“The rented area represents approx. 7% from the total existing office stock in the Capital. In 2013 the transaction activity registered a slight growth compared to 2012; we are currently assisting to both tenants relocations in better/newer buildings, of course with costs reductions compared to the ones before relocation and to lease extensions on current locations, by hard negotiations with current tenants”, Birsan says.
About relocations, Andrei Birsan says that an important number of contracts signed in 2008 reached their term; therefore a growth of relocations and renegotiations was registered. Approx. 40% of the rented area was represented by relocations, the companies preferring in a number of cases to move their quarters to better quality office buildings, currently available on the market at favorable rent costs.
The situation on the office market in 2013, comparing to 2012, according to Activ Property Services specialists:
New leases: 59% (H1 2013) compared to 34% (H1 2012);
Pre-rentals: 4% (H1 2013) compared to 39% (H1 2012);
Expansions: 6% (H1 2013) compared to 12% (H1 2012);
Renegotiations: 31% (H1 2013) compared to 15% (H1 2012)
Activ Property Services’ information shows that the most wanted types of areas in 2013 were less than 1,000 sq m, but approx. 7% from the total rented area was represented by big transactions, with areas between 1,000 sq m and 5,000 sq m.
Activ Property Services, alliance partner of Cushman & Wakefield, also released the information according to which the company assisted over 20 transactions, including new rentals, relocations or renegotiations in the first part of 2013, representing 7,000 sq m in Bucharest, Timisoara, Sibiu, Tulcea, but also in Bulgaria, through its associate country office. (source: dailybusiness.ro)