Cushman & Wakefield Echinox closed 2023 with revenues of 12 million euros, marking a 15 percent increase compared with the previous year. This growth propelled the company to the second place among real estate consultants in Romania, in a year marked by a stagnation of this particular business segment.
The company’s growth drivers included both its brokerage service business lines – offices, retail, industrial and capital markets – and also its professional services – asset management, project & development, certifications, valuation and research.
“The outstanding evolution of our business is the result of the entire team’s effort, which maximized the opportunities generated by the new trends while having a great capacity to anticipate market changes. Besides the 2023 results, I must highlight that between 2020 and 2023, one of the most challenging and uncertain periods for both tenants and landlords, Cushman & Wakefield Echinox managed to increase its turnover by more than 150 percent,” said Oana Iliescu, Managing Director of Cushman & Wakefield Echinox.
The office department was the company’s top performer in terms of revenue generation, with leasing transactions totaling 113,000 sqm and a market share of more than 26 percent. This performance positioned Cushman & Wakefield Echinox as the leader of the Romanian office leasing market.
The Retail Agency brokered 26 leasing transactions last year totaling approximately 30,000 sqm in Bucharest and in the major cities across the country, for clients such as Leroy Merlin, Peek & Cloppenburg, Somproduct, Mobexpert, Noriel, Jimmy Key and Wittchen.
Moreover, the company advised transactions totaling nearly 40,000 sqm pertaining to industrial & logistics premises, while the sale of the K+K Hotel in Bucharest, the most significant deal in the hotel market in 2023, has also contributed towards the consistent growth enjoyed by Cushman & Wakefield Echinox.
The Asset Services department expanded its portfolio with new properties and tenants, reaching nearly 500,000 sqm of assets under management, while the valuation team assessed more than 400 properties.
The project management department has also won an important number of new mandates and it extended its green certification services, with the most notable project being eMAG’s portfolio in Romania and Hungary.
