2005 class a office stock office space market * forecast dynamics of office space stock, 2003 - 2007...

0

500000

1000000

1500000

2000000

2500000

Bucharest Prague Budapest Warsaw

2005 Class A office stock

Office Space Market

0

200000

400000

600000

800000

1000000

1200000

2003 2004 2005 2006* 2007*

* forecast

Dynamics of office space stock, 2003 - 2007

FMCG5%

IT & Telecom

41%

Finance15%

Services12%

Other11%

Law9%

Pharma7%

2005 Class A Absorption by Industry

Class A Developments Delivered in 2005

No PropertyLeasable Area (m²)

Large Projects

11 America HouseAmerica House 22,00022,000

22 CDG PlazaCDG Plaza 22,00022,000

33 Bucharest Business ParkBucharest Business Park 18,50018,500

Medium Sized Projects

44 Unimed BuildingUnimed Building 7,4007,400

55 Floreasca TowerFloreasca Tower 7,1007,100

66 Dorobanti 239Dorobanti 239 6,7416,741

77 Colonial CenterColonial Center 6,0006,000

88 Banu AntonacheBanu Antonache 4,4004,400

Class A Projects to be Delivered in 2006

No Project LocationLeasable Size (m²)

Delivery Date

1 BCC center-north 13,000 Q1, 2006

2 Nordului 62 north 3,300 Q2, 2006

3 Buzesti 85 center-north 2,900 Q3, 2006

4 Forum III center 4,800 Q3, 2006

5 BBP D north 6,000 Q3, 2006

6 Victoria Park I north 10,000 Q4, 2006

7 Anchor Plaza west 22,850 Q4, 2006

8 Millenium east 13,068 Q4, 2006

Office Space Market

0%

3%

6%

9%

12%

15%


Vacancy rate of A class office space

Main Projects to be Delivered in 2007

No Project Location Area (m²)

1 City Gate north 40,000

2 S Park north 35,000

3 Baneasa Business & Technology Park north 30,000

4 Park Plaza centre-north 14,000

5 Millenium Business Center center 13,000

6 Calea Victoriei 145 centre-north 11,000

7 Victoria Park II north 10,000

8 B.O.S centre-north 8,645

9 Olympia Tower east 6,500

10 Baneasa Airport Tower north 5,900

Office Space Market

Terms 2003 2004 2004 2005 2006 2007

Class A 1,000 – 1,200 1,200 – 1,500 1,400 – 1,800 1,600 -1,800

1,800 – 2,000

Over 2,000

Class B 700 - 900 800 – 1,000 900 – 1,100 1,000 1,100 1,300

Sales prices in Euro/net m²

Terms 2003 2004 2005 2006 2007exp.

Class A 16 – 19 17 – 25 17 – 20 15 - 18 14 - 17

Class B 13 – 16 13 – 16 12 – 15 12 - 14 12 - 13

Contract 3 – 5 years 3 – 5 years 5 – 7 years 5 – 7 years 5 - 10 years

Services 3 3 3 2 - 3 Open book sys.

Down payment

1 – 3 months 1 – 3 months 3 – 6 months No change No change

Office Space Market

7

9

11

13

15

2003 2004 2005 2006

Ofiice Retail - Big Box retailers

Office & Retail Yields Evolution

Lease prices in Euro/net m²

Residential For Sale

13% 13%

17%

57%

Middle ClassSmall InvestorsHigh ClassEmbassies & Multinational Companies

Area Price (Euro/built m²)

2005 2006 2007

Dorobanti 1,500 – 2,000 1,500 – 2,000 1,500 – 2,000

Floreasca 1,000 – 1,300 1,500 – 2,000 1,600 – 2,200

Primaverii 1,800 – 2,000 2,000 – 2,200 2,000 – 3,000

Aviatorilor 1,600 – 2,000 1,600 – 2,500 1,700 – 3,000

Kiseleff 1,500 – 2,000 1,600 – 2,500 1,700 – 3,000

Nordului Road 1,300 – 2,000 1,600 – 2,000 1,800 – 2,000

Pipera 800 – 900 1,000 – 1,200 1,200 – 1,400

Iancu Nicolae 800 – 1,200 1,200 – 1,600 1,300 – 1,600

Otopeni 800 – 1,200 900 – 1,300 1,000 – 1,400

Corbeanca 600 – 800 1,000 – 1,200 1,000 – 1,500

Residential space target

Prices New Residences

Area Price (Euro/built m²)

