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The team of lawyers at STOICA & ASOCIAȚII, consisting of  Victor Dobozi (Senior Partner), Mihai Trandafir (Managing Associate) and Ana Marițiu (Junior Lawyer), under the coordination of Valeriu Stoica (Founding Partner), recently obtained a new favorable ruling in a case in which their client, a natural person, was accused of committing a crime against the administration of justice.

The criminal case originated from a request made by the criminal investigation authorities to our client, who was employed at the time by a well-known mobile phone operator. He was asked to provide the content of communications belonging to a subscriber, without the judicial authority having the prior authorization of a judge, which is an essential requirement in such situations.

As this request was not complied with, criminal proceedings were initiated and subsequently an indictment was issued, with the court being notified of the commission of a crime against justice. The STOICA & ASOCIAȚII team developed a comprehensive defense strategy, formulating procedural and substantive defenses during the trial phase, both in the first instance and on appeal.

Essentially, the illegality of the request made by the criminal investigation authorities was successfully invoked, showing that, in order to hand over the content of communications made by a person, it is necessary for the criminal investigation authorities to act with the prior authorization of a judge, as the criminal investigation authorities cannot request their disclosure under Article 170 of the Criminal Procedure Code.

The Brașov Court of Appeal upheld the arguments of STOICA & ASOCIAȚII's lawyers and ordered the acquittal of the client, pursuant to Article 16(1)(b) of the Criminal Procedure Code. The decision represents a further confirmation of the importance of respecting the legal guarantees regarding access to the content of communications.

"With this decision, the court of appeal reaffirmed the importance of respecting legal guarantees regarding access to the content of communications, with the court's decision emphasizing the essential role of the defense in protecting fundamental rights and maintaining the necessary balance between the interests of the criminal investigation and individual freedoms," said Mihai Trandafir, Managing Associate.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business world through its legal assistance and representation of a vast portfolio of clients. Since its inception, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, founded on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Bucharest, December 2025: The largest office occupiers in Romania have annual estimated occupancy costs exceeding €260 million for the modern office spaces they are currently leasing (headquarters and secondary offices), representing less than 1% of their cumulative turnover achieved in 2024, according to an analysis performed by the Cushman & Wakefield Echinox real estate consultancy company.

The analysis takes into account the 2024 turnover of 76 major companies active in various sectors, such as IT&C, professional services, finance, oil & gas, energy, automotive, e-commerce, retail, FMCG, advertising, electronics, gambling, and cosmetics. Each company occupies more than 4,000 sq. m of office spaces in modern buildings across the country.

Together, these companies are leasing nearly 1.1 million sq. m of office spaces in Bucharest and in the major regional cities – Iasi, Cluj-Napoca, Brasov, and Timisoara – the capital and these cities having a combined stock of 4.5 million sq. m of such spaces.

For most companies (53%), the office occupancy costs account for less than 2% of their turnover, while 31% of the major tenants spend between 2% and 5% of the annual revenues on their office spaces. For the remaining 16%, the occupancy costs exceed 5% of the turnover, without reaching as much as 10% for any of the analyzed companies.

The companies in question achieved a total turnover of €41.1 billion in 2024, with approximately 120,000 employees working almost exclusively in the modern offices they are leasing.  The office occupancy costs for these companies, consisting of rent, service charges and utilities, are estimated at more than €260 million per year, the equivalent of ~€180/ employee/ month.

The analysis also reveals that 44% of the largest tenants are IT&C companies, occupying 540,000 sq. m of office spaces and paying ~€130 million annually in occupancy costs. Moreover, 11% are financial companies, with 180,000 sq. m and annual costs of ~€50 million, while 5% of the largest tenants are telecom operators, leasing 47,000 sq. m for which they pay less than €14 million annually.

The costs of IT&C, financial, and telecom companies represent approximately 75% of the total occupancy costs pertaining to the largest office tenants.

Vlad Săftoiu, Head of Research at Cushman & Wakefield Echinox: “This is the second time we have analyzed what is the share of office occupancy costs in the company revenues for the largest tenants in Romania, the first assessment being performed at the end of 2020. Despite the different circumstances in which these studies were conducted, both illustrate the fact that businesses allocate a relatively small percentage of their revenues to leasing modern office spaces across the country. Moreover, despite recent pressures from minimum wage increases, inflation, and higher physical office occupancy in the last few years, these costs remain significantly below 5% of the companies’ revenues.”

Cushman & Wakefield Echinox is a leading real estate consulting company in the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit the company's website http://www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's main services are asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website http://www.cushmanwakefield.com

Bucharest, December 9, 2025 - The stable democratic regime, the population of 19 million, with eight million active workers, the strategic geographical position, the Schengen, EU and NATO memberships, and the process of joining the Organization for Economic Co-operation and Development (OECD), natural resources, but also the underutilized economic potential are among Romania's strengths in the process of attracting foreign direct investment (FDI),  according to the Opportunities for foreign investors in Romania study, conducted by the Bucharest University of Economic Studies at the initiative of the Deloitte Romania Foundation. The economic sectors with the highest development potential are green energy (part of the transition process to clean energy), logistics and nearshore production capacities (in the context of geopolitical tensions in the region), advanced digital services (high value-added IT&C services: research and development, artificial intelligence, cybersecurity) and the defense industry.

From a regional point of view, investment opportunities stand out especially considering the development disparities across the main regions of the country. The living standards on a national level (GDP/capita at purchasing power parity) reached 78% of the European Union (EU) average in 2024, but the distribution across regions is unequal - Bucharest-Ilfov is the most developed region (190% of the EU average), while the North-East region is at the opposite pole (47% of the EU average).

According to the study, the top three regions by FDI potential are the South-East (Constanta, Galati, Tulcea), with investment opportunities in renewable energy, maritime logistics, and the food industry, the North-East (Iasi, Bacau, Suceava), where there is available and competitive workforce, strong educational infrastructure, with development potential in IT&C, automotive, production and services, agri-food industry and logistics, as well as the Center (Cluj, Alba, Sibiu), which strengthens its role as a multifunctional region, with opportunities in IT&C, research and development, industry, education and infrastructure.

"Romania is an attractive destination for investment, which provides multiple and competitive opportunities in a dynamic and challenging European and global context. However, the potential is far from being capitalized on optimally, a belief on which we have built our initiative that starts from outlining Romania's investment profile, with opportunities and challenges, strengths and vulnerabilities, and aims at increasing its visibility amid foreign investors. This analysis shows that, despite challenges that most economies and societies are facing, Romania offers significant business opportunities based on strategic location in the EU, diverse natural resources, access to consistent European funds, competitive costs, a sizeable market with growing purchasing power, and developments in the digital sector create a solid basis for expansion. Furthermore, improved governance, economic and political stability, as well as the progress in infrastructure development recorded over the past years, confirm that Romania should be considered one of the most attractive investment destinations in Central and Eastern Europe," said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

The study also includes a comprehensive analysis of the resources available to foreign investors who decide to invest in Romania, from human (the more than eight million active workers, competitive salary levels, digital and multilingual skills), to natural (energy - oil and gas, lignite, wind, solar, hydro, geothermal energy; essential raw materials - graphite, magnesium, rare earth elements, copper, gold; mineral water springs - over 2,500; arable land - 8% of the EU's utilized agricultural area; forest fund - 6.5 million hectares), and to transport infrastructure (railways - 19,600 km, 20% electrified; motorways - 1,300 km, of which 200 km completed in 2024), river and sea ports, airports in major cities.

At the same time, Romania offers an extensive framework of incentives to attract foreign direct investment, based on several strategic pillars, such as financial support (state aid, EU funds, including through the National Recovery and Resilience Plan, guarantees), business support infrastructure (industrial parks, logistics areas) and institutional facilitators (local authorities, national agencies).

"We are glad to have contributed with an academic perspective to an initiative so necessary to the Romanian economy, which highlights the main dimensions influencing Romania's investment attractiveness and provides a valuable benchmark to foreign investors. The study can also represent a strong basis for dialogue for substantiating public policy measures aimed at improving the investment climate and enhancing the country's ability to attract foreign direct investments," said Prof. Alina Mihaela Dima, PhD, Vice-rector, Bucharest University of Economic Studies.

The study also presents a comparative analysis between Romania and the countries in the region regarding the tax framework applicable to companies, which underlines that our country has certain competitive advantages in this area as well. Thus, the corporate tax of 16% is lower than in several other countries (Slovakia – 21-24%, Czech Republic – 21%, Poland – 19%), the incentives for research and development are more generous than in other states, the flat salary tax rate of 10% is competitive (although social contributions of 37.25% are added), and VAT is 21%, among the lowest in the region.

The Opportunities for foreign investors in Romania study, conducted by a team of experts from the Bucharest University of Economic Studies, is part of a broad Deloitte Romania Foundation initiative which aims to strengthen our country’s positioning as an attractive destination for foreign direct investments, in which Deloitte volunteers are involved - experts in various fields, which capitalize on their knowledge, international network and experience of working with foreign investors to increase Romania’s visibility in the international investment landscape and to facilitate dialogue between relevant stakeholders - public decision-makers, academia and business.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

The legislative project known as the "Nordis Law" marks one of the most substantial regulatory interventions in the field of future real estate sales in recent years, with the stated objective of increasing buyer protection and strengthening the security of civil transactions in the real estate development sector.

In a recent article, Marius Chelaru - Managing Associate - analyses the main legislative changes: the introduction of pre-allocation, the establishment of the mandatory nature of the authentic form for the promise of sale, the express regulation of the reservation contract and the functional limitation of the use of the advance payment.

Amendments to Law no. 10/1995 on Construction Quality and Law no. 7/1996 on Cadastre and Real Estate Publicity

The Romanian Parliament has adopted, in its decisional chamber, a new law introducing provisions regarding real estate transactions involving future residential properties, such as units in condominiums or individual dwellings under development (the "Legislative Proposal").

The Legislative Proposal expressly amends Law no. 10/1995 on Construction Quality and Law no. 7/1996 on Cadastre and Real Estate Publicity and has been sent to the President of Romania for promulgation.

The provisions of the new law will enter into force only after promulgation, within six months from its publication in the Official Gazette, except for the provisions on preliminary de-merger, which will enter into force within three months from the law’s publication in the Official Gazette.

