THE "INFRASTRUCTURE AND REAL ESTATE - KEY AREAS FOR ECONOMIC DEVELOPMENT" CONFERENCE / RENE ROHAN, GENESIS DEVELOPMENT: "Tenants set the trend on the office space market"

Genesis Development, owner of office parks Novo Park and West Gate, is currently focusing on improving the services and conditions provided to its tenants, the managing director of the company, Rene Rohan, said.

"On the office space market, tenants, especially multinational companies, set the trend. The secret to the fact that we did well during the crisis is the fact that we have met all of our tenants' requirements. Multinationals have a certain vision, they make requests and we fulfill them promptly".

The development strategy of Genesis Development goes back before 2008, and during the crisis, the company focused on keeping its tenants. Rene Rohan stressed: "We have focused on ensuring the best conditions for our tenants, and our low risk appetite strategy showed its results during the crisis. The current occupancy rate of the Novo Park office park is 99%, and that of West Gate - is 96%. We are now in the process of improving the offices that we own, by creating better leisure conditions for those that work in our parks".

Up until 2-3 years ago, a new office project was started by a developer if they had an advance occupancy rate of approximately 50%. Because of the economic crisis, Genesis Development has decided to raise that threshold to 80%. "The moment that requirement is met, we will be able to announce the new project", Mr. Rohan said.

The company prides itself on having the oldest tenant on the office market - HP - which is also the largest office space tenant - approximately 26,000 sqm.

West Gate and Novo Park have a total surface of approximately 150,000 square meters of Class A offices. Genesis Development has also developed the first private campus in Romania - West Gate Studios - which has 925 studios and apartments meant for lending. All of the apartments in the campus are currently rented. Rene Rohan said that the services of the campus, which has a library and a reading room, will continue to be improved through the set up of an Art Café, with a gaming room and leisure area, aside from a library and reading room.

Genesis Development, a company owned by businessman Liviu Tudor, has been active for about ten years on the office building market, and the investments conducted in Romania amount to approximately 300 million Euros. Last year, the company had a turnover of 33 million Euros originating from the exploitation of the projects in its portfolio, and it expects its revenues to increase this year.