The Bucharest office building market is constantly strengthening and expanding, at a pace that reflects the performances of the Romanian top industries.
There was a high appetite from investors in 2018ș they started to prospect more actively the leased building market, with a mix of tenants and well positioned, with access to the public transport.
Last year, the total amount of the real estate transaction performed in Bucharest in the office building sector was around EUR 610 million; the PeliFilip team assisted its clients in transactions amounting EUR 483 million (approximately 80%).
In the same year, on the same segment, lease agreements have been concluded in Bucharest for 240,000 sqm of modern premises; PeliFilip assisted its clients in renting 110,000 sqm (approximately 46%).
“The office building segment continued its growth, being the star of the Romanian real estate market in 2018. It was a good year also for our team, PeliFilip assisted its clients in the first four transactions concluded in the office building segment (according to the value criterion). We anticipate a moderate but steady growth of the market in the coming period. The volume of the transactional market will exceed the level of the year 2018, since there are already several sales projects, for which a large number of investors have shown interest.
In 2019, we will witness an agglomeration of delivered projects on the leased office segment. Also, last year’s activity shows that the office building market in the main regional cities (Cluj-Napoca, Iasi, Timisoara, Brasov) becomes more and more attractive for both the developers and the occupants of the office premises. Large areas will continue to be leased 1 or 2 years before delivery, so that the final product will be built according to the tenant’s requirements and the costs will be optimized”, says Oana Badarau, PeliFilip Head of Real Estate.
The PeliFilip Real Estate Department coordinated by Oana Badarau gathers one of the largest teams in the Romanian real estate field: 14 lawyers, of which 3 partners and 5 senior lawyers. The team has gained its reputation by participating in the most important transactions on the local market in the recent years.