Developers are increasingly focusing on the efficiency and long-term sustainability of a building due to the benefits they can gain from passing through the green certification process - reducing energy consumption, the value of rent maintained at a competitive level or even better retention of tenants.
According to Colliers International's analysis, in 2017, 39 green certificates were granted, compared to 29 in 2016, for real estate projects to be developed and for existing ones.
However, the trend that emerged last year was that each new office building in development to obtain a LEED (Leadership in Energy and Environmental Design) or BREEAM (Environmental Assessment Method) certification for better market positioning, as per Economica.
10-year or even older projects have begun the process of obtaining certification for existing buildings in order to remain attractive to tenants. Most of the certifications were granted for buildings in use, which accounted for over three-quarters of the market.
Compared to other countries in the Central and Eastern Europe region, Romania has made a positive development on the green certificates for offices, surpassing Hungary and the Czech Republic in terms of the percentage in capitals.
Bucharest has a total stock of 2.3 million sq metre modern offices, compared to Prague or Budapest, with about 3.4 million sq metre each. However, 45 percent of the office space in the capital city has green certifications.
At the national level, real estate projects have grown a lot in recent years, and so is their interest in green certificates granted to them. While Bucharest has nearly 1.7 million square meters of LEED or BREEAM certified buildings, other regional cities have a surface close to this level, as per Economica.
According to Colliers International, second place after Bucharest is Cluj-Napoca (500,000 sqm certified), followed by Timisoara with 445,000 sqm. At the same time, it is estimated that by the end of this year, the certified area in the regional cities will exceed the total of the Capital.