Bucharest leads the office market in Central and Eastern Europe (CEE) capitals with estimated deliveries totaling 336,000 sqm this year.
This accounts for one third of the 995,000 sqm expansion in the stock of modern office spaces planned for 2019 in the main capitals (Bucharest, Budapest, Bratislava, Prague, Warsaw and Vienna), according to an analysis by real estate consultancy firm CBRE.
Warsaw is next with expected deliveries totaling 230,000 sqm this year. Compared to last year, the 2019 annual completion level has picked up remarkably in Bucharest (+130%) and Prague (+50%), remained flat in Bratislava and Warsaw, and declined considerably in Budapest (-50%) and Vienna (-80 %).
The absorption of office spaces in the region, which is also above the average of the last 5 years and which is reflected in a low vacancy rate, dynamizes the strong increase in modern office spaces stock.
In Bucharest, the vacancy rate is 8.8%, the highest level of the studied capitals, opposite to 4,5% in Prague, which is situated substantially below the average of 7.3% of the capital cities in the region.
Bucharest maintains its status of technological capital, next to Bratislava, being the capitals with the largest number of IT&C key-tenants in office buildings in the region.
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