2005 2006 2007

Rosetti 1,000 – 1,500 1,000 – 1,500 1,000 – 1,500

Cismigiu 600 – 1,100 900 – 1,500 1,200 – 1,700

Cotroceni 700 – 1,300 900 – 1,400 1,000 – 1,500

Romana 1,000 – 2,000 1,200 – 2,500 1,500 – 2,500

Kiseleff 1,500 – 2,500 1,600 – 2,500 1,800 – 2,500

Domenii 700 – 1,2000 1,000 – 1,500 1,100 – 1,800

Primaverii 1,500 – 3,000 1,700 – 2,000 1,800 – 2,000

1 Mai 600 – 1,000 900 – 1,500 1,000 – 1,600

Dorobanti 1,000 – 2,500 1,000 – 2,500 1,200 – 2,500

Prices Old Residences

Area Euro/m2

11. Pipera 1,400

12. Baneasa 1,600

13. Herastrau 1,700

14. Domenii 1,200

15. Primaverii 2,500

16. Floreasca 2,000

17. Pantelimon 900

18. Militari 1.000

19. Unirii 2,000

10. Titan 850

11. Tineretului 1.000

12. Rahova 850

1

2

3

45

6

7

109

8

11

12

Averaged Residential Prices by Area in 2006

Residential Projects in Bucharest

Name No. of Units Delivery

Edenia 800 2006

Ferdinand Exclusive 85 2007 – 2008

Titan Residences I 73 2006

Titan Residences II 92 2007

Pipera Residences 1000 2008 - 2010

Baneasa Project 3000 2007 – 2010

Central Park 450 2007

InCity Residences 500 2008

Emerald Residences 280 2007

West Park 1000 2009

Planorama 1100 2007

Asmita Gardens 788 2009

Sema Park 1200 2007 - 2008

Neo Peninsula 2700 2007 - 2008

Sisesti 390 2008

Quadra Place 340 2007

Noor Residences 200 2007

Shopping centerNet rentable

surfaceDelivere

dMain tenancy Location

World Trade Center 3.500 1994 Gianfranco Ferre, Altex Hotel Sofitel

Mario Plaza 1.600 1997Dada, Bigotti, Sarra Blu,Zia Pia, Privilege

Dorobanti

Bucuresti Mall 30.000 1999Gima, Marks & Spencer,Etam, Sephora Priorities

Calea Vitan

Unirea Shopping Center

40.000 2000Kenvelo, McDonalds,The Body Shop, Sensiblu

Piata Unirii

Trade Grand Avenue 5.000 2001Samsonite, Canali, Veneto,Galt, Bang & Olufsen

Hotel Marriott

Carrefour Militari 14.200 2001Kenvelo, Altex, Leonardo,McDonalds

Militari

Orhideea Shopping Center

17.000 2003Bata, RiverWoods, Mango,Marks, & Spencer

Orhideea St.

Cora Granitului 25.000 2003Flamingo, Nike, Terranova,Famous Brands

Vergului Road

Carrefour Colentina 11.932 2004Jolidon, Germanos, Altex,Inmedio, Privilege

Colentina

Jollie Ville 5.500 2004D&G, Gianfranco Ferre, Diverta, Emporio Armani, Moschino, Cerutti

Baneasa

Plaza Romania 40.000 2004Zara, Mango, Marks & Spencer, Promod, Pull & Bear

Militari

Cora Lujerului 16.000 2005 Help Net, Jolidon, Spingtime Militari

City Mall 24.500 2005Kenvelo, Columbia, KFC,Altex Megastore, Primavara

Oltenitei

Baneasa Retail Park 85.000 2006-2007Carrefour, Metro, Bricostore,MobExpert, Flanco, (IKEA), a.m.m.

DN1-Baneasa

Retail Market

Metro

Europa & Niro

Metro

Mega Image

Mega Image

Mega ImageUnirea Shopping Center

Mega ImageMega Image

Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucharest major sales centers before 1999

