DTZ last three months were 10% more efficient than same period in 2012
Real estate advisor, DTZ Echinox has intermediated in the last three months office rent transaction for approx. 10,000 sqm.
The transactions are 10% higher than the same interval of 2012. The beneficiaries were construction and IT companies, those choosing office buildings with good public transportation access or flexible transportation solutions offered by the landlord. The most representative transactions were the lease for 2,350 sqm of AFI Business Park to three IT top companies and representing the investor Immofinanz Group to the rent process with Societatea de Construcţii în Transporturi Bucureşti, a 1,500 sqm office, in North Center building. The other transactions of DTZ represent relocations or renewals. The average lease term in Bucharest for office spaces is 3-5 years. Depending on the area of the lease, and the stage of the construction works (for new projects, pre-leased), the bonuses offered by the landlords are contributing to the contractual rent level. Those bonuses represent free months or landlord’s works in the benefit of the tenant and are helping the tenants to take decisions. In 2012 the total net volume of office rents was 154,000 sqm, with a preponderance for the end of the year. For 2013 the estimations are to 170,000-180,000 sqm. (source: economica.net)