In the third quarter of 2018 there was an intense activity of 73,000 m2 traded, of which 70% are located in Class A buildings.
The modern office space stock in Bucharest was about 2.89 million square metres at the end of October 2018.
"The office space market has grown at a rapid pace in 2018, driven by both the growth in consumption that has prompted the expansion of many companies and the decrease in the available surfaces. The results of the first three quarters of the year, in terms of delivered surfaces, are increasing over the same period in 2017, but there is still room for market for new projects. In 2019, we estimate an increase in activity, with 15 projects announced for completion and about 341,000 m2 to be delivered, according to our estimates. Also, 40% of the total surface that will be ready in 2019 is already leased, which is still a proof of the companies' appetite for finding offices suitable for their needs, "said Mihai Păduroiu, Head of Advisory & Transaction Services Investor Leasing of CBRE Romania.
In the first nine months of 2018, newly built and delivered projects reached a surface area of
133,000 m2, up 18% over the same period in 2017 when they were completed 109,000 m2 of office space.
Of the 73,000 m2 traded in Q3 2018, 70% are in Class A office buildings. 55% of the transaction type consists of new rental and space expansions (15%), pre-closures (8%) and relocations (32%), and the remaining 45% are renegotiators. The most active areas in terms of rental activity were: the western area (23% of the total rents), Pipera (22%), CBD (Piata Victoriei area, Charles de Gaulle Square - 21% central (18%).
At the level of the first three quarters of 2018, of the total traded area, which reached
220,000 m2, 76% in Class A buildings. The most active areas, in terms of total demand, were: west of the capital (31%), central area (22%), northern area (16%) , Pipera (14%) and CBD (14%). Of the total rental requests, 72% were: new requests and expansions (20%), pre-rentals (27%) and relocations (25%). The renegotiations accounted for the remaining 28% of the total number of requests received.
Currently, Bucharest is divided into seven business areas, where all major office buildings are concentrated. Five of the seven areas each have a modern warehouse space of more than 400,000 m2. In the northern area there are 27% of the total office space in the capital, followed by Pipera by 24%, the central area by 16%, the CBD by 15% and the western area by 14%. The eastern and southern areas have a 4% share of the modern office space stock. In the first nine months of 2018, interest remained at elevated rates in the West, Center, and CBD. An important trend is also the creation of new office poles in areas such as Timpuri Noi or Piata Presei-Expozitiei Blvd. (source: CBRE)