The real estate market in Romania continued its positive evolution in the third quarter of 2019, on all three leasing sectors, according to CBRE Research data.
Office leasing transactions in Bucharest totaled 84,000 sqm in the third quarter, 80% of which represented net take-up, thus excluding transactions such as renegotiations and renewals of contracts. The demand was 15% higher than in the third quarter of 2018.
Overall, in the first nine months of the year, about 290,000 sqm of offices were leased in Bucharest, with almost half of the demand coming from IT&C companies. The total stock of modern office space in Bucharest reached about 3.16 million sqm, with an overall vacancy rate of 9.3%, slightly higher than in the same period last year.
On the retail segment, a number of 11 new brands entered Romania in the first nine months, among which Victoria's Secret and Burger King, advised by CBRE. Nationally, the retail stock reached 3.65 million sqm after deliveries of 66,200 sqm in the first nine months. Over 130,000 sqm of new retail space should be completed in the fourth quarter, CBRE estimates.
On the industrial space market, a total area of 326,000 sqm was traded in the first three quarters nationally, up by 17% compared to the same period last year. About 45% of the volume represented new demand.
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