Transaction also registered more than 20 pct increase in 2016, according to a study made by ESOP Consulting, being estimated leases agreements signed for 370,000 sqm in Romania (with more than 3000,000 sqm in Bucharest).

In the last quarter of 2016, the tenants involved in largest office transaction chose top office buildings such as Metroffice, Oregon Park, Palas Iași, Openville, Coresi Park, Iride Park, Afi Park 4&5.

„In the following two years the office market in Bucharest will have great dynamics if Romanian economy would continue its ascending trend. We will assist the fast development of the wester part of Bucharest, Politehnică – Grozăvești – Orhideelor, the second important pole in Bucharest, which will continue to attract both companies IT&C and other segments and the office market in the main university towns of Romania (Cluj, Iași, Timișoara, Brașov, Sibiu, Craiova, Constanța etc) will continue to offer as well quality offices in new buildings to expanding companies”, says  Mirela Raicu, Corporate Office Division Manager within ESOP Consulting l CORFAC International. 

2017 will be the year when competition of new buildings will be felt most on the market
A new year at least as good as 2016 is coming, both in terms transaction volume and new office buildings deliveries. The condition is to keep the stable economic environment, which should encourage companies to continue to invest in their Romanian business development and in their offices expansion.

„A period rich in new projects deliveries is coming, with a total annual area of more than 250,000 sqm in the following two years, only in Bucharest. In this context, we estimate the number of renegotiations will drop and the companies’ appetite for new buildings relocations will increase, especially considering that most of the projects delivered in 2016 and those currently in development are large quality projects including multiple phases and state-of-the-art amenities.
It will be important for the existing buildings’ owners to adapt to the market, being mainly flexible in terms of lease durations and, where necessary, to invest in refurbishing of certain areas (reception, common spaces etc)”, adds Mirela Raicu, Corporate Office Division Manager within ESOP Consulting l CORFAC International.  (source: ESOP Consulting l CORFAC International)