After the most successful year for the Romanian investment market since the global crisis — with more than €1.15bn (£845m) invested in the property market — Knight Frank has confirmed it is formalising its agreement with its Bucharest-based partner.
The London-headquartered global consultancy entered the Romanian commercial property market in 2009 by forming an association with The Advisers, one of the country’s leading agencies specialising in office, retail, industrial and land advisory services.
Headed by Horatiu Florescu, the firm has repeatedly negotiated some of Romania’s biggest leasing deals. Among its recent signings were Oracle’s 112,000 sq ft expansion into SkyTower, the country’s tallest building, and a 270,000 sq ft pre-let for Genpact at Hermes Business Campus.
The Advisers is also offering its commercial clients a new international residential service, providing unique and exclusive transactional support to corporate, diplomats and homeowners at global quality standards.
“After six successful years together, we are delighted to officially become Knight Frank Romania, and look forward to expanding our presence and success in the local real estate market,” said Chris Bell, managing director for Europe at Knight Frank.
“Horatiu Florescu is an exceptional professional with outstanding results and we are confident the Knight Frank brand will continue to flourish in Romania,” he added.
Commenting as Knight Frank’s first Bucharest office head, Horatiu Florescu (pictured) said: “Following a highly productive six year partnership, we felt the time had come to strengthen our commitment and our joined-up success.
“This exciting new direction comes both as the recognition of our office as a local powerhouse and as a sign of confidence of a global leader in the Romanian market.
“Together, we will continue to offer all the personal service, professional expertise and knowledge our clients are already accustomed to, combined with unrivalled global access and international vision,” promised Florescu.
Knight Frank’s new Bucharest Market Report recently revealed that 2014 was the most successful year for the Romanian investment market since the global crisis, with 2015 expected to be even better.
“While the rising demand for office space in Bucharest resulted in 2014 take-up reaching its highest level since 2009, development activity has also increased, sustained by the surge in pre-leasing levels, triple the number of those transacted in 2013,” the report said.
On the back of Romania’s strengthening economy — forecast to grow by another 2.8 per cent in 2015 — both occupier and capital markets “will continue to benefit from improved sentiment across all business sectors” in added.