Broadly, the new provisions address the following aspects:

• Introduction of a legal definition for the term "developer": The term refers to individual or legal entity investors who finance and carry out investments or interventions on existing constructions within the meaning of the law, as well as those who develop real estate projects such as condominiums or individual dwellings intended for sale.
• Preliminary conditions for entering into pre-sale agreements: Pre-sale agreements may only be concluded after the registration of the building permit in the land book, the execution of the preliminary de-merger operation and the opening of land books for the future units.
• Notarised form: All pre-sale agreements must be executed in notarised form (in Romanian: "in forma autentica") before a public notary. Preliminary de-merger operations must also be executed in notarised form. These operations are based on the preliminary de-merger cadastral documentation prepared by an individual or legal entity authorised to perform specialised works. The documentation must rely on the building permit and related  technical documentation and be receptioned by the territorial cadastre and real estate publicity office.
• Reservation: The amount paid as a reservation price may not exceed 5% of the purchase price, under the penalty of absolute nullity of the reservation agreement. The term of a reservation agreement is limited to a duration of 60 days. If the developer, due to their exclusive fault, fails to conclude the pre-sale agreement or the sale and purchase agreement within this term, they have the legal obligation to reimburse the entire amount within 30 days.
• Management of advance payments: Amounts paid as advances must be deposited in a bank account dedicated to the project for which the advance payments were made and may only be used for the development of the project, with the prior approval of the responsible person or the site supervisor (in Romanian: "diriginte de santier"). Following a last-minute amendment to the Legislative Proposal, the version of the law sent for promulgation no longer regulates a maximum threshold for advances or for the successive payment instalments.
• Restrictions and sanctions: The use of advance payments by the developer for purposes other than those provided by law is prohibited and sanctioned with a fine of 1% of the turnover recorded in the previous year, unless it constitutes a criminal offense.
• Changes without the buyer’s consent: Updating the land books as a result of changes in the number of individual units, as well as any administrative steps, legal or cadastral operations carried out by the developer regarding the completion of the project, do not require the prior consent of the promissory buyer, except where the total area or the location of the unit subject to the pre-sale agreement is modified.
• Applicability: The provisions of the new law do not apply to pre-sale agreements or sale and purchase agreements concluded prior to its entry into force.

Implications for promissory buyers:

• Buyers benefit from additional legal protection through the mandatory registration in the land book of pre-sale agreements, the limitation of the advance paid under the reservation agreement, the limitation of the reservation agreement’s term, as well as the developer’s obligation to transfer amounts received as advances into a dedicated bank account. These measures balance the allocation of contractual risk between the promissory seller and the promissory buyer.
• To the extent that the Legislative Proposal remains unchanged after promulgation, the current draft does not regulate a maximum threshold on the advance that the promissory seller may collect. Therefore, the promissory buyer must continue to pay close attention to the contractual mechanisms governing the payment of the advance and its refund in case the sale and purchase agreement is not concluded.
• By way of example, in this context, the legal mortgage of the promissory buyer regulated by the Civil Code remains a relevant protection mechanism. The legal mortgage is compatible with the developer’s right to carry out any steps and legal operations without requiring the prior consent of the promissory buyer, provided such steps aim at completing the project and do not change the total area or the location of the unit subject to the pre-sale agreement.
• It should be noted, however, that the legal mortgage of the promissory buyer does not represent an absolute protection mechanism. Specifically, this means that the legal mortgage encumbers the real estate asset (it remains to be clarified whether “real estate asset” refers exclusively to the future asset for which the Legislative Proposal requires the opening of a land book or also the related land on which the future asset is developed) and not the bank account of the promissory seller where the amounts paid as advance are collected. To the extent that the legal mortgage encumbers the future asset exclusively, if the project is not completed, the legal mortgage right becomes devoid of substance, rendering the right illusory and leaving the promissory buyer as an unsecured creditor who will most likely compete with creditors benefiting from tangible guarantees, such as a financing bank.
• Given that the current form of the Legislative Proposal no longer includes the initial proposal under which the promissory buyer would acquire the status of a privileged creditor in the event of the promissory seller’s insolvency, a promissory buyer must act diligently to secure sufficient contractual protection mechanisms. Consequently, it is advisable for the promissory buyer to obtain genuine legal assistance when entering into pre-sale agreements.

Implications for promissory sellers (developers):

• Developers face stricter legal obligations, including the requirement to carry out the preliminary de-merger in notarised form before entering into pre-sale agreements, the limitation of the amount they can collect under the reservation agreement and notably, the opening of a dedicated bank account for collecting advance payments and using these funds strictly for project development.
• The abusive use of funds triggers a significant fine amounting to 1% of the developer’s turnover recorded in the previous year, providing a strong deterrent and promoting financial discipline. The Legislative Proposal does not clarify whether “previous year” refers to the year prior to determining the abusive use of funds or the year prior to the actual misuse. Such ambiguities may lead to divergences in judicial practice and undermine the legislator's intended purpose.
• In the context of limiting the duration of the reservation agreement to 60 days and considering that the pre-sale agreement can only be signed after obtaining the building permit and performing the preliminary de-merger, developers must act with the highest diligence in coordinating all operational and contractual processes to avoid the early reimbursement of amounts collected under reservation agreements. A prudent approach would involve signing reservation agreements only after obtaining the building permit and, ideally, after registering the preliminary de-merger with the land book, thereby reducing the risk of delays caused by the authorisation process, which may be complex and lengthy. 
• Following a last-minute amendment, the Legislative Proposal currently sets a limit of 25% of the purchase price for structural works and 20% for installations. It remains unclear whether these thresholds represent the maximum amount the developer can collect as advances from the promissory buyer or the maximum amount that can be used from collected advances. Developers should include contractual provisions aimed at ensuring compliance with the law in the project management agreement, given that work progress statements and bill of quantities are most often confirmed by the project manager.
• Developers must pay attention to the entire contractual package used for project development – from design agreements to the project management agreement, construction agreement, reservation agreement and pre-sale agreement – to incorporate and accommodate all relevant legal provisions, thereby reducing potential exposure both towards the promissory buyer and the supervisory authorities.
• The obligation to enter into pre-sale agreements only after obtaining the building permit and completing and registering the preliminary de-merger in the land book may restrict traditional bank financing options. This could incentivise developers to seek alternative financing options (e.g. crowdfunding, private equity, owner's equity) for land acquisition and permitting costs. Specialised legal assistance tailored to the chosen financing option can provide an additional layer of protection for the developer.

Conclusions and lege ferenda proposals

• Although the main changes introduced by the Legislative Proposal aim to balance contractual risk between the developer and the buyer in residential real estate transactions, increase transparency and prevent fraudulent practices in the residential market, it is important to note that, in the absence of an effectively regulated legal framework, the new provisions may remain without effect or may even create significant uncertainty in the application of the law.
• Without diminishing the importance of the measures proposed under the Legislative Proposal, progress should be assessed based on impact rather than intention. Considering that the Legislative Proposal has the status of an ordinary law, while the proposed amendments address aspects that fall within the scope of an organic law, we expect the Legislative Proposal to undergo further updates. On this occasion or separately – and in order to meet legislative drafting requirements – at least the following aspects require further clarification:

i)                clarifying whether the 20% and 25% thresholds represent limits for the advance payment that the developer may collect from the promissory buyer or limits for the amounts that the developer may use from the advance collected;

ii)              clarifying that as long as the amount of the advance that can be collected is limited by law, any additional restrictions imposed on the developer regarding the use of these amounts (beyond the requirement that they be used exclusively for completing the project) may be excessive and could negatively impact the real estate market. Therefore, the Legislative Proposal should allow the developer to freely decide on the allocation of the advance collected from promissory buyers for the purpose of completing the project;

iii)             regulating an acceptable margin (+/-) for exceptional situation in which the total area of the unit is modified after the preliminary de-merger, for which prior consent of the promissory buyer would not be required (given that, in practice, unforeseen situations may lead to minor changes in total area that should not trigger consent requirements);

iv)             defining the object of the legal mortgage in the context where land books will be opened for the future asset;

v)               clarifying the concept of the “previous year” relevant for the applicability of the 1% turnover penalty; and

vi)             expressly regulating the status of the promissory buyer as a privileged creditor in the event of the developer/promissory seller’s insolvency.

Bucharest, December 5, 2025 – Deloitte Romania has appointed Razvan Ungureanu, Audit Partner with over 17 years of experience, in the position of Partner-in-Charge of the Audit and Assurance practice, effective as of December, 2025, following Steve Openshaw’s completion of the mandate in this role.

Razvan Ungureanu joined Deloitte as a graduate in 2008 and has progressed through all levels in the organization, until becoming Partner in 2023 and now, Partner-in-Charge. Over the past 17 years, Răzvan has worked with national and international companies, in various complex projects in industries such as energy and resources, consumer products, manufacturing, agribusiness and automotive. His in-depth industry knowledge and thorough understanding of the local economic environment have made a substantial contribution to the organization. In recent years, he has taken on additional responsibilities, including serving as Audit Quality Leader and Energy and Resources Industry Group Leader, as well as talent roles both on a local level and in Central Europe.

He is a member of the Association of Chartered Certified Accountants (ACCA), the Body of Expert and Licensed Accountants of Romania (CECCAR), the Chamber of Financial Auditors of Romania (CAFR), and the Authority for Public Supervision of the Statutory Audit Activity (ASPAAS).

“It is with great satisfaction that I welcome Razvan in the top leadership team of Deloitte Romania, after a career started and built in Deloitte with such commitment to our clients and our people. Razvan is a talented and ambitious professional, who inspires through competence, character and a genuine care for others. I thank Steve Openshaw for having led the Audit and Assurance practice over the past eight years with such a strong focus on quality and on strengthening the team and I trust Razvan will contribute to further growing our reputation, market share and attractiveness for talent,” stated Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Deloitte Romania’s Audit and Assurance practice reached over 240 experts and provides clients with professional advice and assurance on their controls and accounting systems. This includes performing audits of financial statements under both local and international reporting standards, review of accounting systems and internal controls, agreed upon procedures, accounting advisory services on issues arising from new legislation such as Romanian statutory regulations, international financial reporting standards (IFRS) and US generally accepted accounting principles (US GAAP), as well as assurance and related advisory services on both financial and non-financial information, including sustainability and emerging assurance, such as AI Assurance.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

When: Tuesday, December 9, 2025, starting from 10.00 AM 

Where: National Bank of Romania, Mitita Constantinescu Room 

English version available  here.

Allianz-Țiriac Asigurări, one of the leading insurance companies on the local market, has successfully completed the sale of its two former headquarters located in the Victoriei Square area of Bucharest, through transactions brokered by the Cushman & Wakefield Echinox real estate consultancy company.

