Long live the demand

The Romanian office market is evolving rapidly, with the most important characteristic being the fact that supply continues to be outstripped by the huge demand. Secondary cities are also starting to appear on office developers’ maps, rents are growing and, as a more mature market emerges, yields are being pushed down Matei RomanAffected by the unstable Romanian economical and political situation, the real estate market was only able to take its first real steps in 2003, with the office sector being the first to emerge. In fact, there were only a handful of major projects at that time: Opera Center, developed by Portland Trust and Polish-Israeli developer GTC’s Europe House. Another important office building, Xerox from Baneasa, was also being developed by Romanian businessman Marius Ivan. After completing this project, Mr Ivan went on to form a partnership with Irish developer and investor Tom Quinn. The two set up the Creativ Global Property Group, which then successfull