Timpuri Noi to be Bucharest’s next business centre
12 November 2009
After Victoriei Square, Pipera, Presei Libere Square, and Barbu Vacarescu-Floreasca, in the coming four-five years the next business centre in Bucharest could be in the Timpuri Noi area, close to Unirii Square, where there are already some building projects, for which developers have not yet initiated investments, Business Standard quoted Viorel Lacatus, Investment Agency Director of BNP Paribas Real Estate Romania, as saying.
‘Due to the good location, Timpuri Noi can be a future area of interest for office building developers. It is a very good development area. There are many factories, it is close to Bucharest’s downtown, and close to the underground. In four-five years, it will probably be the next business centre in the central area of Bucharest,’ the official told Business Standard.
Although there is potential on the office building investment segment in Bucharest, the financial crisis, on the one hand, and the local political crisis, on the other hand, have cut the appetite of investors for taking risks and continue or initiate projects on the office space segment.
‘The current market context discourages the initiation of new projects by developers. Practically speaking, in the first half of 2009, no new office project was launched, which will affect mainly the offer for 2010- 2011,’ said the BNP Paribas Real Estate representative.
Source: Business Review
<<< back to Romanian news >>>
International Property News
Latest World News