The real estate developers completed in 2019 new industrial, retail and office space deliveries with a total cumulative area of more than 1 million square meters, with the office and industrial sectors being the most active ones, according to a study realized by Cushman & Wakefield Echinox real estate consulting company.
In the third quarter of 2019, 66,000 sqm of new modern office buildings came online in the Bucharest office market and there are big chances to break the 300,000 sqm threshold, according to real estate consultancy company Colliers International. The higher vacancy and infrastructure discrepancies will likely support a more thorough segmentation of the market, with the gap between well-located buildings and those at the opposite spectrum likely to increase over the medium term.
The office space segment was the star of first quarter of the year, with about 110,000 square meters traded, according to a recent analysis of the real estate market activity in the first quarter of the year, on the segments of office space, retail space and industrial and logistics space, conducted by CBRE.
Companies leased 105,000 sq m of office space in the first half of the year, and the big IT & C players scored the largest share of the demand, according to Colliers International Romania real estate consultancy.
By the end of 2018, eight boutique office buildings with premium locations and finishes will enter the office market in Bucharest, with a total area of 31,949 sqm, according to a study by ESOP Consulting.
Unirii View, the tallest modern office building in downtown Bucharest, has been completed, in record time, following an investment of approximately 33 million Euros. The first companies that took up office space in the project already started to relocate their headquarters, whilst most others will follow in the immediate period.