Andreea Paun, Griffes: “We have implemented a new, digital system for identifying and evaluating market opportunities for tenants”
Petre Barac
Posted On January 18, 2022
Griffes was ranked as the second most active real estate agency on the office leasing market in 2021, with a total of 43,000 sqm office leasing transactions, representing 15 percent of the total 290,000 sqm leased by all agencies in Romania during the year.
“The total value of all office leasing deals signed by Griffes in 2021 is close to 40 million euro, spanning Romania as follows: 69 percent in Bucharest and 31 percent in regional cities,” Andreea Paun, Managing Partner, Griffes told The Diplomat-Bucharest.
“We also marked the largest office leasing transaction in Romania, the largest relocation of a tenant in 2021 and the largest new entry on the market. All these deals came from companies operating in the IT industry.”
COMMITMENT TO PERFORMANCE | BUSINESS EVOLUTION, PROJECTS, PERFORMANCE, FIGURES
How would you describe the evolution of your company in 2021? What were your company’s business achievements?
“In 2021, Griffes was ranked as 2nd most active real estate agency on the office leasing market. Our team closed a total of 43,000 sqm office leasing transactions, representing 15 percent of the total 290,000 sqm leased by all agencies in Romania during the year. The total value of all office leasing deals signed by Griffes in 2021 is close to 40 million euro, spanning Romania as follows: 69 percent in Bucharest and 31 percent in regional cities.
At the end of 2021, we celebrated the anniversary of 5 years since the inception of Griffes activity
Griffes 2021 business achievements include:
- The biggest transaction of the year (and largest relocation move on the market) with Wipro choosing Globalworth’s Square to pin its new headquarters – over 11,000 sqm.
- The largest new entry in the office segment (Allyis Technologies chose a 1,500 sq.m. office space in AFI Park to set up its first headquarter in Europe).
- Representation leasing mandates for projects over € 250 mln. currently in progress
- 4 new office mandates: Paltim Timisoara, the distinct Muse in Northern Bucharest and 2 new brownfield projects outside the capital city of Romania
- Business expansion on the land and industrial segments – 4 land sale transactions, our of which 3 with industrial destination
- Going beyond borders – Extension to Hungary, by signing the first representation mandate in Hungary (large scale industrial project in Budapest)
Numerically, our team closed more than 90 transactions since Griffes launch in 2016. Over 60 percent of transactions represent new leases, reflecting Griffes’ experience in providing customized solutions and set-up for new companies coming to Romania or looking to make the jump from atypical office spaces to premium class A accommodation.
More than 80 percent of the activity of Griffes team was driven by advisory and transactions, out of which 90 percent was office leasing driven and the remaining 10 percent consisting of land transactions.
Griffes activity continued to focus on office Landlord Representation, where the company is currently market leader, with more than 75,000 sqm under exclusive mandates – starting from land acquisition, design consultancy, leasing strategy and sale. Other important pillars are Tenant Representation and Set-up services, advising tenants with their real estate strategy.”
STRATEGY & VISION | RETHINK STRATEGY & PRIORITIES
What challenges have you faced as a CEO/ leader during 2021? What priorities and business strategy focus do you have in 2022?
“Strictly referring to our clients’ perspective in 2021, the real estate environment can be defined by adaptation and flexibility.
For brave developers, the challenges meant opportunities. After the delay in decision-making processes in the previous year, 2021 saw initiatives taken at a brisk pace – in logistics, land and the office market.
Companies quickly adjusted their modus operandi to new social, economic and market conditions, which led to the increase of office supply and demand. The challenges became opportunities, as what changed consisted mainly of new needs and new priorities of tenants and buyers.
Reducing office density, increasing common space and even new investments in automation, along with future new developments in easily accessible central areas are the first changes brought. in by a strong pandemic.
Now, from the position of a leading a real estate agency:
Real estate is an industry where reliability and speed are crucial to success. I started Griffes with a very clear business vision: fast thinking and delivering never-before-seen results – what I’ve always called “the WOW element” – while treating our clients’ projects as if they were ours. I think this is what led to Griffes results.
In 2021 we reached new milestones, as we were agile and open enough to embrace new challenges.
We took the risk to advise our clients to put their money in Romania in some anti-cycle moves, so Allyis Technologies and another major new player, both invested more than 3 million euro in the Romanian market.
We exported our capabilities beyond borders, when the only trend we saw is for multinationals to cross the border and deliver in Romania.
We have the luxury of doing things differently and we can afford to be bold in our business decisions, so that reflects also in the results for our clients: we offer them a fresh, unbiased, unexpected view over market opportunities.
The agency perspective, combined with strong marketing and investment approach helps us being anchored in the context of the market – occupational trends, pricing dynamics, movers and shakers. Stepping into investor’s shoes is closing the loop, creating the meaning and the long-term vision for the brick and mortar and for the leasing agreements we produce, and making the property a long-lasting footprint in the city landscape and also a super viable financial product.”
KEEN ON GREEN | SUSTAINABLE, GREENER, COMMUNITY & ENVIRONMENTALLY-FOCUS
What sustainability and green-driven initiatives & projects did the company run in 2021? Name and describe the most outstanding.
“Griffes acts as exclusive office leasing representative for class A office buildings ranked among the “greenest” projects in the market (certified by international sustainable development methodologies).
We see our role as real estate consultants beyond leasing and selling – we take a closer look at our clients’ business development and sustainability needs and strategize real estate accordingly.
From the social perspective, the workplace – often overlooked, and now, easily replaceable – represents an inspiration for employees, a place to gather and one that triggers creativity. The employees of 2030 will meet and greet, will collaborate and will need a vibrant, clean, fresh and healthy environment where they can perform.
On a personal level – In 2021 I joined forces with Primavera Development for developing MUSE, a class A office building in the north of Bucharest, in a very green area, overseeing Herastrau Park and a true valuable green asset in the city landscape.”
DIGITAL DNA | GRASPING TECH, DIGITAL INNOVATION, CUSTOMER -DRIVEN, BUILDING NEW BRIDGES
“Last year we completed 43,000 sqm of office space leasing deals, out of which 69 percent in Bucharest and 31 percent in regional cities, with a total value of 40 million euro. The largest deals were triggered by IT tenants consolidating and optimizing their operations.
We also marked the largest office leasing transaction in Romania, the largest relocation of a tenant in 2021 and the largest new entry on the market. All these deals came from companies operating in the IT industry.
A wave of companies grew or launched their activity in Romania, based on the background of the very rapid digitization here and of a developed communications infrastructure.
Internally, we have implemented a new, digital system for identifying and evaluating market opportunities for tenants.”
2021 IN 3 KEY WORDS
“Fast, Open, Sharp”
2022 IN 3 KEY WORDS
“Fast, Open, Sharp”
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