The office area subject to transactions in the first nine months of this year in Bucharest has increased with approx. 25%, up to almost 210,000 sq. m, but really important for the companies’ intention to develop in Bucharest were the contracts signed by new players on the market or by companies renting additional space in order to expand.

Therefore, the real estate consultants’ data shows that in the first nine months of this year the expansions and new leases totalized almost 34,000 sq. m, an area smaller than the total area of the new deliveries and activities shrinkages registered by a series of companies, so the office vacancy rate in Bucharest reached nearly 20%.

The third quarter brought though some optimistic feelings, as in this period a series of leases were signed for larger premises.

Honeywell expanded its area within BOC office building in Pipera from 5,000 to 11,000 sq. m, and Deutsche Bank rented 6,000 sq. m in the same building, both groups having the intention to develop locally tech support centres or service centres. Other important rentals were Ernst&Young (4,500 sq. m in TCI), Generali (4,000 sq. m in CDG Plaza) and Michelin (4,000 sq. m in Global City Business Park).

The real estate market data centralized by ZF shows that the biggest 20 leases signed this year in Bucharest totalized 63,000 sq. m office space, representing 3% of Bucharest’s office stock, and the rents starts from EUR7-EUR8/sq. m/month in Pipera-Tunari area and can reach EUR 17- EUR 18/sq. m /month in Aviatorilor or Piaţa Victoriei area. (source: zf.ro)