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October 22, 2020

Bucharest office space rent down 10-15 pc in H1

In the first half of 2009, the office space market continued its rent level descending trend which had begun in the latter half of 2008, in the context of a fast decrease of demand and of the increase of the number of available properties on the market. The growing sub-letting market has also made landlords start asking for lower rents in order to be able to compete with sub-letting offers which were smaller by 5 – 10 per cent. All such factors brought about a 10-15 per cent decrease of office space rents for all kinds of buildings in all parts of the city, more obvious on the outskirts, a BNP Paribas Real Estate press release informed yesterday. Extra benefits given by landlords became more frequent, contributing to a decrease of the basic rent by 10-15 per cent and of the net rent by 20-25 per cent.

The average asking rent for Class A office space in the city centre in the first six months of 2009 ranged from EUR 18 to EUR 20/sq m/month. The rent for Class B office space in good areas was around EUR 10-16/sq m/month and EUR 10-12.sq m/month in secondary areas of the city. Although peripheral areas with poor transport network coverage have high quality office space available, the rents there have been subject to the highest pressure. Asking rents in such remote areas are around EUR 9-11/sq m/month.

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