How does Romania fit into Rustler’s extensive portfolio and what services are paramount here?

Romania holds significance as a pivotal pillar in Rustler’s international portfolio, tracing back to our origins in Vienna in 1936. Over the last two decades, our operations extended across Western and Central & Eastern European regions. Within Romania, our focus initially centered on property and facility management services for office buildings. Currently, our primary service domain encompasses technical services, constituting 90% of our turnover, inclusive of facility management for various centers, project management, and specialized works in diverse sectors.

What’s the current demand landscape in Romania for these services, and which sectors exhibit the highest interest?

There’s a vital need rather than just a desire for these services, pivotal for maintaining a building’s vitality. Although mandatory maintenance operations are stipulated by legislation, owners are increasingly seeking additional technical services that enhance a building’s life cycle and quality standards. The retail and office segments are substantial drivers for property management services, yet the local context needs better alignment with occupational standards, particularly in reflecting and legalizing essential service level benchmarks.

How did the pandemic impact your services and how did you adapt to these changes?

The pandemic notably affected the retail sector due to enforced closures, prompting reductions in maintenance contracts by owners aiming to cut operational costs. Consequently, our activities in maintaining shopping centers scaled down, impacting revenues. However, the industrial and logistics segments, alongside residential sectors, observed significant growth during this period, stabilizing our operations.

How challenging is it to find suitable workforce in Romania considering the level of professionalism required?

Securing proficient workforce became increasingly challenging over the past few years due to a considerable migration of professionals, alongside a shortage of technically skilled individuals, including engineers and technicians, especially among the younger generations. Finding versatile employees with technical competence is an ongoing struggle, prompting our focus on supporting employee retention, fostering professional growth, and expanding our team.

Looking ahead, what are Rustler’s short-term aspirations in the next two-three years?

Our primary aim is to evolve into a comprehensive real estate service provider, offering an array of services for commercial properties. We’re focused on enhancing our team with top industry professionals to achieve this goal while ensuring consistent service quality throughout Romania. Additionally, educating the market through quality services and streamlined workflow is a key agenda to benefit our industry.

What would be your final message regarding the Romanian real estate market?

Despite legislative gaps and bureaucratic challenges, the Romanian real estate market maintains structural stability. Investors can leverage the current momentum in the real estate sector, as it continues to offer significant potential for growth and stability.