Skip to main content Skip to footer

Almost 90% of tenants paid their obligations on time to the office buildings owners in the first half of the year, even though some spaces were not occupied during the state of emergency

Most tenants complied on time with their contractual obligations to owners of the office buildings managed by Colliers International in the first half of this year, even though in some cases the rented spaces remained unoccupied for some time, due to the state of emergency. Thus, the share of tenants who paid their debts on time remained constant, on average, compared to the same period from 2019, almost 90%, despite the effects of the pandemic on their activity, according to data from the property management division of Colliers International. 

Tenants of class A office buildings thus confirm the good intentions and practices in relation to the obligations they have assumed. Compliance with these obligations also comes as an effect of globalization, with companies belonging to international groups being able to continue local operations without problems as long as the parent companies have more easily withstood the effects of the pandemic. As part of their continuity plans, many companies have provisioned budgets to cover certain operational risks, so most have been able to operate with minimal impact on already contracted expenses, such as rents”, explains Alexandru Atanasiu, Associate Director Real Estate Management Services at Colliers International. 

There are signals in the office market that contractual obligations, which include rent, utilities and service charge, will continue to be met and paid on time by tenants in the future, even though there are uncertainties about this sector and expectations that it will undergo major changes in the coming years, at least from the perspective of the balance between office work and home work.

Tenants of retail spaces located on ground floors of class A office buildings were, explicably, the most affected in the last period. This has resulted in a decrease in the number of retailers that have been able to comply with their contractual obligations towards owners of office buildings managed by Colliers International.

In this case, we are talking especially about spaces that have been closed recently, which put pressure on tenants and reflected on the owners’ revenues from rents. As employees return to the office, differences in the number of retail tenants who manage to pay their obligations on time may also significantly attenuate”, says Alexandru Atanasiu.

Click here to read the full article.


Related Experts

Alexandru Atanasiu

Director | Property Management

Bucharest

  • "Colliers", Bucharest

Deputy Head  |  Construction Services

Sept 2021 – Present

Director |  Property Management 

Jul 2021 – Present

Associate Director | Operational & Technical Manager

Jan 2020 – Jul 2021

Operational & Technical Manager

May 2019 – Jan 2020

·    Providing day to day operational and technical advice to the Property Managers;

·    Managing major issues at the buildings and the establish the appropriate method to handle the problems;

·    Support for take over new projects: tenders, analysis and implementation of services in the buildings (Technical, Cleaning, Security, Firefighters etc.);

·    Maintaining administrative procedures relevant to buildings operations and preparing written reports as required by the operating procedures pertinent to management operations;

·    Monitoring contracts with vendors to ensure that all contractual obligations are being met (based on KPI’s) and that the work performed is of a quality equal to the building’s standards.

Senior Property Manager

 Feb 2016- May 2019

Assist in all aspects of the administrative, financial and operations of the assigned portfolio  consisting of +50,000 sq m of GLA class A office projects and +30,000 sq m of GLA class B-C office projects:

- Propose and manage the annual properties budgets - more than 3,6 mil. euro annually;
- Monthly and annual reporting of the portfolio;
- Monthly review of operating budgets;
- Oversee and coordinate all operating teams and activities related to: technical, cleaning, security, firefighters, consultants; 
- Organizing regular tenders including preparation of tender books, data analysis and submitting recommendations/taking implementation decisions;
- Recruitment activities;
- Creating, implementing and tracking improvement training's, processes and procedures at department level;

 

  • “MT&T Property Management”, Bucharest

Property and Project Manager

May 2013 – Jan 2016

Assist in all aspects of the administrative, financial and operations of the assigned portfolio 
consisting of +20,000 sq m of GLA class B office projects: 

- Propose and manage the annual operational budgets - more than 1 mil. euro annually;
- Monthly and annual reporting of the portfolio;
- Monthly review of operating budgets;
- Responsible for the relation with state authorities;
- Negotiate on behalf of the Landlord with real estate agencies and office clients. Letting 6000 sq m office space and conduct Project management activities fit-out projects and major repair works of more than 1.2 mil euro net value; 
- Manage tenant commercial requirements; 
- Assist in the due diligence of potential acquisitions;
- Recruitment activities;

Technical Engineer and Project Manager

Apr 2012 – May 2013

- Implementation of standards and work procedures for technical activities (preventive and reactivate maintenance);
- Coordinate technical teams from 2 locations - retail and office assets; 
- Project manager with technical and commercial responsibilities for a complex project of 0.6 mil. euro; 

 

  • Construction Company, Bucharest

Civil Engineer

Oct 2009 – Mar 2012

-Preparing Execution-charts;
-Claims management;
-Coordinating Tenders;
-Tracking the supply of materials ordered to make timely and with quality documents;
-Management of construction site expenses and report weekly;
-Leading role in construction process and coordination meetings;

 

  • Real Estate Company , Constanta

Real Estate Consultant

Sep 2006 – Jul 2009

-Viewing, documenting, negotiating and selling properties (land plots, houses, flats, industrial properties);
-Establishing good contacts and efficient work with institutions involved in the act of sale: Assessor's office, Land Registration, Notary Offices, Public Finance Administration;

 

View expert

Stefania Baldovinescu

Senior Partner | Romania

Bucharest

Ştefania joined Colliers International in 2005, undertaking advisory work and developing the consulting business (feasibility and market studies, financial reports and risk analysis). In this role, Ştefania coordinated important analysis for mixed-use projects and later on she managed the consulting team.

In January 2011 Ştefania launched the Real Estate Management Services (Property Management and Green Certifications) in the role of Department Director.  She is focused on creating value and implementing strategies for existing clients, winning new clients, looking for new business opportunities, as well as developing and retaining talented people in the team. She monitors all contracts to ensure that contractual obligations are being met and that the services provided are of high quality standards.

Since 2013, Ştefania is a Board Member of Colliers International Romania and under this role she is actively participating in the overall business strategy of the company and key projects developed across the firm. 

Prior to joining Colliers International, she worked for Morgan Stanley in Ohio, USA and for British American Business in London, UK.

View expert