Forte Partners is developing a new 60,000 sq m office project in Tineretului area, center-south of Bucharest. The project will be developed in phases, just like The Bridge, its first project in the Orhideea area. “We recently finalised phase one of The Bridge. Phase two it’s under construction and almost fully leased and we will continue with phase three,” Geo Margescu, Founder and CEO Forte Partners said during CEDER. Also, after it acquired a 1,700 sqm plot of land in the heart of the city, on Calea Victoriei, the local developer has plans for another building.
Forte Partners was one of the few developers to bet on other areas than Barbu Vacarescu, with their first project – The Bridge – located in the center-west of the city. Margescu does not believe the market is facing another boom, as the market conditions are different. “So far so good, I think buildings are getting leased during construction. There are fewer developers now, but more educated and with good financial resources, so the tenants dare to sign preleases because they have the certainty of deliveries and of quality. All developers have learned their lessons and are building phased projects, with 20-30,000 sqm per each phase, not grandiose ones,” Margescu said.
