Cushman & Wakefield Echinox closed 2023 with a revenue of EUR 12 million, marking a 15% increase compared with the previous year. This impressive growth propelled the company to the second place among real estate consultants in Romania, in a year marked by a stagnation of this particular business segment.

The company's growth drivers included both its brokerage service business lines – offices, retail, industrial and capital markets – and also its professional services – asset management, project & development, certifications, valuation and research.

Oana Iliescu, Managing Director of Cushman & Wakefield Echinox: “The outstanding evolution of our business is the result of the entire team's effort, which maximized the opportunities generated by the new trends while having a great capacity to anticipate market changes. Besides the 2023 results, I must highlight that between 2020 and 2023, one of the most challenging and uncertain periods for both tenants and landlords, Cushman & Wakefield Echinox managed to increase its turnover by more than 150%.”

The office department was the company's top performer in terms of revenue generation, with leasing transactions totaling 113,000 sq. m and a market share of more than 26%. This performance positioned Cushman & Wakefield Echinox as the leader of the Romanian office leasing market.

The Retail Agency brokered 26 leasing transactions last year totaling approximately 30,000 sq. m in Bucharest and in the major cities across the country, for clients such as Leroy Merlin, Peek & Cloppenburg, Somproduct, Mobexpert, Noriel, Jimmy Key and Wittchen.

Moreover, the company advised transactions totaling nearly 40,000 sq. m pertaining to industrial & logistics premises, while the sale of the K+K Hotel in Bucharest, the most significant deal in the hotel market in 2023, has also contributed towards the consistent growth enjoyed by Cushman & Wakefield Echinox.

The Asset Services department expanded its portfolio with new properties and tenants, reaching nearly 500,000 sq. m of assets under management, while the valuation team assessed more than 400 properties.

The project management department has also won an important number of new mandates and it extended its green certification services, with the most notable project being eMAG’s portfolio in Romania and Hungary.

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. 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 approximately 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 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.

*This is a press release.