Cushman & Wakefield Echinox Sees 15% Revenue Boost in 2023, Led by Office Transactions

Cushman & Wakefield Echinox, a prominent real estate consultancy in Romania, has reported a 15% increase in revenue for 2023, reaching €12 million. This growth positions the company to be the second-largest real estate consultant in the country.

The office department played a crucial role in this success, brokering 113,000 square meters of leasing transactions and securing a market share of over 26%. This achievement solidifies Cushman & Wakefield Echinox's leadership in the Romanian office leasing market.

In addition to the office sector, the Retail Agency brokered 26 leasing transactions totaling approximately 30,000 square meters in Bucharest and other major cities. The company's involvement in nearly 40,000 square meters of industrial and logistics transactions further contributed to its growth.

Why this matters: The growth of Cushman & Wakefield Echinox's revenue has significant implications for the Romanian real estate market, indicating a strong demand for office spaces and a recovering economy. This could lead to increased investment and development in the sector, creating new opportunities for businesses and individuals alike.

One of the most notable deals in 2023 was the sale of the K+K Hotel in Bucharest, marking the most significant transaction in the hotel market for the year. The Asset Services department also expanded its portfolio to nearly 500,000 square meters of assets under management, with a focus on property management.

The valuation team assessed more than 400 properties, while the project management department secured several new mandates and extended its green certification services. A significant project in this area was eMAG's portfolio in Romania and Hungary.

Managing Director Oana Iliescu attributed the company's success to the team's ability to maximize opportunities and anticipate market changes. She highlighted that the company increased its turnover by more than 150% between 2020 and 2023, despite the challenging period for both tenants and landlords.

Cushman & Wakefield Echinox, the exclusive affiliate of Cushman & Wakefield in Romania, operates independently with a team of over 80 professionals and collaborators. The company's comprehensive range of services includes brokerage, asset management, project development, certifications, valuation, and research.

Cushman & Wakefield Echinox's impressive performance in 2023 highlights its position as a leading real estate company in Romania, driven by strategic transactions and robust service offerings.

Key Takeaways

• Cushman & Wakefield Echinox's revenue increases 15% to €12 million in 2023.
• Office department brokers 113,000 sqm of leasing transactions, securing 26% market share.
• Retail Agency brokers 26 leasing transactions totaling 30,000 sqm in major cities.
• Company's growth indicates strong demand for office spaces and a recovering economy.
• Cushman & Wakefield Echinox solidifies its position as the 2nd-largest real estate consultant in Romania.