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Pre-leasing office activity is likely to re-emerge at a dominant feature of the office leasing activity in the next couple of years.Further mild rental increases are forecasted for 2012 due to a shortage of prime supply both in the CBD and the established business hubs of the city.Numerous Romanian retailers are facing difficulties and are reducing their operations. Consequently, the retail market in the near term will become more and more dependant on international retailers with a direct presence. The industrial construction activity will remain mainly focused on built-to-suit projects, with increased interest for manufacturing and production facilities.Limited growth prospects for 2012, uncertainty related to the entire EU economy and restricted bank financing prevent us from predicting a visible improvement on the residential market.