The central-western area of Bucharest is a business pole which will grow quickly in the period 2016-2018, with the area Grozăvești – Orhideea as spearhead.
”The development of the area centre-west – initially started in 2016 and postponed due to crises – is a normal one, considering it is located in the close vicinity of Politehnica, a very important university environment for most of the IT & C companies (companies involved in 47 pct. of the office transactions in 2015), as well as in the proximity of the country’s largest student campus, Regie. It is also a beneficial development, which will contribute to the re-balancing of Bucharest, strongly developed during the last five years exclusively in the north area and in a quite narrow perimeter, Barbu Văcărescu, with increasing difficulties regarding its accessibility”, said Mirela Raicu, Corporate Office Division Manager within ESOP Consulting l CORFAC International.
Together with a strategic position within the city, relatively close to all three large landmarks in Bucharest – Victoriei, Universitate and Unirii – the central-western area also has a good airport connection, through the two important routes – Basarab Bridge and Grant Bridge – and generally speaking, all premises to attract a large number of companies, mainly in IT field but not exclusively.
The first large tenant choosing this new office pole in Orhideea - Semănătoarea area is the IT&C operator Misys, which has pre-rented an office space on 8,000 sq. m in the office building Orhideea Towers, the transaction being signed in the beginning of this year.
The second largest tenant announced for this area is BCR, which pre-rented almost 20,000 sq. m in The Bridge project.
The office rents in the area Orhideea-Grozăveşti vary between EUR 14 and EUR 16/sq. m for A class spaces and EUR 12-13 per sq. m for A-/B+.
The most important advantages of the area is the proximity to the student campus and to Politehnica University, where the IT&C companies recruit their employees, as well as the easy access to all transportation means, with three metro stations in the area - Grozăveşti, Petrache Peonaru (former Semănătoarea) and Politehnică. Another strong point of the future office building is that they belong to international developers, whose reputation guarantees the quality and the state-of-art facilities of the future A class office spaces.
In the following two years, the residential units stock will exceed 2,500 in the area
The employees of the companies choosing to relocate in these offices spaces will have options for flats near their office, from a total of 1,600 units already in different development phases in the area Orhideea –Grozăveşti-Vasile Milea, in seven large residential compounds – 20th Residence, Onix Residence, Exigent One, Cotroceni Residence, Politehnică Park, Grozăveşti Splai Residence and Novum Invest Residence. To these add more than 200 apartments for sale in smaller projects on small streets near Splaiului Independenţei.
The offer for rent also includes a stock of 500-600 new dwellings bought by investors in the latest years (from the stock of more than 1,000 units delivered in other few projects including Orhideea Gardens, 19th Residence etc.) (source: ESOP)