“We will start work on the second phase of the Timpuri Noi Square project in the second half. We will begin sooner or later, depending on the authorities,” said Antoniu Panait, managing director of Vastint.
The second phase includes 50,000 square meters of office space and the third 50,000 square meters of residential space in five apartment buildings.
“The third, residential, phase, will begin after the completion of the second,” the developer’s officials said.
The first phase consists of 50,000 square meters of office space 90% rented, according to the company.
The pandemic forced developers to freeze or delay investments in office space, due to the decline in demand but actors on this market expect a rebound after 2022, when deliveries will be lower, due to many developers postponing investments.
(English version by Loredana Fratila-Cristescu)