Local and international developers plan to deliver 305,000 square meters (sqm) of offices within 15 projects in Bucharest this year, twice as much as in 2018, but the demand still exceeds the supply, leading real estate consultancy firm CBRE announced.
Half of the offices scheduled for completion in 2019 already have tenants.
2018 was an excellent year, and 2019 will be even better for the office spaces market, according to CBRE. Last year, the demand for office space reached 325,000 sqm. Meanwhile, the stock of modern office space increased by 144,000 sqm, reaching 2.91 million sqm at the end of 2018.
The western part of the city is by far the most dynamic area, with 36% of the leasing deals concluded in 2018. The central and northern parts of the city follow with shares of 17% each. Pipera neighborhood with 14% of the total and the Central Business District (Victoriei square, Charles de Gaulle) with 13% also remain hot. Nonetheless, the western part of the city gains momentum with 48% of the projects planned for this year located here.
When it comes to the stock of office spaces, one third is now in the northern area, including Pipera.
(photo source: Pexels.com)