The property on Căderea Bastiliei Street, of approximately 6,000 sqm GLA, was acquired by Praktiker Real Estate, a company owned by businessman Omer Susli. The second building, located on Grigore Alexandrescu Street with a leasable area of 4,000 sqm, was taken over by Primavera Development, a developer with extensive experience in office buildings and premium residential projects.

Throughout the process, Allianz-Țiriac Asigurări was advised by the real estate consultancy Cushman & Wakefield Echinox. The team involved in the transaction included Cristi Moga (Head of Capital Markets), Mihaela Pană (Partner, Private Investments), and Alexandru Mitrache (Head of Transactions Land & Investment).

Mihaela Pană, Partner, Private Investments, Cushman & Wakefield Echinox: “These transactions confirm the dynamism of the Romanian investment market when it comes to centrally located assets, which continue to generate strong interest from tenants. We are seeing consistent appetite from local investors in properties that, through renovation investments, can be repositioned on the market and whose value can increase over time.”

The sale of these two buildings is a new signal that office market in Bucharest has entered a new growth cycle. Furthermore, the fact that both acquisitions were made by local buyers demonstrates their confidence in the Romanian real estate market.

Alexandru Mitrache, Head of Transactions Land & Investment, Cushman & Wakefield Echinox: “The two properties are excellent examples of how well-located real estate assets can attract significant interest from investors, even in a market environment full of uncertainties. It was a complex process, during which we worked with our clients to analyze the potential of each property and the best strategy to maximize their value. We are delighted to have completed two transactions with reliable partners who have solid plans to revitalize these buildings in the Victoriei Square area.”

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. 

Cloud9, Teil der Immobiliendivision der Alfa Group, entwickelt im Norden der Hauptstadt ein Wohnportfolio, das auf Qualität, städtische Integration und Investitionssicherheit ausgerichtet ist. Nach dem Erfolg von Cloud9 Residence setzt das Unternehmen die Expansion mit Cloud9 Evolution fort, einem Projekt, das als Referenz der neuen Generation von Premiumentwicklungen konzipiert wurde, in denen Infrastruktur, nahegelegene Einrichtungen und technische Standards ein kohärentes Ökosystem bilden.

Die erste Phase von Cloud9 Evolution, bestehend aus 612 Apartments, schreitet zügig voran und ist bereits zu 50 % vertraglich gesichert, mit einem voraussichtlichen Übergabetermin innerhalb der nächsten 12 Monate. Die zweite Phase, die sich im Bau befindet und für die Fertigstellung im Jahr 2027 geplant ist, wird 536 Apartments und über 540 Parkplätze hinzufügen und damit die Erweiterung des Projekts festigen. Insgesamt wird Cloud9 Evolution 1.148 Wohneinheiten liefern – Studios, Zwei-, Drei- und Vierzimmerapartments, Penthouse-Wohnungen sowie das innovative 2,5-Zimmer-Layout – ergänzt durch über 1.200 Parkplätze und eingebettet in einen modernen urbanen Rahmen, der nach den Prinzipien der 15-Minuten-Stadt gestaltet ist.

Ein strategisches Element des Projekts ist die Investition in die Entwicklung einer Bildungseinrichtung mit hohen Standards, deren Eröffnung für das Schuljahr 2026–2027 geplant ist. Die Schule wird sowohl den Bewohnern der Cloud9-Projekte als auch der Gemeinschaft im Norden Bukarests dienen und verwandelt die Bildungsinfrastruktur in einen Wettbewerbsvorteil sowie in einen Katalysator für langfristige Entwicklung. Das Projekt Cloud9 Evolution positioniert sich als Referenz im Premiumsegment und als Beispiel für eine stadtplanerische Ausrichtung auf Nähe und Lebensqualität.

In der gegenwärtigen Konjunktur stehen viele rumänische Unternehmen vor einer doppelten Herausforderung: einerseits der Verpflichtung, die interne Revision zu implementieren und zu intensivieren, und andererseits dem zunehmenden Druck von – in- und ausländischen – Investoren, Kunden und Partnern, konkrete Leistungen in den ESG-Bereichen (Umwelt, Soziales und Governance) nachzuweisen. Obwohl manche Wirtschaftsteilnehmer die interne Revision weiterhin nur unter dem Gesichtspunkt der Compliance – der formalen Vorschriftseinhaltung – betrachten, stellt sie in Wirklichkeit ein strategisches Instrument für Governance, Transparenz und nachhaltige Entwicklung dar, wobei ihre Ausweitung auf den ESG-Bereich die Wertschöpfung für die Organisation erheblich potenziert – so die Expertinnen und Experten von TPA Romania, ein auf Steuer- und Rechtsberatung sowie Buchhaltung und Wirtschaftsprüfung spezialisiertes führendes Fachunternehmen in Mittel- und Osteuropa. 

Gemäß Gesetz Nr. 162/2017 sind alle der gesetzlichen Abschlussprüfung unterliegenden Unternehmen verpflichtet, die Funktion der internen Revision einzuführen. Die Nichteinhaltung dieser Anforderung kann mit Bußgeldern von bis zu 100.000,- RON geahndet werden. Zumal in diesem Jahr die Behörde für die öffentliche Aufsicht der gesetzlichen Abschlussprüfung (ASPAAS) eine Kontrollaktion der der gesetzlichen Abschlussprüfung unterliegenden Wirtschaftssubjekte gestartet hat (im Rahmen deren der Nachweis des Bestehens einer internen Revisionsfunktion und deren Organisationsform sowie eine Ausfertigung des letzten internen Revisionsberichts eingefordert werden), wird immer deutlicher, dass diese Auflage nicht auf die leichte Schulter genommen werden darf. Zudem verpflichten die europäischen Anforderungen der Richtlinie über die Nachhaltigkeitsberichterstattung von Unternehmen (CSRD) und der Europäischen Standards für die Nachhaltigkeitsberichterstattung (ESRS) Unternehmen dazu, sich auf die Nachhaltigkeitsberichterstattung vorzubereiten, was ein hohes Maß an interner Kontrolle, Rückverfolgbarkeit und Datengenauigkeit voraussetzt.

„Hier bietet sich nun die echte Chance, „zwei Fliegen auf einen Schlag zu erwischen“: mit einer einmaligen Investition – Implementierung der internen Revisionsfunktion – kann die Organisation nicht nur ihren gesetzlichen Verpflichtungen nachkommen, sondern auch ihr Engagement für Umwelt-, Sozial- und Governance-Themen unter Beweis stellen. Somit wird die interne Revision nicht mehr nur bloß eine administrative Auflage, sondern eine Brücke zwischen der Compliance und einer Strategie, die wiederum das Vertrauen von Investoren, Kunden und Partnern aufbaut und festigt. In zahlreichen Unternehmen wird die interne Revision nach wie vor als Compliance-Anforderung wahrgenommen. Die ESG-orientierte interne Revision verändert jedoch diese Sichtweise und macht aus einer Auflage ein strategisches Instrument für Wachstum und Profilierung“, sagt Claudia Bratu, Partnerin für Audit, Advisory und Leiterin der ESG-Services bei TPA Romania.

Die ESG-orientierte interne Revision wird zum Differenzierungs- und Profilierungsmerkmal

Die traditionelle interne Revision – die Innenrevision – befasst sich hauptsächlich mit Finanz- und Betriebsabläufen, wohingegen die ESG-orientierte IR den Prüfungsumfang erweitert und die Art und Weise bewertet, wie eine Organisation Umweltrisiken sowie Themen wie Diversität, Ethik, Gesundheit und Sicherheit, aber auch die Qualität der gemeldeten Daten handhabt und bewältigt. Diese Art von Audit bietet einen umfassenden Ein- und Überblick über die Einbindung von Nachhaltigkeit in die Geschäftsprozesse und trägt zu einer besseren Unternehmensführung bei.

„Obwohl es keine ausdrückliche gesetzliche Vorgabe für eine ESG-bezogene interne Revision gibt, können Unternehmen, die nach den CSRD-Standards berichten oder grüne Investoren und Finanzierungen für sich gewinnen wollen, feststellen, dass der Einbau von ESG-Komponenten in ihre interne Revision im Endeffekt zu einem bedeutenden Wettbewerbsvorteil wird“, fügt Claudia Bratu ergänzend hinzu.

Das ESG-Audit fungiert als umfassende Durchleuchtung der Organisation und vermittelt ein realistisches Bild davon, wie Nachhaltigkeitsaspekte gemanagt werden. Außerdem kommt es der Organisation beim Verständnis ihrer Ausrichtung auf die Marktanforderungen und Erwartungen von Stakeholder entgegen. In erster Linie – so die Experten von TPA Romania – hilft die IR den Unternehmen dabei, die doppelte Wesentlichkeit zu definieren, d.h. diejenigen Umwelt-, Sozial- und Governance-Faktoren, die in beide Richtungen – sowohl für die Auswirkungen des Unternehmens auf die Umwelt und die Gemeinschaft als auch für den Einwirkung dieser Faktoren auf seine finanzielle Leistungskraft – von wesentlicher Bedeutung sind. Die Erkennung dieser relevanten Themen ermöglicht es, die Bemühungen dorthin zu fokussieren, wo sie am sinnvollsten sind.

„Zudem ist das vielleicht wichtigste Resultat einer gut strukturierten ESG-orientierten internen Revision die Tatsache, dass sie das Unternehmen dazu veranlasst, seine Strategie zu überarbeiten und zu formalisieren und dabei die Nachhaltigkeitsziele kohärent in den Geschäftsplan einzubeziehen. Das Ergebnis: deutlichere Prioritäten, besser abgestimmte Entscheidungen und eine solide strategische Ausrichtung, die von Investoren und Partnern erkannt und anerkannt wird. Auf einem Markt, wo Transparenz und Verantwortung immer mehr zu entscheidenden Auswahlkriterien werden, kann eine gut durchgeführte ESG-zentrierte interne Revision zu einem ausschlaggebenden Wettbewerbsvorteil werden“, meint Claudia Bratu.

Welche Kosten und welche Vorteile bringt eine ESG-orientierte interne Revision?

