“Tenants will choose very wisely their new office, and new criteria will emerge”, Andreea Paun, managing partner Griffes, is analyzing the impact and trends due to the recent wave of challenges in the industry.
For the office market in particular, we see different approaches from tenants’ side. Following the two months of working from home being implemented on a large scale, employees are slowly returning to their offices. On the short term, part of the companies extended the work-from-home option for their employees. Other companies organized different schedules or shifts for a gradual come-back to the office. All of them, however, implemented safety measures.
On the longer term, companies are starting to be more conscious about their workplace and assess how they can benefit from a healthy environment, or on the contrary, what impacts their efficiency. We therefore estimate tenants will choose very wisely their new office, and new criteria will emerge. Also, high density workplaces are prone to change. Large open spaces are a thing of the past. Companies will rethink their offices, their workflows, and that will most probably result in an increase of the average area per employee. Green spaces and terraces will be more sought after in a world of steel, glass and disinfectant.
On the landlord’s side, we already see developers’ efforts to adapt their products and implement safety features from the construction stage. All market players have been, more or less, impacted by this period of restrictions, but what is important is that all of them are brainstorming and trying to find solutions for the future. Adoption of digitalization might be one of the answers for some, if resources are still available, better communication with partners and employees, financial prudence or a combo of measures and best practices.
The focus for 2020-2021
Our plans for 2020 remain steady towards growth compared to 2019. We are focused on gaining new representation mandates for landlords that are looking to optimize their portfolios or the performance of their buildings. We believe we have the best landlord representation team in the market, with sophisticated capabilities that – now, more than ever – are appreciated by investors.
We look to replicate success in our previous projects, such as Unirii View – 100% leased to reputable tenants, in central Bucharest, or Record Park (the latest being unaffected by the pandemics behavior and continuing its path to be leased 100% upon delivery, in summer 2020) or the office portfolio of One United Properties, which is starting to show impressive results due to a team effort supported by our marketing strategy.
The message to clients and partners
All of us will need to rethink and adapt our business models, we should value the partnerships and show leadership, be it inside our companies or in our business environment. Communicate more open and franc. And most importantly, the message that has always been the main message to our teams: learn and be agile.
An article published in the exclusive supplement – “Market pulse report, Romania – The new normal” – June 2020
A property market tour, including major cities, with projects status and updated opportunities at the end of the lockdown in Romania – June 2020. | Essential news with the current status of further investments, clients and partners relations, new priorities for the post crisis cycle. | B2B communication report – to help companies mark theri statements during the changes period.
Publisher of – “Romania’s Real Estate Yearbook 2021”
An essential, integrated, printed, safe, market guide, mirroring the pulse of the market, at the official turn of the decade, post crisis, for 2021 | 8th edition, exclusive | Romania’s most comprehensive investment guide – unique concept | office & innovation parks | logistic & industrial parks | investment opportunities | international trends guide| leading business contacts | opportunities for 2021: residential, retail, HoReCa | tailored distribution – the most diverse business areas | print & online editions, November 2021, premium, English, country support in international future events or meetings.