Demand for offices in Bucharest reaches 45,000 sqm in Q3

The new demand for office space in Bucharest reached 45,000 sqm in the third quarter of this year and 134,000 sqm in the first nine months, according to real estate consultancy firm Colliers. Companies in IT and outsourcing dominated generated most of the demand. The volume of office rental deals was close to 56,000 sqm, in the third quarter, down from 71,000 sqm in the same period of 2016. The drop was due to longer negotiations on several big deals. The third quarter marked the entry of three big players on the capital’s office market, namely Amazon, GoPro and Systematic. IT and outsourcing companies thus generated 83% of the new demand, followed by energy and industrial companies, with 6%, and banking and insurance firms – 5%. The biggest deals were closed in the Northern part of the capital, in the Dimitrie Pompeiu and Barbu Vacarescu areas. The vacancy rate of class A office building in Bucharest was 9% in the third quarter, down from 12% in the first half of this year, as no new buildings were delivered. However, some 100,000 sqm of new office space will be delivered by the end of this year, and another 300,000 sqm are scheduled for next year. Over half of new office buildings in Bucharest will have gardens editor@romania-insider.com