Opened Before 1999

Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image

Opened Before 1999

Anchor Group

Opened in 1999

Revised

Bucharest major sales centers in 1999

Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image

Mario Plaza Mega Image

Mega Image

Metro

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000


Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image


Mega Image

Carrefour

XXL

Metro

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000

Opened in 2001


Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image


Mega Image

Carrefour

XXL

Metro

BricoStore

Selgros

Mega Image

Praktiker

Victoria Center

Selgros

Mega Image

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000

Opened in 2001

Opened in 2002


Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image


Mega Image

Carrefour

XXL

Metro

BricoStore

Selgros

Mega Image

Praktiker

Victoria Center

Selgros

Mega Image

Praktiker

Carrefour

Mega Image

CoraBricostore

Metro

Selgros

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000

Opened in 2001

Opened in 2002

Opened in 2003


Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image


Mega Image

Carrefour

XXL

Metro

BricoStore

Selgros

Mega Image

Praktiker

Victoria Center

Selgros

Mega Image

Praktiker

Carrefour

Mega Image

CoraBricostore

Jollie Ville

Carrefour

Bricostore

Gima

Metro

Selgros

GimaPlaza Romania

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000

Opened in 2001

Opened in 2002

Opened in 2003

Opened in 2004


Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image


Mega Image

Carrefour

XXL

Metro

BricoStore

Selgros

Mega Image

Praktiker

Victoria Center

Selgros

Mega Image

Praktiker

Carrefour

Mega Image

CoraBricostore

Jollie Ville

Carrefour

Bricostore

Gima

GimaPlaza Romania

Metro

Selgros

City Mall

Cora

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000

Opened in 2001

Opened in 2002

Opened in 2003

Opened in 2004

Opened in 2005


Metro

Europa & Niro

Metro

Mega Image

Mega Image



Mega Image

Bucur Obor

Titan

Billa

Mate Villa

Big Berceni

Bucuresti MallGima

La Fourmi

Mega Image


Mega Image

Carrefour

XXL

Metro

BricoStore

Selgros

Mega Image

Praktiker

Victoria Center

Selgros

Mega Image

Praktiker

Carrefour

Mega Image

CoraBricostore

Jollie Ville

Carrefour

Bricostore

Gima

GimaPlaza Romania

Metro

Selgros

City Mall

Cora

Opened Before 1999

Anchor Group

Opened in 1999

Opened in 2000

Opened in 2001

Opened in 2002

Opened in 2003

Opened in 2004

Opened in 2005

MetroBricostoreCarrefour

AltexMobexpert

Opened in 2006

Planed in 2007

Baneasa Park

Modus Mall

Liberty Center

Sun Plaza

Sema Park


1 JW Marriott

2 Howard Johnson

3 Athenee Palace Hilton

4 Casa Capsa

5 Crowne Plaza

6 Intercontinental

1

23

4

5

6

Hotel Market – Existing Hotels

5 Stars Hotels

1 Hotel Parliament

2 Hotel El Greco

3 Hotel Majestic

4 Hotel Bucuresti

5 Hotel Bulevard

6 Hotel Flora

7 Hotel Golden Tulip

8 Hotel Irisa

9 Hotel Lido

10 Hotel Sofitel

11 Hotel 7

12 Armonia

13 Hotel Crystal Palace

14 Hotel Phoenicia

15 Golden Tulip Times

2

1 153

4

5

6

7

8

9

10

11

12

1314

4 Stars Hotels


1 Hotel Ambasador

2 Hotel Duke

3 Hotel Venetia

4 Hotel Opera

5 Hotel Central

6 Hotel Dalin

7 Hotel Confort

8 Hotel Caro

9 Best Western Parc

10 Hotel Bristol

11 Hotel Herastrau

12 Hotel Four Seasons

13 Hotel Ibis

14 Hotel Tulip Inn

15 Hotel Picolo Mondo

12

3 45

6

7

8

9

10

11

12

13

14

15

3 Stars Hotels


0

5

10

15

20

25


Vacancy rate of industrial spaceMain industrial space delivered in 2005

Industrial Space Built Surface (m²) Area

Geodis Carlberson 15.000 West

Cefin Logistics Park 33.000 West

Atlas Business Park 12.000 North

Mercury Logistics Park phase I 14.000 West

0

50000

100000

150000

200000

250000

300000

350000


Industrial Space Built Surface (m²) Area

ProLogis Bucharest Park 25,000 West

Cefin 25.000 West

Mercury 25.000 West

Bucharest Distribution Park 15.000 North

Key Logistics Center 15.000 West

Portland 20.000 West

Bucharest Logistics Center 25.000 West

Rompolykem 6.000 North

Industrial space delivered in 2005, by city

Main industrial space to be delivered in 2006

Industrial & Logistics Market

Lands Market 2006

2006 Land Prices in Bucharest Area (Euro/m²)

Location/Best Use Office Residential

Center 1.000 – 2.000 800 – 1.500

Center – North 1.000 – 1.500 1.000 – 1.500

North 500 – 1.000 300 – 500

Scoala Herastrau 1.500 1.000 – 1500

Pipera 250 – 500 120 – 300

Iancu Nicolae 300 - 600 300 – 500

Other major cities

Area Price Euro/m²

Downtown 800 – 2.000

Central – North Area 1.500 – 3.000

North Area 300 - 500

Average prices

Area Price Euro/m²

Universitate, Dorobanti, Primaverii

1.000 – 2.000

Militrari Drumul Taberei, Titan, etc.

300 – 400

Baneasa 1.000 – 1.300

Pipera –Tunari 100 – 150

Corbeanca 30 – 80

Balotesti 15 – 30

Daniel FuchsManaging Managing PartnerPartner

Spiegelfeld International SRL Spiegelfeld International SRL 41Bis Erou Iancu Nicolae Str.41Bis Erou Iancu Nicolae Str.Voluntari, Ilfov, Bucharest, Voluntari, Ilfov, Bucharest, Romania Romania www.spi.co.ro | www.spi.atwww.spi.co.ro | [email protected]@spi.co.ro

E-mail: [email protected]: [email protected] & Fax 1: +40/311 042 043Tel & Fax 1: +40/311 042 043Tel & Fax 2: +40/311 042 044Tel & Fax 2: +40/311 042 044Mobile RO: +40/724 299 369Mobile RO: +40/724 299 369Mobile AT: +43/6991 969 0752Mobile AT: +43/6991 969 0752

Contact Information

2005 class a office stock office space market * forecast dynamics of office space stock, 2003 - 2007...

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