(For more retail coverage, click GlobeSt.com/RETAIL.)
BUCHAREST, ROMANIA-Just days after Romania officially became the newest member of the European Union, Cushman & Wakefield has opened an office here. The move comes as the company predicts the country will see approximately 515,000 square meters of new retail space this year.
The expanded presence in Central and Eastern Europe follows the acquisition of ACTIV Consulting, which has been C&W's associate office here for 11 years, according to C&W officials. Razvan Gheorghe, ACTIV's founder and general partner, will lead the new office, Cushman & Wakefield ACTIV Consulting.
The 30 employees in the Romanian office brings C&W's total employee count in the region to more than 400. The company has offices in Poland, Hungary and the Czech Republic, in addition to associate offices. C&W executives in Europe could not be reached for comment.
"The emerging markets of Central and Eastern Europe are firmly in the expansion plans of our cross-border clients," says Paul Bacon, C&W CEO, in a statement. "Romania is a key country in the regional jigsaw, in particular given its new status as an EU member, a consumer market of 22 million and the fact that it is one of the fastest-growing economies in Europe." Romania became a member of the European Union on Jan. 1.
Crucial to the company's decision to acquire ACTIV Consulting is Romania's booming retail market. According to C&W officials, the country's shopping center market is poised to see approximately 515,000 square meters of new space this year. Bucharest Mall, Romania's first shopping center, did not open until 1999.
C&W is already advising on 25 retail plans in the country, including Cotroceni Park in Bucharest, a 75,000-sqaure-meter project by JV AFI Europe and NCH Real Estate set to open in 2008; and European Retail Park, a 46,000-square-meter project in Sibui developed by Belgian-Romanian developer Belrom, according to C&W. The project opened in late 2006.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
