BUSINESS

New office space delivered in 2016 in Bucharest to reach 408,000 sqm

The surface area of new office space delivered in Bucharest in 2016 will reach 408,000 square metres, over 5 times higher than the 72,500 square metres delivered in 2015 and 10 per cent higher than the surface area delivered in 2009, the latter representing the historic high on the local real-estate market, a report remitted to Agerpres on Thursday shows.

The total surface area of office space rented last year stood at 240,000 square metres, down by 20 per cent year-on-year. These 2015 figures are “the result of the market context in the 2009-2010 crisis years when fewer transactions were made, most of them over a period of five years,” the CBRE Romania report shows. Thus, few contracts expired last year, thus fewer tenants had to look for new locations and rentals are expected to resume growth in 2016.

Another 315,000 square metres will be delivered next year, so that at the end of 2017 the surface area delivered in 2016-2017 will represent a third of the total surface area of office space in Bucharest.

In 2017, over half of the total surface area of office space, namely 53 per cent of the total volume already announced, will be delivered in Western Bucharest.
IT&C continues to be the most active industry on the real-estate market. IT&C companies rented 330,000 square metres of office space in the last three years, their demand representing 51 per cent of total demand in 2015.

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