Timpuri Noi Square, Vastint Romania’s first project, reaches an occupancy rate of 90% within the 3 buildings situated in Bucharest, leasing more than 47.000 m², and welcomes since last year tenants like Bolt (formerly Taxify), Allergan, Exiger and Streamwide, developing a community of more than 3.000 employees.
No one disputes that in the world of real estate, the tenant is king. This means that landlords and agents must be tenants-centric in their focus to survive but what happen when the market is so strong that it becomes a landlords market?
AFI Tech Park, the new Business Campus developed by AFI Europe Romania in the center of Bucharest, announces new tenants of AFI Tech Park 1, the first building of the new office complex: New Work and Afcon Electra Romania. With these new transactions, AFI Tech Park 1 achieves an 80% occupancy.
The average office vacancy rate in Bucharest dropped to a historic low of about 6.6% last year, compared with 9.2% at the end of 2017. The decrease occurred on the background of a lower development activity compared to the market request, according to JLL Romania.
The vacancy rate on the office space segment in Bucharest in the first half of 2018 reached a historic minimum for the past 9 years, standing at 8%, and the modern office space stock in the capital reached 2.79 million square feet.
Connect 44, a telecommunication engineering company, and Best Chef, the catering service brand for the Bucharest office segment, leased a total area of approximately 2,300 sqm within the first AFI Tech Park office building in Bucharest, a new project by Israeli developer AFI Europe.