Dutch-owned Cascade has announced it kick-started construction of two office buildings in northern Bucharest, an investment worth some 25 million euros, according to Alex Van Breemen, the company’s executive manager.
Construction of the first building, which will include 10,000 square metres of office space, will begin in about 6 months and should be finalised by the end of 2006. The second class A office building will have 15,000 square metres and will most likely become operational by late 2007.
The growth potential of this market will continue for at least another 3-4 years, and the fact that demand is far from being fully met justifies the projects announced by the company, according to Van Breemen. “This is a very dynamic market, but regulations have impeded a deeper development of the sector,” explained Van Breemen. Investors are taking to the northern part of Bucharest, and especially to the Piata Victoria area, due to its relative proximity to Otopeni airport and the area where most expats working in Romania live. In recent years, many office buildings, such as Europe House or the BRD headquarters, have been built in the area, and other similar buildings, such as America House, are under construction.
Cascade, a company controlled by Dutch investment fund East & Central European Venture Capital, recently inaugurated a 7-storey class A office building of 4,500 square metres and with 1,000 square metres of subterranean parking space located on Calea Buzesti.
alexandru.cerchez@zf.ro