Showing posts with label superstructure. Show all posts
Showing posts with label superstructure. Show all posts

Friday, December 5, 2014

The Advisers/ Knight Frank: Office take- up in Bucharest up by 12% in H 1 2014. First building of Hermes Business Campus, delivered by OCTAGON, fully leased

Office take-up in Bucharest amounted to 132,000 sqm in H1 2014, up by 12% year-on-year, according to the latest survey of The Advisers/ Knight Frank. Pre- leases and relocations each accounted for 29% of leasing deals, while renewals represented another 20%. Notably, firm expansions and new market entries are on the rise- representing 22% of activity- supported by strengthening economic conditions.  The Romanian economy powered ahead in 2013, with GDP growth exceeding expectations, reaching 3.5%. Growth of approximately 2.5% is forecast for 2014. Business sentiment continues to improve, with more international firms considering Bucharest as a major outsourcing location in Central and Eastern Europe.
Green Court Bucharest- building A
Occupiers in the IT & C sector were the most active players in the first half of 2014, with telecommunication providers Vodafone and Orange signing the two largest deals. Vodafone agreed to prelease 16,000 sqm in the Bucharest One project with the option to further expand, while Orange leased 13,700 sqm in Phase one of Skanska’s Green Court, delivered by OCTAGON CONTRACTING & ENGINEERING in 2013. OCTAGON also built the superstructure of the second building of Green Court office complex, located in northern Bucharest on Gara Herastrau Street.

Another A class office development built by OCTAGON, which was fully leased, is the first building of Hermes Business Campus, stretching over 37,000 sqm and rising eight floors above the ground. The building also has 4 basements, one ground floor and one technical floor. OCTAGON has just finished building the infrastructure of the second building of the project and is now working on the structure.

Hermes Business Campus- building B
Bucharest has recently seen a rise in development activity, with a total of nine new and refurbished schemes completed in H 1 2014, providing 120,000 sqm of class A space. The development pipeline has also expanded and currently stands at 200,000 sqm; of this, 55,000 sqm is expected to cover over H2 2014.

Despite the increase in new supply, the average vacancy rate for class A and B stock fell by 6 percentage points year-on-year to 17.4%. This is largely on the back of significant lettings at completed buildings, including the recently delivered Floreasca Park, which was fully leased by The Advisers/ Knight Frank.

Over H 1 2014, headline rents across all major submarkets remained stable. While headline prime office rents are expected to remain in the range of 18- 18.5 US per sqm per month, over the second half of the year, incentives are likely to harden slightly.

Hermes Business Campus- foundation works on building C
Investment market

The first half of 2014 saw a marked increase in property investment activity, with total volumes reaching a remarkable 460 million USD. Investment volumes in 2014 already exceed those of 2013 and, with several prime assets on the  market, further major transactions are expected to be completed in the second half of the year. 2014 is on the track to surpass the total amount transacted over the last two years, potentially breaking 2010’s record of 543 million USD.

While transaction activity was dominated by domestic restructuring deals, investment demand remains robust, with both domestic and international effort focused on office and retail assets in Bucharest.

While transaction activity was dominated by domestic restructuring deals, investment demand remains robust, with both domestic and international interest largely focused on office and retail assets in Bucharest.

The largest deal in H 1 2014 saw investment fund Globalworth purchase the Upground complex in Pipera from Deutsche Bank’s RREEF for some 200 million Euro. The deal included the sale of a residential compound, as well as both BOC and BOB towers, for 110 million and 42 million Euro respectively.

While the current strong economic backdrop is attracting greater investor interest, the limited availability of prime office stock across major markets has proven to be a hindrance to activity. However, this is set to change, as Bucharest’s stock of class A buildings continues to increase, helping to improve office market conditions and offering a wide range of opportunities to international investors.


As a result, prime office yields in Bucharest have seen moderate compression over the last twelve months, hardening by 25 bps to stand at 8.00%. Sustained investment demand over the second half of the year is likely to drive prime yields below 8.00%.

OCTAGON CONTRACTING & ENGINEERING

More information HERE

Tel: (+4) 021 232 39 20

Friday, November 14, 2014

Business Construct: Projects of the year: 10 investments that have moved the market. OCTAGON was involved in the construction of three of the projects



Two shopping centers developed by NEPI, five office projects stretching over  110,000 sqm, a road passage, a multifunctional hall and a  DYI store, are ten of the most important real estate investments delivered this year, on a market in which large projects worth hundreds of millions of euro missed, Business Constructor writes. OCTAGON CONTRACTING & ENGINEERING was involved in the construction  of three of these projects: Hermes Business Campus, Green Court Bucharest and Green Gate.

Top 10 investitii 2014
The cumulated investments in these projects reached almost 350 million euro, while a shopping center,  such as AFI Palace Cotroceni from Bucharest cost 300 million euro and the investment in Palas shopping mall from Iasi exceeded 250 million euro. Two of these investments, the office projects Green Gate and AFI Park, benefited from banking financing, which shows that the financial institutions keep being prudent in granting loans for construction.

