The occupancy rate of Globalworth projects reached 93.3% at the end of 2017, and, considering tenants’ options for expansion, the occupancy rate is seen reaching 95.4%, compared with 83% at the end of 2016. The occupancy rate in Romania rose by 10.2 points in 2017.
Globalworth Real Estate Investments, the biggest office building owner in Romania, is starting works on two new projects in Barbu Vacarescu area, after completing the acquisition of related plots of land from the Nusco Family. Upon their completion, Globalworth will become the owner of the largest business hub in northern Bucharest.
The first plot of land is located in-between Globalworth Plaza and Green Court B buildings, and the second one is adjacent to office compound Green Court, also held by Globalworth. Overall, they will allow the development of approximately 40,000 square meters of office space alongside a retail component. The total value of both plots of land reaches nearly EUR16 million.
The first plot of land will host office building Globalworth Square. Three floors of the building will host co-working spaces which will be contracted by an operator of this type of offices with over 30 locations in Europe and the United States. The offices will be subsequently leased further. Construction works are due for completion in the second half of 2019.
The second building will be located within the Green Court compound and will comply with the standards of the three existing buildings, in terms of both architecture and energy efficiency. The building is due for completion throughout 2020.