On the office space market, companies leased over 84,000 sqm, in the third quarter, of which 80% represented the net take-up, thus excluding transactions such as renegotiations and renewals of contracts. The demand in Q3 has raised by 15% compared to the same period last year, according to CBRE Research data. Overall, in the first three quarters of 2019, an area of about 288,000 square meters was traded in the Capital, 17% more than the value recorded in the first three quarters of the previous year.
"We study thoroughly the demand from the office market, going further than the traditional measurement of the offer and we are extremely conscious of the company profile and of the employees’ needs as occupants of spaces and members of the communities in the office buildings. In the first nine months of 2019, the highest demand for office space rentals came from companies in the Computers & Hi-Tech (47% of the demand) and financial (16%) sectors, which leased spaces for a total of 13,500, respectively 4,700 employees. As for the most dynamic areas, they were the western part of Bucharest (with 31% of the traded volume) followed by the central area (with 21%) and by the northern part and Pipera (with 19%)”, explains Tudor Ionescu, Head of Advisory & Transaction Services, Office, CBRE Romania.
The total stock of modern office space in Bucharest reached about 3.16 million sqm, at the end of the first three quarters of 2019, more than half of it being class A office buildings, with an overall vacancy rate of 9.3%, slightly increasing, compared to the same period last year.
About 60,000 sq m offices of this area were delivered in the third quarter, through two Expo Business Park projects, developed by the Portland Trust in the Northern Capital Exhibition area and The Light, developed by River Development in the Politehnica subway station area, in the western part of Bucharest. Currently, western and northern Bucharest are home to 50% of the total stock of Class A premises, according to CBRE Research data.
81,600 sq m of offices are estimated to be completed by the end of the year in Bucharest, composing of six projects, about 40% of this area being already pre-rented. 622.000 sqm are expected to be completed in 26 office projects, between 2020 and 2021, 17% of the area being pre-leased. (source: CBRE)