Nach Ansicht der Experten von TPA Romania ist eine ESG-bezogene interne Revision aufgrund der Prozesskomplexität und der erforderlichen Fachkompetenzen mit höheren Kosten als ein herkömmliches Audit verbunden. Außer den Einstellungskosten von festem Fachpersonal für die Bereiche Umwelt, Soziales und Unternehmensführung haben Unternehmen auch weitere Investitionen in IT-Systeme, spezielle Anwendungen für die Erfassung, Verwaltung und Berichterstattung von ESG-Daten sowie Aufwendungen für Mitarbeiterschulung oder Aktualisierung interner Verfahren zu stemmen. All diese Ausgaben stellen insbesondere für kleine und mittlere Unternehmen eine erhebliche finanzielle Belastung dar. Daher wird zunehmend die Auslagerung der internen Revision oder die Zusammenarbeit mit Fachberatern bevorzugt, die bereits über multidisziplinäre Teams verfügen und integrierte Dienstleistungen zu günstigeren Kosten anbieten können. So können Unternehmen entsprechendes Fachwissen und -erfahrung in Anspruch nehmen, ohne die mit einer eigenen internen Abteilung verbundenen Festkosten auf sich zu laden.

„Selbst wenn es eine entsprechende Investition erfordert, überwiegen die Vorteile einer gut durchgeführten ESG-orientierten internen Revision bei weitem die damit einhergehenden Kosten. Kurzfristig verbessert sie die Datenqualität und -genauigkeit, verringert das Non-Compliance-Risiko und bereitet das Unternehmen auf die externe Prüfung vor, insbesondere auf die von der CSRD vorgeschriebenen begrenzten Prüfungssicherheit. Mittelfristig und langfristig erleichtert das ESG-Audit den Zugang zu grünen Finanzierungen, zieht verantwortungsbewusste Investoren an, trägt zur Optimierung der Betriebskosten bei und stärkt die Unternehmensreputation. Anstatt als zusätzlicher Aufwand betrachtet zu werden, ist das ESG-Audit eine strategische Investition in Transparenz, Effizienz und nachhaltige Wettbewerbsfähigkeit”, betont Claudia Bratu.

Herausforderungen der Vorbereitung der ESG-bezogenen internen Revision

Derzeit stellt die Vorbereitung auf eine ESG-bezogene interne Revision für viele rumänische Wirtschaftsteilnehmer eine besondere Herausforderung dar, da sie mit rechtlichen Unklarheiten in Bezug auf CSRD, ESRS, Omnibus, Taxonomie, EUDR und anderen europäischen Vorschriften konfrontiert sind, aber auch mit Schwierigkeiten bei der Erfassung und Validierung von ESG-Daten, die oft in uneinheitlichen Formaten ohne angemessene Kohärenz und Rückverfolgbarkeit verwaltet werden.

„In der Praxis behandeln viele Unternehmen ESG weiterhin eher als ein Berichterstattungsprojekt denn als einen integrierten Geschäftsprozess, was zu einem Mangel an spezifischen Kontrollen und Verfahren in Schlüsselbereichen wie Beschaffung, Personalwesen oder Investitionen führt. Eine zusätzliche Herausforderung stellt der Mangel an internen Revisoren mit ESG-Fachwissen dar, da es im Inland nur eine begrenzte Anzahl von Auditoren gibt, die in der Lage sind, Nachhaltigkeitsthemen auf multidisziplinäre Weise anzugehen und dabei Finanz-, Technik- und Compliance-Fachwissen zu verbinden“, erläutert die Expertin von TPA Romania.

A multidisciplinary team of tax litigation lawyers from Reff & Associates | Deloitte Legal and tax advisors from Deloitte Romania has obtained an important final solution for one of the leading logistics and transportation companies in the world from the Ploiesti Court of Appeal, which clarifies essential aspects regarding the tax treatment applicable in the area of intra-group services, both from the perspective of the market price and the deductibility of expenses and related VAT. The victory was obtained in a complex litigation, started more than four years ago, which involved the management of extensive evidence, as well as the acknowledgement of conclusive legal and tax principles for intra-group services.

The solution is even more important as, during tax inspections, the authorities' analysis focusses mainly on intra-group services and leads, in most cases, to transfer pricing adjustments and to the rejection of the deductibility of expenses and VAT related to services received by taxpayers from affiliated companies.

The decision obtained by the Reff & Associates | Deloitte Legal team confirms, first of all, that in the transfer pricing analysis quantitative criteria such as turnover or number of employees are not decisive in the selection of comparable companies operating in the same field, in order to determine whether the prices charged by the company in question comply with the market value principle. Thus, the courts invalidated the approach of the tax inspectors who considered that companies with a lower turnover and number of employees than the analysed taxpayer were not comparable, although they were competitors, and thus distorted the comparability analysis.

Secondly, the court confirmed that the deductibility of expenses and VAT related to management services provided by the affiliated company to the Romanian taxpayer cannot be refused on the ground that similar services would be provided by other companies in the group or by Romanian taxpayer employees, as long as the latter are different from the intra-group services analysed. Thus, the taxpayer has the legal possibility to incur the expenses it considers necessary in its activity, with no tax sanctions exposure.

The tax litigation team that obtained this important solution, coordinated by Bogdan Marculet, Counsel, also included Stefan Mihartescu, Managing Associate, and Tatiana Pluteanu, Senior Associate, Reff & Associates | Deloitte Legal, while Deloitte Romania's tax team that contributed to the success of the project consisted of Bogdan Barbu, Partner, Loredana Ilea, Director, and Adelina Bobe, Senior Manager.

"The decision obtained in court represents a benchmark both in transfer pricing, as it confirms that the tax authorities cannot invalidate taxpayer’s transfer pricing analysis, by setting comparability thresholds according to its own assessment, but also in the broader matter of intra-group services, reaffirming that the tax inspection bodies don’t have the right to refuse the deductibility of expenses and VAT related to these services for purely formal reasons, not anchored in the applicable tax legislation," said Bogdan Marculet, Counsel, Reff & Associated | Deloitte Legal.

"We are pleased with this new reference solution regarding the tax treatment applicable to intra-group services, as the tax authorities continue to focus their attention in this area, and we hope that the decision will provide additional confidence to our clients on how they conduct comparability analyses as part of transfer pricing file and will encourage the development of business relationships, including intra-group, with no risk of unfavorable tax rulings," said Bogdan Barbu, Partner, Transfer Pricing, Deloitte Romania.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Reff & Associates | Deloitte Legal is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, competition, employment, energy and environment, insolvency, legal management consulting, litigation, corporate, mergers and acquisitions, public sector and real estate, as well as optimization of legal processes and the adoption of new technologies. The firm represents in Romania Deloitte Legal, a global network with more than 2,500 lawyers in 80 countries.

Political instability and corruption entered the top three concerns for young people in Romania in 2025 (36%, respectively 22% of Millennials and 23%, respectively 25% of Generation Zs are concerned about these issues), according to Deloitte Global Gen Z and Millennial Survey 2025, conducted in 44 countries, including Romania. The cost of living remains the biggest concern for Millennials (48%, up from 43% last year) and Gen Z (39%, up from 29% a year ago). At the same time, young Romanians worry they will retire with no financial comfort (60% of Millennials and 46% of Gen Zs), many of them said they were living paycheck-to-paycheck (44% of Millennials and 50% of Gen Z representatives), and more than one in three in each category struggle to pay living expenses.

Globally, the top concern for young people is also the cost of living (42% of Millennials, 39% of Gen Zs), followed by personal safety (19%) and environmental protection (18%), for Millennials, and by the mental health of their generation (21%) and unemployment (18%), for Gen Zs.

From a career perspective, young Romanians' main goals are to become financially independent (18% of Millennials and 25% of Generation Zs) and to maintain a good work-life balance (24% of Millennials and 21% of Gen Zs). On the other hand, more young people are looking for a sense of purpose - 92% of Millennials and 91% of Generation Zs said that doing something meaningful is important for their professional satisfaction.

"The concern for financial well-being is therefore back in the foreground, with younger generations clearly being more flexible in changing their career path, including the field of work, in order to achieve their goals. There is a difference in their approach on the subject, as Millennials are willing to make such a change especially for a better compensation (41%), while Gen Z representatives rather look for career growth (33%), while recognizing that supplementing their income is also important (29%). In this landscape, employers are called upon to find resources and benefits that really matter, because retention is no longer a simple human resources indicator, but a test of mutual loyalty," said Raluca Bontaș, Partner, Deloitte Romania.

At the same time, young Romanians are increasingly interested in using generative artificial intelligence (GenAI) solutions in the workplace – 43% of Millennials and 42% of Gen Zs said they were already using GenAI in their day-to-day work, up from 11% and 13% respectively a year ago. Globally, however, the proportion of young people already using such technologies is much higher – 56% of Millennials and 57% of Gen Zs.

Environmental concerns also remain high – 73% of Millennials and 68% of Gen Zs in Romania (above the global numbers, respectively 63% and 65%) said they worry about climate changes. Under these conditions, more than 60% of them are willing to pay more for sustainable products or services, and around 70% consider the company's environmental credentials and policies when evaluating a potential employer.

Now in its 14^th edition, the Deloitte Global Gen Z and Millennial Survey was conducted among approximately 8,700 Millennials (born between January 1983 and December 1994) and 14,700 Generation Zs older than 18 (born between January 1995 and December 2006), in 44 countries worldwide.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Cushman & Wakefield Echinox, a leading real estate consultancy, has been appointed as the exclusive advisor for the sale of a 37-hectare land plot part of the former Electroputere industrial platform, situated in the central-eastern area of Craiova. This strategic property presents a significant opportunity on the Romanian real estate market, with the potential to support a variety of development projects, such as residential, retail, logistics, or light industrial premises.

The original Electroputere platform spanned approximately 60 hectares. Over 20 hectares have already undergone a successful urban regeneration, transforming the area into a multifunctional project featuring a shopping center, office buildings, and a recently completed aparthotel. The remaining 37 hectares, currently hosting industrial facilities, offer a unique chance to continue the regeneration process and create a modern urban landmark in Craiova.

Ștefan Oprea, Consultant Land Agency, Cushman & Wakefield Echinox: “Electroputere Craiova represents an exceptional opportunity to revitalize an iconic area of the city into a urban hub that addresses the needs of both the community and investors. Given its strategic location, significant size, and excellent infrastructure, the site is ideally positioned to become a flagship project for the entire region. Across Romania, we have seen that former industrial platforms in central locations have become successful real estate developments.”

Former industrial platforms have consistently attracted strong interest from real estate investors, offering significant potential for value appreciation. In major cities, these sites are increasingly sought after for mixed-use developments, with recent transactions demonstrating rising demand and consistent increases in value, particularly for residential, retail, and logistics spaces.

