Real estate developer Portland Trust believes that the office market has not been particularly hard hit by the pandemic and, moreover, the company is looking for new projects in the office sector and hopes that this effort will see success in the second quarter of this year.
“The J8 Office Park project will be completed in Q2- Q3 2021. It is currently 70% rented and attracts significant interest from tenants. In parallel, we intend to start the development of a pre-rented industrial building in the east of Bucharest. The planning process will last all year, with the completion of approximately 20,000 sqm, at the end of 2022. We are also looking for new projects in the office sector and we hope that this effort will see success in the second quarter of this year, ” said Florin Furdui, Country Manager, Portland Trust Romania.
“Although much has been written about the fact that offices are becoming less important in the real estate sector, our surveys conducted by many tenants would conclude otherwise. The most affected are the retail and hotel sectors. The collection of rents in the retail sector was reported by the real estate companies as being at 30%, while the collections in the office area of 95% plus ”, he added.
