Romania Insider
Bucharest office market up 7% yoy in 2019 driven by new deals

The volume of office rental transactions (new deals and renewals) in Bucharest reached 385,800 sqm in 2019, up 7% compared to the previous year, Profit.ro reported.

The market will keep growing, with the customers particularly interested in the quality of the spaces, proximity to the subway, facilities and services offered by the new projects.

New leases drove up the market last year, reaching 308,000 sqm, up from 277,600 sqm in 2018. Renewals decreased slightly, to 77,800 sqm.

“2019 was a better year than the previous one, mainly due to the demand for offices that captured the opportunities offered by the market and kept up with the record deliveries of new buildings. New leases - rent, pre-lease or extensions - have crossed the threshold of 300,000 sqm, which is about 11% more than in 2018, above the general market pace. Pre-leases of large areas, of over 10,000 sqm, exceeded 80,000 sqm and 25% of the total transactions with new spaces," said Alexandru Petrescu, Managing Partner at ESOP Consulting l CORFAC International.

(Photo: Pexels.com)

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Romania Insider
Bucharest office market up 7% yoy in 2019 driven by new deals

The volume of office rental transactions (new deals and renewals) in Bucharest reached 385,800 sqm in 2019, up 7% compared to the previous year, Profit.ro reported.

The market will keep growing, with the customers particularly interested in the quality of the spaces, proximity to the subway, facilities and services offered by the new projects.

New leases drove up the market last year, reaching 308,000 sqm, up from 277,600 sqm in 2018. Renewals decreased slightly, to 77,800 sqm.

“2019 was a better year than the previous one, mainly due to the demand for offices that captured the opportunities offered by the market and kept up with the record deliveries of new buildings. New leases - rent, pre-lease or extensions - have crossed the threshold of 300,000 sqm, which is about 11% more than in 2018, above the general market pace. Pre-leases of large areas, of over 10,000 sqm, exceeded 80,000 sqm and 25% of the total transactions with new spaces," said Alexandru Petrescu, Managing Partner at ESOP Consulting l CORFAC International.

(Photo: Pexels.com)

[email protected]

Normal

For a decade, Romania Insider has been your platform of choice for reliable information on all things Romania. We have always been proud of our ability to bring you bias-free reporting but this hasn't always been easy. We have been thinking about making some changes and can't imagine doing this without your feedback.
For this, we would appreciate it very much if we could borrow 2 minutes of your day to fill out this survey. 
Thank you for reading Romania Insider!  

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