Cities such as Bucharest, Cluj-Napoca, Timisoara, and Iasi have witnessed notable sales of similar assets, with land plots often exceeding 20–30 hectares and transaction values reaching tens of millions of euros, depending on location, infrastructure, and overall development potential.

This trend is further supported by the growing interest of local developers, who view the regeneration of industrial platforms as a prime opportunity to transform urban areas and drive economic growth. Typically, these transactions involve comprehensive due diligence, specialized consultancy, and the adaptation of projects to current market requirements to ensure long-term investment success.

Craiova’s rich tourism potential further enhances the appeal of the Electroputere platform. The city’s vibrant cultural and architectural heritage, abundant parks, museums, and notable artistic events attract a growing number of visitors each year.

The site’s strategic location near major tourist attractions and leisure areas makes it ideal for developing mixed-use projects that meet both residential demand and the needs of tourists, positioning the platform as a future urban landmark.

Cushman & Wakefield Echinox, the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated, comprises a team of over 80 professionals providing a full range of real estate consultancy services to investors, developers, landlords, and tenants. For more information, visit www.cwechinox.com.

Cushman & Wakefield, a global leader in commercial real estate services with 52,000 employees in over 60 countries, helps occupiers, owners, and investors optimize asset value. With revenues of $9.2 billion, the company’s core services include property, facilities and project management, leasing, capital markets, valuation, and other advisory services. For more information, visit www.cushmanwakefield.com.

Reff & Associates | Deloitte Legal launches the ninth edition of the educational project "Law Is Awesome!", designed by the firm especially for law school students in the third year of study who want to become business lawyers and to discover what it means to practice this profession. The program will be officially launched during an event that will be organized on December 4, 2025, starting from 12:30, at the Faculty of Law within the University of Bucharest (36-46 Mihail Kogălniceanu Boulevard), in the Antonescu Hall. Participation to the program launch event requires filling in the registration form until December 1, 2025, 23:59, and does not automatically imply registration in the program.

Students can apply for the program until January 19, 2026, and those selected will participate in a series of 12 workshops held by lawyers from Reff & Associates | Deloitte Legal, professionals from Deloitte Romania and their guests, between February and April 2026, at the law firm's headquarters in Bucharest. The workshops’ curriculum is adapted to third-year students and updated in line with the latest developments in the field of law and in the business environment in general. Also, participants will benefit from counseling sessions with human resources specialists, job shadowing, as well as soft skills development training to help them build a personal brand or prepare for a job interview. At the end of the workshop period, students will receive personalized recommendations from the trainers and some of them will have the opportunity to follow an internship in the summer of 2026 at Reff & Associates | Deloitte Legal.

"The continuity of the «Law Is Awesome!» project, now in its ninth edition, is proof that it is a program appreciated by students, considered useful both in terms of the practical experience acquired during the interaction with experienced lawyers, specialized in various areas of law, and in the perspective of participating in an internship in an important law firm, which would help them complete their academic studies and, why not, take the first step in their career. We are excited to be able to share our experience with them and help them delve deeper into the layers of the legal profession. Over 250 students have participated in previous editions of the project, some of whom were recruited by the firm, which confirms the benefits of the program and gives us confidence in the success of the new edition," said Georgiana Singurel, Partner, Reff & Associates | Deloitte Legal, and the coordinator of the "Law Is Awesome!" project.

Reff & Associates | Deloitte Legal is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, competition, employment, energy and environment, insolvency, legal management consulting, litigation, corporate, mergers and acquisitions, public sector and real estate, as well as optimization of legal processes and the adoption of new technologies. The firm represents in Romania Deloitte Legal, a global network with more than 2,500 lawyers in 80 countries.

For more information about Reff & Associates, please visit www.reff-associates.ro. For more information about the global Deloitte Legal network, please visit www.deloittelegal.com.

After more than five and a half years of legal battles, STOICA & ASOCIAȚII has succeeded in securing, through a final court ruling, a favorable outcome in the first instance and on appeal for one of the largest players in the real estate, hotel, and tourism market in Romania.

Initiated in March 2019, the dispute concerned complex legal issues related to the performance and termination by unilateral rescission, at the initiative of the beneficiary (the client), of a construction contract for the execution of a parking lot for an office building in Bucharest.

The solution obtained confirmed the validity of the unilateral termination notice issued by the beneficiary for construction defects and failure to comply with the execution schedule, circumstances attributable to the contractor. Furthermore, the claims brought by the contractor against the beneficiary, amounting to over EUR 2 million, were dismissed in their entirety (the contractor's claims included the value of alleged unpaid works, the damage suffered as a result of the termination of the contract, and the value of the guarantees executed by the beneficiary).

The team of lawyers from STOICA & ASOCIAȚII who handled the case consisted of: Andreea Stoica – Managing Partner –, Yolanda Beșleagă – Senior Associate, and Angelica-Georgiana Alecu – Ciorcîrlan – Senior Associate –, with support at certain stages from other lawyers: Alin-Gabriel Oprea – Senior Associate – and Maria-Irina Crivăț – Junior Lawyer.

The dispute involved the development of a meticulous litigation strategy and the administration of extensive evidence, including technical expertise in the fields of construction and accounting. The analysis of the validity of certain clauses in the FIDIC contract concluded between the parties, in accordance with the legal provisions on insolvency, increased the complexity of the case. The judicial settlement of these issues, based on principles essential to the Romanian civil law system, will set a precedent for similar real estate disputes.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business world through its legal assistance and representation of a vast portfolio of clients. Since its inception, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, based on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

CEE Swiss IT Solutions & Cross-Cultural Talent Summit 2025, November 28, Winterthur, Zurich, Switzerland

The CEE Swiss IT-Solutions & Cross-Cultural Talent Summit 2025 is the premier platform for Swiss and CEE Tech & Business Leaders to connect, collaborate and create impact.

Focus Topics: Artificial Intelligence / Cybersecurity / Data Science

Industry Verticals

• Manufacturing & Tech Industries (MEM)
• Med- & Biotech
• Finance / FinTech
• Blockchain

Program

• One day. 100 experts. 200 B2B-meetings.
• Inspiring Panels & Keynotes
• Deep Tech & Swiss Market Insights
• Shaping the future in AI · Cybersecurity · Data Science
• Blockchain

European Economic Forum (EEF), November 26-27, Lucerne, Switzerland.

CEE tech companies registering for the Summit have the exclusive opportunity to receive a complimentary ticket to the European Economic Forum (Lucerne Dialogue) on Thursday, 27 November 2025 at the KKL in Lucerne – just one day before the CEE Swiss IT-Summit.

This is a unique chance to connect with Swiss and European business leaders in a high-level environment before engaging with innovation-driven Swiss companies at the Summit.

Through the partnership between mind.it and SEC (Chamber of Commerce Switzerland Central Europe), any company that registers for the above event (CEE Swiss IT Solutions & Cross-Cultural Talent Summit 2025) will also have free admission to the European Economic Forum.

Rents in Calea Victoriei, the main retail street in Bucharest, recorded the 3^rd highest growth among the 50 analysed markets worldwide in the latest edition of the "Main Streets Across the World" report by Cushman & Wakefield.

Calea Victoriei boasts a prime rental level of €70/ sq. m/ month, 17% higher compared with last year, as Bucharest ranks 39^th worldwide and 24^th in Europe, on par with Zagreb.

Rents in Prague (€235/ sq. m/ month), Budapest (€160/ sq. m/ month), Warsaw (€92/ sq. m/ month) Belgrade (€90/ sq. m/ month), were above the Bucharest benchmark, with lower values being recorded in Sofia (€61/ sq. m/ month), Bratislava (€45/ sq. m/ month), Vilnius (€39/ sq. m/ month), Riga and Tallin (€35/ sq. m/ month) or Skopje (€28/ sq. m/ month).

London’s New Bond Street, where rents have risen by 22% in the past year to €1,707 / sq. m/ month, has been crowned the world’s most expensive retail destination for the first time. New Bond Street has leapfrogged Milan’s Via Montenapoleone (€1,667 / sq. m/ month), which last year became the first European street to top the global rankings, and New York’s iconic Upper Fifth Avenue (€1,530 / sq. m/ month), in the 2025 edition of the report.

Using Cushman & Wakefield’s proprietary data, the report focuses on headline rents in 141 best-in-class urban locations across the world which, in many cases, are linked to the luxury sector. It includes a global index ranking the most expensive destination in each market.  

Globally, rents grew on average at 4.2% with 58% of markets experiencing rental growth. The Americas led regional rental growth at 7.9%, driven by currency effects in South America. Europe experienced steady 4% year-on-year (y-o-y) growth, with standout performances in Budapest and London. Meanwhile rents in Asia Pacific slowed to 2.1%, with strong growth in India and Japan offset by economic headwinds in Greater China and Southeast Asia. 

London led the resurgence in rents in Europe, with New Bond Street (+22%), Oxford Street, and Regent Street all recording double-digit increases. Budapest’s Fashion Street was the region’s standout performer, with a 33% rise, overtaking Vaci utca as the city’s premier retail destination. Milan and Paris maintained their global status with stable rents on Via Montenapoleone (€1,667 / sq. m/ month) and Champs Elysées (€1,043 / sq. m/ month)

The Americas remained the strongest performing region overall, with average rent growth of 7.9%. Sao Paulo’s Oscar Freire Jardins in Brazil seeing a remarkable 65% increase, climbing seven places in the global rankings. In North America, rental growth was more subdued, with the United States averaging 2.5%. While New York’s Upper Fifth Avenue remained flat, neighbouring Madison Avenue and SoHo recorded growth of over 8%.

Prime retail destinations continue to outperform broader market trends, demonstrating resilience amid economic uncertainty and shifting consumer behaviour.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “The retail sector is undergoing a dynamic transformation driven by sustained demand for physical experiences. Furthermore, the appetite for appetite for physical retail space is as strong now as it ever was, with location continuing to be a key factor, even amid volatility. Although the luxury retail market in Romania is still emerging within Europe, continued investment from international brands and retail developers is enhancing the appeal of iconic streets. Calea Victoriei, the only commercial street in Romania included in this global ranking, continues to attract luxury retailers. Establishing a presence on this street, in the heart of Bucharest, is a strategic move that provides a significant competitive advantage”.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants. For additional information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com. 

