Real estate developer GTC invests over 70,000 Euro in its Bucharest projects to prevent COVID-19 spread

Real estate developer GTC has allocated a budget of over 70,000 Euro for the five projects it owns in Bucharest to prevent spread of the new coronavirus. Investments will continue in the medium and long term and will target additional safety and comfort measures in buildings.

“It is possible that office space will be reconfigured by tenants so as to meet the rules imposed by the authorities. We have already made changes to the common areas of the buildings, to ensure a minimum of social distance. In the future, we will implement all the measures generated by the new post-COVID context. (…) Currently, it is difficult to estimate the total value of the investments we will make in the next 18 months, to adapt to the new context of office space, both in completed projects and in developing buildings. It is possible to witness a decrease in construction costs, depending on the evolution of the labor market and the price of raw materials,” said Bogdan Jigman, General Manager of GTC Romania.

GTC Romania estimates that there will be a delay in terms of delivery dates for buildings under development, as demand for office space will change in the next period. Developers will invest more in implementing legislation and ensuring additional hygiene standards.