The office market in Bucharest could reach a new record this year in terms of deliveries, if all projects announced by developers are completed in due time, according to real estate consultancy firm Cushman & Wakefield Echinox.
New premises with an area of about 377,000 square meters (sqm) are scheduled for delivery by year end. This is the equivalent of more than 52 standard football fields.
In the first half of this year, office projects with an area of about 128,000 sqm were delivered. The deliveries included Renault Bucharest Connected, The Mark, Oregon Park C, The Bridge II, Office 1, and Mihai Eminescu Offices.
In the second half of the year, the volume delivered could double, with the most important projects in the pipeline being Business Garden (41,000 sqm), Ana Tower (41,000 sqm), Expo Business Park (38,000 sqm), Globalworth Campus III ( 35,000 sq m), The Light I (23,000 sq m), New Times Square 1b (20,000 sq m), and Equilibrium I (19,000 sq m).
Historically, the best year for the local office market in terms of deliveries was 2009 when developers completed new premises with an area of about 322,000 sqm.
(Photo source: Pixabay.com)
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