How has the global pandemic impacted your business plans and the overall atmosphere within the company?

Last spring, there was considerable uncertainty fueled by fear of the unknown. However, learning from that experience and supported by IMMOFINANZ HQ, we made prudent decisions like building a cash reserve and adapting to evolving concepts. Demand shifted, not in the sense that people abandoned offices permanently, but rather a blend of home and office work became evident. Hence, our focus now lies in offering spaces that nurture creativity and cater to short and long-term needs.

Could you elaborate on the new flexible office module you’re implementing?

This innovative concept offers diverse options to business leaders, ranging from short-term spaces to myhive network memberships for a monthly fee. This model, successful in Austria and Poland, aligns perfectly with the current market landscape.

How have potential tenants responded to this flexible model?

The duration aspect has notably attracted attention, and our initial discussions indicate overall positive reception. We have high expectations for its success.

Amid discussions on office layout changes due to the pandemic, how do your existing buildings accommodate these demands?

Last year, despite initial concerns, we completed renovation work on two buildings, resulting in exceptional outcomes. We now boast five buildings under the myhive brand, and our strategy involves converting our entire office portfolio to align with this concept.

What’s the status of retail developments in Romania, especially considering the Group’s expansion in other countries?

We operate “VIVO!” shopping centers and “STOP SHOP” retail parks. We have four successful shopping centers and a STOP SHOP in Botosani, all performing well. Retail is anticipated to recover gradually, evident in increased footfall each time COVID-related restrictions eased.

Is now a good time to invest in the Romanian market?

Absolutely, Romania offers better yields compared to other CEE countries. It’s an untapped market with ample growth potential in both offices and shopping centers. Second-tier cities have just started developing office stocks and have room for retail growth.

How does your communication with public authorities contribute to success in your industry?

Our commitment extends beyond locations; we invest in local communities, create jobs, and enhance infrastructure. Engaging with authorities through constructive discussions, especially in ensuring safety measures during reopening, plays a pivotal role.

Looking ahead, what are your objectives for the next 2-3 years?

Remaining in the top three and elevating our investments, visibility, and quality of service in both retail and office sectors are my prime objectives.

You may also be interested in...