STOICA & ASOCIAȚII succeeds in upholding a favorable arbitration award with major implications for the adaptation of lease agreements to unforeseeable circumstances, to the benefit of the lessor. The arbitration dispute was heard before the Bucharest Chamber of Commerce and Industry. An action for annulment was brought against the arbitration award, which was dismissed in its entirety by the Bucharest Court of Appeal, this solution being upheld before the High Court of Cassation and Justice.

The dispute concerned a lease agreement concluded between one of the most important investors in Romania (as lessor) and a fast-food restaurant (as lessee). The contract was concluded before 2000, for an initial term of 25 years, followed by two successive terms of 25 years each, with the extension being exclusively at the option of the lessee. Prior to the initiation of the dispute, there was a firm refusal by the lessee to renegotiate the rent.

The arbitral tribunal, by majority opinion, upheld one of the alternative claims made on behalf of the lessor, namely the recognition of a right of unilateral termination in its favor, as a means of adapting the contract to unforeseen circumstances.

The team of lawyers from STOICA & ASOCIAȚII, which handled the arbitration dispute, consisted of: Valeriu Stoica – Founding Partner – Andreea Stoica – Managing Partner – and Yolanda Beșleagă – Senior Associate.

"The solution has a major impact, as legal literature and judicial practice have focused over time on traditional solutions, such as cost or rent adjustments. Recognizing the possibility of terminating the contract before its expiry was intended to correct the contractual imbalance that trapped the lessor in a contract with a total duration of 75 years, at a rent agreed in 1999, which was much lower in value compared to the current real estate market. The particularities of invoking unforeseeability in this dispute required a departure from the classic paradigm of analysis and the identification of creative, yet fair and balanced solutions," said Yolanda Beșleagă, Senior Associate.

The solution obtained by the team of lawyers at STOICA & ASOCIAȚII confirms the essential role of the courts – both arbitral and judicial – in terms of the specific manner of adapting contracts for unforeseeability, considering the margin of discretion they have.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business world through its legal assistance and representation of a vast portfolio of clients. Since its inception, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, based on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Das Gesetz, das wesentliche Änderungen hinsichtlich der Verantwortlichkeit der Immobilienentwickler und des Käuferschutzes bringt, bekannt als „Nordis-Gesetz“, wurde kürzlich einstimmig von der Abgeordnetenkammer verabschiedet und zur Promulgation weitergeleitet. Es transformiert den Immobilienmarkt: Käufer profitieren von beispiellosem Schutz, realen Garantien und Mechanismen, die das Risiko des Verlusts von Anzahlungen reduzieren. Entwickler hingegen müssen ihre Projekte neu kalibrieren, Kapital strenger managen und höhere administrative Kosten tragen, was die Projektstarts verlangsamen und die Wohnungspreise erhöhen wird – verstärkt durch die jüngsten Mehrwertsteuererhöhungen, so die Experten von TPA Rumänien, einem führenden Unternehmen in Zentral- und Osteuropa, spezialisiert auf Wirtschaftsprüfung, Buchhaltung, Steuerberatung und Rechtsberatung.

„Das neue Gesetz bietet den Käufern den bisher robustesten Schutz. Aus ihrer Perspektive ist es ein Fortschritt: mehr Klarheit, reale Garantien und Mechanismen, die das Risiko des Verlusts der Anzahlungen verringern. Für die Entwickler hingegen kündigt sich eine Phase der Neuausrichtung an, in der Kapitalisierung wesentlich wird, Projekte schwieriger starten, Cashflow nicht mehr ausschließlich aus Anzahlungen gespeist werden kann und die administrativen Kosten deutlich steigen. Der Markt wird sich professionalisieren, aber auch selektiver werden. Andererseits werden der größere Umfang der Dokumentation, strengere Kontrollen, neue Regeln für die Verwendung von Geldern und das länger gebundene Kapital die Baukosten erhöhen. All diese Änderungen können mittel- bis langfristig zu einem Anstieg der Wohnungspreise führen. Hinzu kommen die jüngsten Mehrwertsteuererhöhungen für Wohnimmobilien, die zusätzlichen Druck auf den Endpreis ausüben“, erklärt Alexandra Cohuțiu, Anwältin bei TPA Rumänien.

Damit bringt das neue Gesetz den Immobilienmarkt an die Schwelle einer der umfassendsten legislativen Reformen der letzten Jahre: Es versucht, bekannte Schwachstellen des Systems zu beheben – mehrfach geschlossene Vorverträge für dieselbe Einheit, Anzahlungen ohne Bezug zum tatsächlichen Baufortschritt, intransparente Verwendung von Geldern und fehlende reale Garantien für Käufer im Projektstadium.

Mehr dazu: https://www.tpa-group.ro/

Bucharest, November 18, 2025 - Family businesses revenues, which currently account for 19% of all business revenue globally, is projected to grow to US$29 trillion by 2030, reflecting an 84% rise compared to 2020, according to the Deloitte study Defining the family business landscape 2025. Europe is expected to be the fastest growing region this decade in terms of number of family businesses (by 12%, from over 4,000 family business in 2025 to nearly 4,600 in 2030), while North America and Asia Pacific are projected to see the highest revenue growth (by 97%, to US$12 trillion and US$9 trillion, respectively).

Europe is also the family businesses’ top destination for expansion, with more than half (51%) of the participants to the study planning to grow their operations in the region over the next two years. North America comes second, with 48% of businesses looking to expand into this market, followed by Asia Pacific (40%).

Currently, family businesses total more than 18,000 entities and account for 22% of all business worldwide, up from around 16,200 in 2020. This number is expected to exceed 19,700 companies by 2030, reflecting a 22% increase between 2020 and 2030.

According to the study, Asia Pacific hosts the most family businesses in the world, respectively 7,595, followed by North America, with 5,152, Europe - 4,084, the Middle East - 528, Africa - 377 and South America - 352.

Regarding the future risks, family businesses identified economic uncertainty as their top concern, with 69% of participants rating it as a moderate or high risk, and 68% saying that it causes delays in investment plans. Economic uncertainty is amplified by geopolitical tensions, according to 73% of participants, while 70% estimate that the increased tariffs will impact their activity. Cyber threat is another important risk identified by the participants in the study (69%).

Technology and related transformation are emerging as enablers of future success, with 40% of survey participants investing in innovation and artificial intelligence to increase operational efficiency and manage risk.

"The essential component of the success of a family business that can stand the test of time is effective governance. By establishing clear roles and responsibilities, implementing robust oversight and communication mechanisms, effective governance enhances the family business’s resilience, strengthens its reputation, and increases its chances of long-term success. In terms of challenges, beyond those already mentioned - economic uncertainty, cyber threats, geopolitical risk and evolving regulatory environments -, internal concerns around succession and the professionalization of leadership must also be highlighted. In this context, family businesses will have to find a balance between preserving the core family values, while embracing the tools, structures, and partnerships that support sustainable growth," said Alexandra Smedoiu, Partner, Deloitte Romania, Leader of Deloitte Private in Romania.

According to the study, succession planning remains a critical priority for half of participants (49%). At the same time, the main governance challenges that family businesses currently face relate to uncertainty over who has decision-making authority (37%) and succession planning for leadership transition (36%).

On the other hand, more family businesses are welcoming changes in ownership structure – over a quarter (26%) are targeting outside investment or private equity, while 19% are looking to increase non-family management’s ownership, 12% are interested in public offerings, and 3% want to sell the business altogether.

The Deloitte study Defining the family business landscape 2025, now in its first edition, was conducted globally among senior executives from nearly 1,600 family businesses worldwide, owning a majority share (over 51%), and having annual revenue of more than US$100 million each.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

CMS has advised Buildcom EOOD on the acquisition of a controlling interest of shares (91.42%) in listed vegetable oil producer Argus S.A., and indirectly, of 95.36% shares Argus holds in Comcereal S.A. Tulcea, from Infinity Capital Investments. Argus S.A. is listed on the multilateral trading system AeRO managed by the Bucharest Stock Exchange.

Buildcom EOOD is one of the top Bulgarian companies trading internationally with agricultural commodities.

Argus S.A. is one of the oldest vegetable oil producers in Romania, founded in 1943 in Constanta. Today, its main activity is the production and trade of crude and refined oils and fats.

The CMS team provided comprehensive legal assistance to Buildcom EOOD from the beginning of the transaction. The team’s support covered all stages of the acquisition of the two companies (one of which is listed), including all capital markets aspects, legal and tax due diligence, transaction assistance, and regulatory filings.

Rodica Manea, CMS Corporate Partner, comments: “We are delighted to have also supported Buildcom EOOD on this important transaction. It was a pleasure working alongside them at every step of the way to deliver a high‑impact deal. Exceptional teamwork across CMS helped us meet demanding deadlines and manage the transaction’s complexity and risks, achieving a successful completion.”

Cristina Reichmann, Partner and Head of Capital Markets, FIS, and Structured Finance at CMS Romania, adds: “CMS combined practical advice with strategic perspective and deep capital markets expertise, which proved critical in bringing this complex transaction to fruition. We would like to thank the client for their dedication and responsiveness, and our team for their hard work.”

The CMS team was led by Rodica Manea (Corporate M&A), who coordinated the transaction and built on the already longstanding relationship with the client. Cristina Reichmann coordinated the capital markets legal aspects of the acquisition, with the support of Mircea Ciuta. The core transactional work was handled by Rares Crismaru (Corporate M&A), with Claudia Nagy and Vlad Dorneanu playing a key role on Competition and FDI Regulatory Filings, Andrei Tercu and Stefan Mitru on Tax matters, Aura Marina and Bianca Banateanu on Real Estate matters, and Elena Andrei on corporate matters. The team also included Cristina Popescu, Laura Capata, and Dragos Parvu (Competition); Andrei Cristescu, Tatiana Casapciuc, Simona Strava-Stoica, Oana Mina, and Octavian Teletin, as well as other members of the CMS Bucharest Commercial and Corporate M&A teams.

- End -

Notes to editors:

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 91 offices in over 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

At the Romanian Legal Awards Gala, the law firm STOICA & ASOCIAȚII won three awards in a year of special significance: the celebration of 30 years since the firm's founding.  STOICA & ASOCIAȚII was named "Law Firm of the Year," also winning trophies in the "Litigation" and "Intellectual Property" categories. This triple recognition honors the excellence and consistency of our team over the last three decades.

