LL, the Real Estate consultancy agency, advised Visteon Corporation, the only Tier 1 automotive supplier focused exclusively on cockpit electronics, in the process of searching for a new office in Romania and negotiating the lease terms.
Visteon leased 5,000 sqm in ISHO Office building, part of the ISHO campus Timisoara.
"We are very happy for have been involved in this new challenging project that marks Visteon Corporation entrance in Romania. We are concentrateing all our efforts to convince new players that Romania is a place to be and for this, we provide the best consultancy services in order to identify real estate solutions, suitable to their needs. This is a very important project for Romania, both from the perspective of increasing the number of new jobs, as well as for the complexity of the products that Visteon will deliver in Timisoara", comments Alesandra Bratan, JLL Office Department Consultant, which represented Visteon in the lease transaction.
Visteon is a global technology company that designs, engineers and manufactures innovative cockpit electronics products and connected car solutions for most of the world's major vehicle manufacturers.
The center in Timisoara will support Visteon's growth with customers such as VW,, Porsche, PSA and Jaguar Land Rover, among others.
Timisoara is one of the most dynamic office markets in Romania, with the most remarkable pipeline out of the 3 largest cities outside Bucharest. The proximity to Western Europe and for having a strong presence from multiple production companies in the region, has made the city into a perfect place to host a big suply of office spaces.
"The interest for multifunctional real estate projects in Romania and for developing the office market outside of Bucharest have become appealing for a constant growth. Tenants are eager to provide to their employees not only modern office spaces with good acessibility, but also a vast and complex proximity to services and amenities which made no different aprroach for Visteon. On the other hand, in the recent years, the office market outside Bucharest became a target not only for the companies who were having presence within the respective city, but also for new companies", explains Alesandra Bratan, JLL Office Department Consultant.
JLL was involved in the largest office space leased in 2018, being market leader at national level, with 23% of the total traded, as well as Bucharest, with almost 25%, among the most important transactions being Microsoft (24,200 square meters) or Thales (5,300 square meters).