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14 I Companies & Markets bne July 2021
company JLL forecasts an increase in vacancy rates in the Bucharest office market as new properties come onto
the market, though the sustainability of the work from home drive, prompted by the pandemic, may be overrated which would see workers eventually returning to offices in larger numbers.
The latest market report from JLL shows that after 155,200 sqm of new offices were delivered in Bucharest in 2020, the pipeline for 2021, including properties already delivered
Citigroup winding up brokerage in Turkey
during Q1, totals almost 256,000 sqm. This is a year-on-year increase of 65%.
The vacancy rate continued to increase in Q1, from around 11.3% during the previous quarter, to 13.4%. Considering that the vaccination campaign against COVID-19 is likely
to take the whole year, the return of workers to offices is expected to be gradual. This, combined with significant new deliveries, will probably further increase the vacancy rate, JLL report concluded.
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Akin Nazli in Belgrade
Citigroup has decided to shut down its brokerage house in Turkey, namely Citi Menkul Degerler, BloombergHT reported on June 7.
The US-based financial services group has opted to instead serve the customers of Citi Menkul via its London unit. Its banking unit in Turkey, Citibank A.S., will, however, continue to operate.
Citibank Turkey launched in 1981. It is the 27th largest bank among the 48 lenders in Turkey, with total assets
of Turkish lira (TRY) 19bn ($2.21bn), amounting to 0.3% of the TRY6 trillion of banking assets in the country as
of at end-March.
In February last year, Reuters quoted an unnamed source as saying that Citigroup had transferred at least two foreign exchange and rates traders to London.
As of May 17, Citi Menkul was the fourth largest net seller on the Borsa Istanbul with TRY1.6bn in 2021 net sales.
In July 2020, Deutsche Bank’s local brokerage unit Deutsche Securities Menkul Degerler ceased operations in Turkey.
In August 2020, Bloomberg reported that Citigroup Inc and Fidelity International were considering Turkey separately from the rest of the EM asset class.
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Borsa Istanbul Transaction Volume
MSCI Turkey vs MSCI EM