Under these circumstances, two public projects have also reached the top of investments:  the underground passage Mihai Bravu from Bucharest and the new Multifunctional Hall from Cluj, as well as a Dedeman store, a 16 mil. euro investment,  built in Colentina.

The 10 projects are:

  •   Vulcan Value Center- shopping center covering 25,000 sqm, located in Rahova area; investment: 47 mil. euro
  •  Mihai Bravu Passage
  • Targu- Jiu Shopping City- shopping mall with a leasable area of 27,000 sqm; investment: 30 mil. euro
  • Dedeman Colentina
  • AFI Park 2 and 3- two office buildings with 24,000 sqm of leasable space; investment: 40 mil. euro
  • The Office Cluj- offices with 19,000 sqm leasable; investment: 26 mil. euro
  • The Multifunctional Hall from Cluj- with a capacity of 7,200 seats; investment: 16 mil. euro.
  • Green Gate- office building located on Tudor Vladimirescu Blvd.; investment: 57.5 million euro. OCTAGON performed the geotechnical works: diaphragm walls, bored piles, dewatering system and crown beam
  • Green Court Bucharest- office complex developed in three stages on Barbu Vacarescu Blvd; investment: 46 mil euro. OCTAGON performed the infrastructure and superstructure works for buildings A and B
  • Hermes Business Campus- office complex located in Pipera area, on 5-7 Dimitrie Pompeiu Blvd. OCTAGON  was general contractor for the first stage of the project: the construction of building B, and is currently building the foundation and superstructure of building C- the second stage of the project.
Top 10 investitii 2014



Tuesday, November 11, 2014

Hermes Business Campus and Sky Tower, case studies presented by OCTAGON at the event Contractor 2014




Nicole Sommer
OCTAGON CONTRACTING & ENGINEERING  was one of the special guests at one of the most important construction events: Contractor 2014- organized in Bucharest between  10- 11 November 2014. The International Expoconference of Construction Contractors has gathered this year 74 speakers, architects and  contractor, from over 20 countries, who have presented the major projects  built by the companies they represented.

Within the plenary session “Construction”,  Nicole Sommer- OCTAGON’s Commercial Manager, presented two case studies: HermesBusiness Campus and Sky Tower.  Nicole Sommer spoke about the main features of the two office buildings, as well as about the construction methods and technologies used by   OCTAGON. The company’s commercial manager used as presentation support, two videos picturing various execution stages of the buildings.

You can watch the presentation video, here:
video

OCTAGON  was general contractor for the first building of the office complex Hermes Business Campus, located on 5- 7 Dimitrie Pompeiu Blvd. in Bucharest and is currently  performing the infrastructure works consisting in diaphragm walls D 800, bored piles D 1,000 and D 1,500, foundation raft, crown beam and superstructure for the second building – C. The second building will have the same area- 37,000 sqm and the same number of floors- 4 basements +8 floors +technical floor, as the first building, which has been fully leased.

OCTAGON  also built the foundation of the tallest building in Romania: Sky Tower, located in Bucharest, on 246 A Calea Floreasca.  The  137 m tall building, counting 37 floors and 5 basements, visible from all the areas of Bucharest,  is part of the complex Floreasca City Center, developed by the Austrian company Raiffeisen Evolution.  OCTAGON  built the foundation in top- down system of  two reinforced concrete slabs, measuring  4,600 sqm each. The company also performed the deepest foundation in Romania: 20 m, within this project.


OCTAGON CONTRACTING & ENGINEERING
For more information click HERE
Phone: (+4)021.232.39.20
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Tuesday, October 28, 2014

OCTAGON delivers second building of the complex Green Court Bucharest





*      Contract value: 3.8 mil. euro
*      Green Court Bucharest- office complex located on 4 Garii Herastrau Street, Bucharest
Green Court Bucharest building B

OCTAGON CONTRACTING & ENGINEERING delivered the second building (B), of the office complex Green Court Bucharest, developed by Swedish company Skanska. The complex will have three development stages and building B was the second development stage. The value of the works performed by OCTAGON on this building was 3.8 mil. euro.

Green Court Bucharest Building B- encasing
The second stage of the project started in 2013, with the execution of special foundation works, consisting in excavation, diaphragm walls D 600 and anchorages. This year OCTAGON built the superstructure of building B, which has 3 underground levels, ground floor and 11 floors.
Green Court Bucharest- building B

OCTAGON also built the first building of the complex Green Court Bucharest. The company was specialist contractor and performed the infrastructure and superstructure works on building A. The buildings covers 19,500 sqm and the investment in this stage reached 46 mil. Euro.

Green Court Bucharest- building B
Green Court Bucharest will have a total area of 52,000 sqm. The complex is developed by Swedish company Skansa, known for the 125 years of experience in construction and real estate development. Oresund bridge, which connects Sweden with Denmark, the reconstruction of Oculus World Trade Center Transportantion Hub in New York and the office building “Gherkin” Swiss Re in London are among the most important projects developed by the company. Skanska developed over 2 million sqm office spaces worldwide.

Green Court Bucharest- building B- encasing
Green Court Bucharest- encasing&reinforcing











OCTAGON CONTRACTING & ENGINEERING
For more information click HERE
Phone: (+4)021.232.39.20
See on map