The grand trophy was accepted by Valeriu Stoica – Founding Partner –, the "Litigation" award by Andreea Stoica – Managing Partner –, and the "Intellectual Property" award by Dragoș Bogdan –  Managing Partner –, who emphasized the importance of teamwork, passion, and vocation in this profession. Alongside them, the gala organized by Legal Marketing was attended by: Cristiana I Stoica – Founding Partner –, Dan-Rareș Răducanu – Senior Partner –, Constantin Cosmin Pintilie, Mihai Stănescu– Managing Associates – and Yolanda Beșleagă – Senior Associate.

"We thank the jury and the organizers of the Romanian Legal Awards for these distinctions, which honor the work, dedication, and professionalism of the lawyers at STOICA & ASOCIAȚII. In a year of special significance for us – the year in which we celebrate 30 years since our establishment – these awards confirm the continuity of the values that have guided us from the beginning: Fidelitas, Integritas, Fortitudo," said  Valeriu Stoica – Founding Partner.

The Romanian Legal Awards is an annual event that celebrates excellence in Romanian law, the performance, involvement, and dedication of legal professionals in advising their clients.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business world through its legal assistance and representation of a vast portfolio of clients. Since its inception, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, founded on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Die Digitalisierung der arbeitsrechtlichen Angelegenheiten durch den Umstieg von der ReviSal-Anwendung auf die REGES-ONLINE-Plattform ist ein wichtiger Schritt zur Erneuerung und vollumfänglichen zentralen Erfassung von Einzelarbeitsverträgen auf landesweiter Ebene. Allerdings stellen der Zugriffsvorgang, die Implementierung und die anschließende Nutzung der neuen Plattform erhebliche Herausforderungen für Arbeitgeber dar. Sie sehen sich mit komplexen Authentifizierungs- und Autorisierungsverfahren, noch unvollständigen Funktionen und unzureichender technischer und rechtlicher Unterstützung konfrontiert, was zu einem erhöhten sowie belastenden Verwaltungsaufwand führt – so die Expertinnen und Experten von TPA Romania – ein auf Steuer- und Rechtsberatung sowie Buchhaltung und Wirtschaftsprüfung spezialisiertes führendes Fachunternehmen in Mittel- und Osteuropa.

Die neue, durch den Regierungsbeschluss Nr. 295/2025 geregelte Online-Plattform REGES-ONLINE soll sämtliche Daten bezüglich des Abschlusses, der Änderung, der Aussetzung oder der Beendigung von Einzelarbeitsverträgen erfassen. Ziel der Plattform ist es, die vereinheitlichte Erfassung von Arbeitskräften in einem einzigen elektronischen Zentralregister zu organisieren, in dem sowohl Behörden als auch Arbeitgeber und Arbeitnehmer Einsicht nehmen können. Die Anmeldepflicht (Verpflichtung zur Registrierung) im REGES-ONLINE obliegt sämtlichen privaten Rechtssubjekten, unabhängig von ihrer Rechtsform (Handelsgesellschaften, NGOs, Selbstständige usw.), öffentlichen Einrichtungen, diplomatischen Vertretungen oder sonstigen internationalen Organisationen, die lokales Personal beschäftigen.

Weitere Informationen: https://www.tpa-group.ro/de/news/reges-online-von-nuetzlichem-instrument-zu-administrativer-belastung-fuer-arbeitgeber/

Romania’s strategic importance within NATO and the European Union has elevated its role in European security, making strict regulatory compliance an absolute prerequisite for operating within its defence sector. The industry is governed by a detailed legal framework, requiring specific permits to ensure adherence to both national legislation and international obligations.

This presentation serves as a practical, consolidated guide designed for companies currently active in the defence sector, as well as those seeking to enter this market.

Its primary objective is to provide the foundational knowledge required to confidently navigate the complex legal landscape of defence-related authorisations in Romania. The core of the presentation is a structured, easy-to-reference overview of key permits, detailing aspects such as type of permit required for certain activities, main requirements for its issuance, as well as issuing authorities and processing time.

By presenting this information in a clear, tabular format, businesses can quickly identify the relevant authorisations and approach the permitting process with clarity, minimizing compliance risk and facilitating operational entry or continued engagement in this strategically important sector.

Read the full report here.

Companies leased 197,200 square meters of office space in Bucharest in the first nine months of the year, with more than 50% representing new demand. The total transacted volume during the period analyzed is 25% lower compared to the corresponding period last year. However, in the context of a year without any new office deliveries, the vacancy rate dropped to 12.8%, the lowest level since Q4 2020, according to the Bucharest Office Marketbeat Q3 2025 report released by the Cushman & Wakefield Echinox real estate consultancy company.

The total office stock in Bucharest stands at 3.429 million square meters, accounting for 15% of the total stock in Central and Eastern Europe. The market is dominated by Warsaw, with 28% of the regional modern office stock, followed by Budapest with 20% and Prague with 18%. Sofia’s office buildings represent 11% of the region’s stock, while Bratislava accounts for 8%.

The regional vacancy rate is at 11.06%, with the highest level recorded in Bratislava – 14.47%, Budapest – 13.45%, and Sofia – 12.86%. In Prague and Warsaw, vacancy rates are below 10%.

Office spaces cumulating 75,800 sq.m were transacted in Q3 in Bucharest (the highest quarterly volume in 2025), thus bringing the YTD gross take -up to 197,200 sq.m, reflecting a 25 % y -o-y decrease.

Most of the office demand during the first nine months was concentrated in the Center-West area of Bucharest (Politehnica, Grozavesti) – 23% of total take-up, Floreasca Barbu-Vacarescu – 18%, Dimitrie Pompeiu and CBD – each with 16% of the transacted volume in Bucharest.

Moreover, 2 new buildings started construction in Q3 and the overall pipeline in Bucharest increased to 169,500 sq. m GLA, all of which being scheduled for completion by the end of 2027.

Madalina Cojocaru, Partner, Office Agency Cushman & Wakefield Echinox: “AFI Europe, Forte Partners, Vastint, PPF Real Estate, and NEPI Rockcastle are among the most active office developers, with projects of €200–250 million being under construction in Bucharest. We are seeing a recovery of interest in both office development activity and in the acquisition of such properties, coming from Romanian and foreign capital. Nevertheless, development activity remains, for the time being, at a low level. In a competitive regional context, Bucharest needs large-scale projects to attract new companies and talent. At the same time, more companies are asking employees to return to the office, which will drive demand for office space. This trend will contribute to the strengthening of the office market, especially in areas with easy access and well-developed infrastructure, such as Centre, Centre-West, or Floreasca-Barbu Văcărescu, which already concentrate most of the demand.”

These developments will add new office supply to Bucharest’s most dynamic areas: Center, where Vastint is developing a new phase of the Timpuri Noi Square project (55,000 sq. m); Center - West, where the Czech group PPF Real Estate is building the ARC Project (30,000 sq. m), while NEPI Rockcastle and One United Properties are developing Promenada Offices (23,400 sq. m) and One Technology District (20,600 sq. m) in the Floreasca - Barbu Vacarescu and Dimitrie Pompeiu submarkets.

Additionally, AFI Europe has started construction on AFI Central Tower, a redevelopment project of the former Bancorex building, with a GLA of 28,000 sqm, while Forte Partners is developing U-Center III, totaling 12,500 sqm.

The Bucharest office market was characterized by rental stability in Q3, with minor online movements in the top - performing submarkets. Office buildings in the CBD area generally have asking benchmarks in the € 20 .00 – 21.00 / sq . m/ month range (with even higher values in some high - profile projects), while other areas vary between € 15.00 – 18.50 / sq. m/ month and € 9.00 – 13.50 / sq. m/ month in central/ semi – central and peripheral locations.

Moreover, there is only a limited rental growth forecasted in the coming 12 – 18 months, mostly in dominant submarkets such as CBD, Center, Floreasca - Barbu Vacarescu or Center - West, areas which either boast low vacancy rates or a robust pipeline.

Cushman & Wakefield Echinox is a leading real estate consulting company in the local market and the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. The team of over 60 professionals and collaborators offers a full range of services to investors, developers, owners, and tenants. For more information, visit the company's website http://www.cwechinox.com

Cushman & Wakefield (NYSE: CWK) is one of the global leaders in commercial real estate services, with 52,000 employees in 400 offices in 60 countries. With revenues of $9.4 billion, the company's main services are asset and investment management consulting, capital markets, leasing, property management, tenant representation, project and valuation services. For more information, visit the company's website http://www.cushmanwakefield.com

Wolf Theiss has advised Rheinmetall, a leading international systems supplier in the defence industry, on a joint venture for a state-of-the-art ammunition powder plant in Brașov County.

The joint venture was formalised on 3 November 2025 during an official signing event, which was attended by senior representatives of Rheinmetall alongside the Prime Minister and other Romanian government officials.

The EUR 500 million project will significantly expand European powder manufacturing capacity, strengthen NATO’s eastern flank, and create over 700 high-skilled jobs in Romania’s defence industrial base. Construction is scheduled to begin in 2026, with production expected to commence within two years.

Rheinmetall is a leading international systems supplier for defence and security technology, providing innovative solutions to armed forces worldwide. The company focuses on delivering advanced, reliable capabilities across munitions, weapons systems and military technology.

Pirochim Victoria, established in 1936 by the Romanian state with German expertise for the production of smokeless powder, brings longstanding industrial capabilities and infrastructure to the joint venture. The new plant will modernise and expand Romania’s legacy production, reduce dependence on external sources of critical inputs, and accelerate Europe’s rearmament efforts through targeted, EU-supported investment.

Rheinmetall was advised by Wolf Theiss Partner Bryan Jardine and Counsel Cornelia Postelnicu on corporate and regulatory matters. Partner Anca Jurcovan advised on FDI and merger clearance matters.

 About Wolf Theiss

Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on unrivalled local knowledge which is supported by strong international capabilities. With 400+ lawyers in 13 countries and a central European hub in Brussels, over 80% of the firm's work involves cross-border representation of international clients.

Austria, Albania, Bosnia and Herzegovina, Brussels, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

Contact:
Adina Deaconu

Wolf Theiss 
Attorneys-at-Law
4 Vasile Alecsandri Street
The Landmark, Building A, District 1, 010639, Bucharest, Romania

T     +40 21 308 81 00
E     adina.deaconu@wolftheiss.com
W    wolftheiss.com

Celebrate St. Andrew’s Day with a relaxed weekend Brunch at Crowne Plaza Bucharest—seasonal reinterpretations with an international touch, perfect for a slow afternoon with friends and family.

Join us at Pine Restaurant & Terrace on 30 November, 12:30–16:30.

