Vastint Romania inaugurates first two buildings in Timpuri Noi Square

Real estate developer Vastint has inaugurated the first two office buildings at its Timpuri Noi Square project, which have a total leasable area of 32,000 square meters, says Business-Review.eu.

Antoniu Panait, managing director of Vastint Romania, said on Thursday that the two office building will reach fully occupancy rate next summer, with the current leasing rate standing at 70 percent. Companies in various industries such as IT, financial services, FMCG and professional services are among the tenants, with some 2,000 people working here at the moment. For instance, debt collection firm KRUK rented 4,000 sqm, while Tremend Software, Impact Hub and Fratelli Group have also leased spaces in this project.

“A community will be created here,” said Panait, adding that the current trend in the market is to have mixed-use projects that have both residential and office components. At Timpuri Noi, the company plans to develop up 100,000 sqm of office&retail space.

“Romania still has better yields compared to other countries,” said the executive, who went on to say that the company “doesn’t exclude going with the residential (component – e.n.) in other cities.” The managing director of Vastint Romania cited Timisoara, Iasi and Cluj-Napoca as cities that are growing rapidly due to the expansion of international companies.

 

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