Over 350,000 sqm of offices to be delivered in Bucharest, large cities

The office market in Romania registered last year the highest delivery rate in seven years, and the trend will continue in 2017, according to industry experts. The stock of office space will increase by about 352,000 sqm this year. It will massively develop both in the capital and in other major cities like Cluj-Napoca, Iasi, Timisoara, and Brasov, according to real estate consultancy firm Colliers International. The demand will mostly come from IT companies, as well as firms in the BPO / SSC sector. The current stock of office space amounts to 3 million sqm. Bucharest is expected to get about 265,000 sqm of new offices this year, while 87,000 sqm will be delivered in secondary cities. In Bucharest, the stock of office space reached 2.1 million sqm at the end of 2016 as the new deliveries amounted to 230,000 sqm last year. The highest demand was recorded in the areas the traditional business areas, such as Floreasca-Barbu Vacarescu, Dimitrie Pompeiu, and the center-west area around the Polytechnic University. editor@romania-insider.com