What’s included:

• International buffet (hot & cold selections, live stations)
• Open bar – red/white/rosé wine + a selection of cocktails
• Live music / DJ
• 1+1 Voucher for Ana Spa
  Find more details regarding the offer and the menu here

Find us on Bd. Poligrafiei 1, near Piața Presei Libere. On-site parking (subject to availability).

Reservations & details: +40 727 221 224 · brunch@crowneplaza.ro

Join AHK member mindit.io and Microsoft for a live webinar, “Accelerating AI Adoption with Microsoft’s Data Assessment Frameworks,” on November 19 at 2 PM CET, and learn how to turn your data foundation into a true enabler of AI success.

In 1 hour, you’ll gain clarity on:

• How Microsoft’s Data Assessment Frameworks help you evaluate your current data ecosystem

• Target architectures that support scalable, efficient AI adoption

• Real examples of how Microsoft technologies bring these architectures to life

• Practical next steps to align your data strategy with measurable business impact

If you are a business leader, data strategist, or technology decision-maker, this session will help you accelerate AI adoption with confidence and tangible results.

👉 Register today and start building your roadmap for AI-driven growth.

Can’t make it live? No problem. Register anyway, and you’ll receive the full recording in your inbox after the session.

Bucharest, November 2025: The demand for logistics and industrial spaces reached 750,000 sq. m during the first 9 months of this year, an increase of 30% compared with the same period of 2024, according to the Romania Industrial Marketbeat Q3 2025 report released by the Cushman & Wakefield Echinox real estate consultancy company. If the current pace continues, the total volume for the entire year could once again reach the 1 million square meters threshold, the average of the past five years.

The figures for Q3 2025 reveal that 235,000 square meters were contracted, a level higher than the volume recorded in the same period last year. However, the transactional volume is on a slightly decreasing trend, compared with the second quarter, but also with the first three months of the year when the total volume reached 260,000 square meters/quarter.

Ștefan Surcel, Head of Industrial Agency Cushman & Wakefield Echinox: “Romanian logistics market continues its positive trajectory of the past five years in terms of demand, with an annual transactional volume of around one million square meters. We see a balance between new leases and renewals of the existing contracts, showing that companies are seeking both stability and development opportunities, while paying close attention to cost and logistics efficiency. The Bucharest-Ilfov area still attracts the largest share of demand, but regional cities are becoming increasingly relevant and competitive, which contributes to a growing appetite among developers for these emerging markets.”

The net take-up had a share of 60% in the overall leasing volume in the first 9 months, while in Q3 renewals accounted for 52% of the volume transacted, highlighting the tendency of tenants to carefully evaluate existing options and maximize cost efficiency of a possible relocation.

Bucharest remains the preferred destination for companies in search of industrial and logistics spaces, having a share of almost 75% of the Q1-Q3 transacted volume (560.000 sq. m), while Timisoara (75,100 sq. m), Craiova (16,000 sq. m) and Cluj (15,000 sq. m) have been the most active regional markets.

The two largest transactions concluded in Q3 were both renewals (76,000 sq. m and 27,000 sq. m, respectively) and involving spaces in CTPark Bucharest West near the A1 motorway, the major industrial hub in Romania. These two transactions were brokered by the Cushman & Wakefield Echinox industrial team. The ranking of the largest spaces transacted in Q3 2025 also includes an expansion contract of15,000 sq. m in WDP Park Stefanești and a pre-lease transaction of 14,500 sq. m in Craiova Business Park.

The total modern stock of industrial & logistics spaces in Romania was of almost 7.78 million sq. m at the end of Q3, as developers completed new projects with a leasable area of 209,300 sq. m across the country in the first 9 months of the year, a level 24 % lower when compared with the same period in 2024, while the current under construction pipeline is of around 412,000 sq . m. Moreover, the nationwide vacancy rate slightly decreased to 5.7% (5.4% in Bucharest).

The prime headline rents in Bucharest and in the main industrial & logistics hubs across the country remained flat, generally ranging between €4.30 - 4.70/sq. m/month in Bucharest, Cluj-Napoca, Timisoara, Brasov, Ploiesti, Pitesti or Sibiu. These levels could see minor upward adjustments in the coming quarters, in a context where both construction costs and land acquisition prices are constantly increasing in all relevant locations in Romania.

Cushman & Wakefield Echinox is a leading real estate company on the local market and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently, with a team of over 80 professionals and collaborators offering a full range of services to investors, developers, owners and tenants.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. For additional information, visit www.cushmanwakefield.com.

The law firm STOICA & ASOCIAȚII celebrated 30 years of activity at an anniversary event held on November 4 in the "Le Diplomate" hall of the InterContinental Athénée Palace Bucharest Hotel. Over 300 guests—clients, partners, collaborators, and friends of the firm—joined the STOICA & ASOCIAȚII team to mark three decades of professionalism, integrity, and excellence in the practice of law.

Since 2007, on the occasion of its anniversaries, STOICA & ASOCIAȚII has awarded the Excellence award for the entire legal career, a distinction given to outstanding figures in Romanian law in recognition of their contribution to the development of legal culture and the consolidation of the values of the rule of law.

Over time, the award has been given to prestigious lawyers and professors: Prof. Dr. Şerban Beligrădeanu (2007), Prof. Dr. Vladimir Hanga (2008), Attorney Ion Băcanu (2009), Attorney Mihail I. Ghiga (2010), Prof. Dr. Emil Molcuţ (2011), Prof. Dr. Ion Turcu (2012), Prof. Dr. Viorel Mihai Ciobanu (2013), Prof. Dr. Stanciu Cărpenaru (2014), Prof. Dr. Liviu Pop (2015), Ana Alexandrina Savin, arbitrator (2016), Prof. H. C. Nicolae Volonciu, PhD (2017), Prof. Corneliu Bîrsan, PhD (2018), Prof. Raluca Miga Beșteliu, PhD (2019), Prof. Dan Chirică, PhD (2020), Prof. Valentin Constantin, PhD Emeritus (2021), Prof. Ioan Leș, PhD (2022), Prof. Camelia Toader, PhD (2023), and Prof. Flavius-Antoniu Baias, PhD (2024).

In recognition of exceptional legal work and unwavering integrity, on the occasion of its 30th anniversary, STOICA & ASOCIAŢII decided, by unanimous vote of its partners, to award the Anniversary Prize for Scientific Work to Professor Marian Nicolae, PhD, from the Faculty of Law of the University of Bucharest. "With modesty and perseverance, passion and rigor, encyclopedic knowledge and fidelity to the moral values that underpin the law, Marian Nicolae has developed, over a period of more than three decades, an impressive body of legal work, establishing himself as a true scholar of our time," argued the partners of STOICA & ASOCIAȚII in their letter of motivation for awarding the legal prize.

In its anniversary year, STOICA & ASOCIAȚII is marking three decades of activity with a special editorial project: the launch of the collective volume "Real Estate Development and Urban Planning. Legal Comments and Studies" coordinated by Andreea Stoica and Dragoș Bogdan (Managing Partners).

The work brings together the contributions of the firm's lawyers and offers a broad perspective on the field of real estate and urban planning in Romania – from the constitutional protection of property rights to the civil legal regime, aspects of financing and developing real estate projects, property valuation, and dispute resolution through judicial or arbitration means.

Previewed to guests at the anniversary event, the volume reflects STOICA & ASOCIAȚII's academic stature, its commitment to in-depth legal research, and its vocation to contribute to the evolution of law in Romania.

Established in 1995, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business world through its legal assistance and representation of a vast portfolio of clients. Since its inception, the lawyers at STOICA & ASOCIAȚII have proven themselves to be a strong team, founded on respect for its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognized in the most important legal guides: Chambers Europe, Legal 500, WTR 1000, IAM Patent 1000.

Fairness is no longer demonstrated only through values, but also through numbers. In a context where pay transparency is becoming a legal obligation and the EU directive is set to be implemented in Romania by June 2026 at the latest, companies need to prepare in advance.

A payroll audit thus becomes more than a technical check - it is an exercise in trust and internal alignment, helping organizations to:

• understand the real structure of salary costs.
• identify correct tax treatments and areas for optimisation.
• support transparent communication regarding employee compensation.

For details and registration click here.

Die Deutsch-Rumänischen Juristen-Vereinigung (DRJV) zusammen mit SYMBIOSE Berlin Menze & Menze, lädt in Berlin zur Veranstaltung „Cybersicherheit als unternehmerische Herausforderung – Schadensrisiken, Versicherbarkeit und Besonderheiten im deutsch-rumänischen Geschäftsverkehr“, am 4. Dezember 2025, 16:00 Uhr ein. 

Die Veranstaltung findet wie folgt statt: Ort: SYMBIOSE Berlin Menze & Menze Littenstr. 10 10179 Berlin 

Teilnahmemöglichkeit: 

Donnerstag, den 4. Dezember 2025 16:00 – 19:30 Uhr 

Präsenz- oder Online-Teilnahme möglich.

 Programm: 

16:00 Uhr Begrüßung der Teilnehmer durch den Vorstand der DRJV e.V. und die Agentur Menze & Menze 

16.15 Uhr Gefährdungslage und Komplexität der Reaktionsanforderungen für Unternehmer (Dr. Ute R. Gotha, ZinnBöcker Rechtsanwälte PartGmbB) Panel: Cybersicherheit in der Praxis: Perspektive des Unternehmers und des Versicherers – Fallbeispiele (Stefan Roman, Menze & Menze/HDI Versicherung AG, Alfred Simonis, Fachanwalt für Steuerrecht, Steuerberater) Spezifische Risiken, Versicherbarkeit und typische „Lücken“ (Stefan Roman, Menze & Menze/HDI Versicherung AG) Besonderheiten aus rumänischer Perspektive (n. N.) „was tun?“- Praxis-Tipps für Unternehmen aus haftungsrechtlicher und versicherungsrechtlicher Perspektive (Stefan Roman, Menze & Menze/HDI Versicherung AG, Alfred Simonis, Fachanwalt für Steuerrecht) Diskussion und Ausblick 

18:00 Uhr Networking und weiterer Austausch zu den Themen in geselligem Rahmen mit Flying Buffet, Wein und Bier 

19:30Uhr Ende der Veranstaltung 

Wir bitten Mitglieder und Interessierte, die an der Veranstaltung teilnehmen wollen, sich vorab per Mail zu unter gotha@zinnboecker.com anzumelden und „Präsenz“ oder „online“ auszuwählen.