“Hagag owns and operates two office buildings in the center of Bucharest, old buildings that have been renovated, consolidated and modernized.
At the end of 2022, we were announcing our first H Private Arghezi flex-office project which, unlike traditional co-working, is aimed at those who want more privacy and who want a private office and are less enthusiastic about what a shared office means.
We completed the works at H Victoriei 109 in 2020, now we are at 100 percent occupancy. In this project, everyone is in the office full time, both us and the tenants, because that was the business model.
The works for the project in Tudor Arghezi were completed towards the end of 2022 and we decided to choose the private office business segment because we had a lot of requests for small spaces (20 sqm, 50 sqm, 70 sqm, etc.),” Andreea Ciobanu, Chief Marketing Officer, Hagag Development Europe said at Workplace of the Future conference organized by The Diplomat-Bucharest.
“At that time, due to the dynamics of the office market, the solution to promote our building was the H Private concept. After more than a year of activity, we have 3 clients who have stayed with us and who have expanded their activity to the area of conventional offices.
Out of the total of 23 active tenants in H Private Arghezi, only 2 tenants chose the hybrid mode of work, the rest being full time in the office. We noticed that one of the tenants is now trying the option of returning to the office, but it has certain difficulties due to the limited space it currently occupies.
The office is not dead. The office is evolving. And we observe a very interesting evolution of office spaces in recent years, based on the experience of employees. In the future, office spaces will be perceived as collaboration hubs and we must develop them in such a way that they attract employees, to be inspirational spaces.
I think that in the future we will see more of this hospitality-like vibe in office buildings. We will also see an evolution in the market of flexible spaces, including among developers.”
Hagag Development Europe is a real estate investor-developer specialized in the development of residential and commercial projects in Romania, listed at the Tel-Aviv Stock Exchange. The company is involved in the purchase, development, renovation, marketing, and management of several assets located in both privileged locations and emerging areas across Bucharest and is the first player on the local market that has been placing significant investments into developing and growing the niche segment of urban renewal through the reconversion of old, historical buildings with unique architectural presence.
