The real estate crisis in Pipera

Ziarul Financiar took a walk through Pipera to see the “marks” of the crisis: whereas a year ago the area was a huge construction site, with around ten active projects, now works are carried out only for two projects, and the recently finished office buildings are rather empty than occupied. Infrastructure is the big problem: microbuses with Petrom or Vodafone signs are outside the buildings to transport employees to Pipera and Aurel Vlaicu underground stations. This is the main reason why company managers most of the times say no when a project in the area is presented to them. Rents have fallen toward 8-10 euros/square metre (half the levels of downtown Bucharest), so that investors that earmarked hundreds of million euros for projects in the area are losing millions of euros monthly, in the context where authorities have not even built a sidewalk on Pipera-Tunari highway or a passenger passageway over the railway. When will the frozen projects be resumed? Probably when employees and lights on will be seen through the windows of currently vacant buildings and money will be invested in at least a sidewalk and several curbs on the way to the underground.