New Business research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 07/17/2013 -- Romania's economy as a whole is forecast to grow by 1.7% in real terms during 2013, according to our Country Risk team's latest macroeconomic outlook. Underpinning our continued relative optimism for the country's Commercial Real Estate sector is growing activity in the local construction market, which expanded by an estimated 5.7% year-on-year (y-o-y) in 2012 and is set to see real growth of 4.7% in 2013. An increase in pipeline dynamism should help to re-invigorate the Commercial Real Estate sector as it continues to suffer the after effects of the global financial crisis.
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With a focus on the principal cities of Bucharest, Brasov and Cluj-Napoca, the report covers the rental market performance in terms of rates and yields over the past 24 months and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the eurozone crisis on a market already characterised by austerity. Cautious tenant demand amid a climate of uncertainty continues to dominate market sentiment in spite of an anticipated improvement in market fundamentals. As such, in terms of the leasing market, conditions are set to remain tenant favourable. Most occupiers look set to continue implementing cautious strategies, with lease renegotiations remaining on trend to ensure cost containment and value for money in a soft market with limited new supply. Although this should be enough to buoy rental rates in the short term, the macro-economic risks will continue to broadly depress rental rates over 2013, resulting in a year of mainly flat rental rates with limited scope for real rental growth.
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