Total office transaction activity registered in Bucharest in the second quarter of 2013 was 68,800 sqm, with 13% growth compared to the precious quarter.

The modern office stock reached 2.23 million sqm, after the delivery of two office buildings in the period April-June: CSDA Siriului, with 3,600 sqm and 100% occupancy rate and Armand Calinescu Office Building, with 3,500 sqm and 70% occupancy rate.

By the end of the year, another 55,800 sqm will be delivered, consisting in three new office buildings and another 30,500 sqm, following two reconversions. The most important projects to be completed in the next period Floreasca Park, developed by Portland Trust and City Offices, the reconversion project of City Mall.

„For 2014, only 48,700 sqm are in construction, which could represent the lowest deliveries level since 2000 to present. Furthermore, another 25,100 sqm in construction are scheduled for delivery in the first quarter of 2015, the most important completion being the first phase of the building Green Court Bucharest, developed by Skanska.  From the total office building area in construction, 30% is in the Western Bucharest”, has declared Razvan Iorgu, general manager of CBRE Romania.

The rents in 2Q 2013 totalized 43,000 sqm and included relocations (67%), extensions (19%) and new leases (14%), no pre-lease transaction being recorded. Another 22,700 sqm were represented by renegotiations and lease renewals.

Pipera attracted 35% of the rent activity in the second quarter, while the North attracted 29%, these two areas hosting more than 54% of the modern office stock of Bucharest. At the same time, 50% of the total area represented by renegotiations and renewals (13,000 sqm) was registered in the Northern area.

„The renewal activity will significantly grow as most of the contracts signed in 2009, when an annually record of 400,000 sqm office area was delivered, will expire in the next 12 months. As 48% of the above mentioned stock is situated in Pipera we estimate the intensification of the lease activity in this zone.”, has added Razvan Iorgu.

In Bucharest there are over 337,000 sqm un-occupied modern office spaces, representing 15.1% of the modern stock. The un-occupancy rate for A class office buildings is 12%, while for B Class buildings the un-occupancy rate is 17.3%. The lowest un-occupancy is in the West, below 5%. The un-occupancy rates in CBD area and the centre, reaching 8% and 11.8% respectively.

The asked rent is estimated to EUR 18/sqm/month, while the net rent, including all types of incentives offered by the landlords to the tenants, can reach 92%-94% of the asked rent. In case of the assets with a high un-occupancy rate, the difference between the asked rent and the net rent can reach even 15%.


„The period 2009-2012 represented 180 degrees change, from a landlord market to a tenant market. Considering the gradual decrease of un-occupancy rate, together with a stable level of transactions, we estimate that the period 2013-2015 will bring a balanced position between landlords and tenants, although slightly favouring the tenants”, Razvan Iorgu also said. (source: