaceDelivere
dMain tenancy Location
World Trade Center 3.500 1994 Gianfranco Ferre, Altex Hotel Sofitel
Mario Plaza 1.600 1997Dada, Bigotti, Sarra Blu,Zia Pia, Privilege
Dorobanti
Bucuresti Mall 30.000 1999Gima, Marks & Spencer,Etam, Sephora Priorities
Calea Vitan
Unirea Shopping Center
40.000 2000Kenvelo, McDonalds,The Body Shop, Sensiblu
Piata Unirii
Trade Grand Avenue 5.000 2001Samsonite, Canali, Veneto,Galt, Bang & Olufsen
Hotel Marriott
Carrefour Militari 14.200 2001Kenvelo, Altex, Leonardo,McDonalds
Militari
Orhideea Shopping Center
17.000 2003Bata, RiverWoods, Mango,Marks, & Spencer
Orhideea St.
Cora Granitului 25.000 2003Flamingo, Nike, Terranova,Famous Brands
Vergului Road
Carrefour Colentina 11.932 2004Jolidon, Germanos, Altex,Inmedio, Privilege
Colentina
Jollie Ville 5.500 2004D&G, Gianfranco Ferre, Diverta, Emporio Armani, Moschino, Cerutti
Baneasa
Plaza Romania 40.000 2004Zara, Mango, Marks & Spencer, Promod, Pull & Bear
Militari
Cora Lujerului 16.000 2005 Help Net, Jolidon, Spingtime Militari
City Mall 24.500 2005Kenvelo, Columbia, KFC,Altex Megastore, Primavara
Oltenitei
Baneasa Retail Park 85.000 2006-2007Carrefour, Metro, Bricostore,MobExpert, Flanco, (IKEA), a.m.m.
DN1-Baneasa
Retail Market
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucharest major sales centers before 1999
Opened Before 1999
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Opened Before 1999
Anchor Group
Opened in 1999
Revised
Bucharest major sales centers in 1999
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Metro
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Bucharest major sales centers in 2000
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Carrefour
XXL
Metro
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Opened in 2001
Bucharest major sales centers in 2001
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Carrefour
XXL
Metro
BricoStore
Selgros
Mega Image
Praktiker
Victoria Center
Selgros
Mega Image
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Opened in 2001
Opened in 2002
Bucharest major sales centers in 2002
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Carrefour
XXL
Metro
BricoStore
Selgros
Mega Image
Praktiker
Victoria Center
Selgros
Mega Image
Praktiker
Carrefour
Mega Image
CoraBricostore
Metro
Selgros
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Opened in 2001
Opened in 2002
Opened in 2003
Bucharest major sales centers in 2003
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Carrefour
XXL
Metro
BricoStore
Selgros
Mega Image
Praktiker
Victoria Center
Selgros
Mega Image
Praktiker
Carrefour
Mega Image
CoraBricostore
Jollie Ville
Carrefour
Bricostore
Gima
Metro
Selgros
GimaPlaza Romania
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Opened in 2001
Opened in 2002
Opened in 2003
Opened in 2004
Bucharest major sales centers in 2004
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Carrefour
XXL
Metro
BricoStore
Selgros
Mega Image
Praktiker
Victoria Center
Selgros
Mega Image
Praktiker
Carrefour
Mega Image
CoraBricostore
Jollie Ville
Carrefour
Bricostore
Gima
GimaPlaza Romania
Metro
Selgros
City Mall
Cora
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Opened in 2001
Opened in 2002
Opened in 2003
Opened in 2004
Opened in 2005
Bucharest major sales centers in 2005
Metro
Europa & Niro
Metro
Mega Image
Mega Image
Mega ImageUnirea Shopping Center
Mega ImageMega Image
Mega Image
Bucur Obor
Titan
Billa
Mate Villa
Big Berceni
Bucuresti MallGima
La Fourmi
Mega Image
Mario Plaza Mega Image
Mega Image
Carrefour
XXL
Metro
BricoStore
Selgros
Mega Image
Praktiker
Victoria Center
Selgros
Mega Image
Praktiker
Carrefour
Mega Image
CoraBricostore
Jollie Ville
Carrefour
Bricostore
Gima
GimaPlaza Romania
Metro
Selgros
City Mall
Cora
Opened Before 1999
Anchor Group
Opened in 1999
Opened in 2000
Opened in 2001
Opened in 2002
Opened in 2003
Opened in 2004
Opened in 2005
MetroBricostoreCarrefour
AltexMobexpert
Opened in 2006
Planed in 2007
Baneasa Park
Modus Mall
Liberty Center
Sun Plaza
Sema Park
Bucharest major sales centers in 2006
1 JW Marriott
2 Howard Johnson
3 Athenee Palace Hilton
4 Casa Capsa
5 Crowne Plaza
6 Intercontinental
1
23
4
5
6
Hotel Market – Existing Hotels
5 Stars Hotels
1 Hotel Parliament
2 Hotel El Greco
3 Hotel Majestic
4 Hotel Bucuresti
5 Hotel Bulevard
6 Hotel Flora
7 Hotel Golden Tulip
8 Hotel Irisa
9 Hotel Lido
10 Hotel Sofitel
11 Hotel 7
12 Armonia
13 Hotel Crystal Palace
14 Hotel Phoenicia
15 Golden Tulip Times
2
1 153
4
5
6
7
8
9
10
11
12
1314
4 Stars Hotels
Hotel Market – Existing Hotels
1 Hotel Ambasador
2 Hotel Duke
3 Hotel Venetia
4 Hotel Opera
5 Hotel Central
6 Hotel Dalin
7 Hotel Confort
8 Hotel Caro
9 Best Western Parc
10 Hotel Bristol
11 Hotel Herastrau
12 Hotel Four Seasons
13 Hotel Ibis
14 Hotel Tulip Inn
15 Hotel Picolo Mondo
12
3 45
6
7
8
9
10
11
12
13
14
15
3 Stars Hotels
Hotel Market – Existing Hotels
0
5
10
15
20
25
Bucharest Prague Budapest Warsaw
Vacancy rate of industrial spaceMain industrial space delivered in 2005
Industrial Space Built Surface (m²) Area
Geodis Carlberson 15.000 West
Cefin Logistics Park 33.000 West
Atlas Business Park 12.000 North
Mercury Logistics Park phase I 14.000 West
0
50000
100000
150000
200000
250000
300000
350000
Bucharest Prague Budapest Warsaw
Industrial Space Built Surface (m²) Area
ProLogis Bucharest Park 25,000 West
Cefin 25.000 West
Mercury 25.000 West
Bucharest Distribution Park 15.000 North
Key Logistics Center 15.000 West
Portland 20.000 West
Bucharest Logistics Center 25.000 West
Rompolykem 6.000 North
Industrial space delivered in 2005, by city
Main industrial space to be delivered in 2006
Industrial & Logistics Market
Lands Market 2006
2006 Land Prices in Bucharest Area (Euro/m²)
Location/Best Use Office Residential
Center 1.000 – 2.000 800 – 1.500
Center – North 1.000 – 1.500 1.000 – 1.500
North 500 – 1.000 300 – 500
Scoala Herastrau 1.500 1.000 – 1500
Pipera 250 – 500 120 – 300
Iancu Nicolae 300 - 600 300 – 500
Other major cities
Area Price Euro/m²
Downtown 800 – 2.000
Central – North Area 1.500 – 3.000
North Area 300 - 500
Average prices
Area Price Euro/m²
Universitate, Dorobanti, Primaverii
1.000 – 2.000
Militrari Drumul Taberei, Titan, etc.
300 – 400
Baneasa 1.000 – 1.300
Pipera –Tunari 100 – 150
Corbeanca 30 – 80
Balotesti 15 – 30
Daniel FuchsManaging Managing PartnerPartner
Spiegelfeld International SRL Spiegelfeld International SRL 41Bis Erou Iancu Nicolae Str.41Bis Erou Iancu Nicolae Str.Voluntari, Ilfov, Bucharest, Voluntari, Ilfov, Bucharest, Romania Romania www.spi.co.ro | www.spi.atwww.spi.co.ro | [email protected]@spi.co.ro
E-mail: [email protected]: [email protected] & Fax 1: +40/311 042 043Tel & Fax 1: +40/311 042 043Tel & Fax 2: +40/311 042 044Tel & Fax 2: +40/311 042 044Mobile RO: +40/724 299 369Mobile RO: +40/724 299 369Mobile AT: +43/6991 969 0752Mobile AT: +43/6991 969 0752
Contact Information