JLL Romania sees record office lease transactions in the first quarter

Real estate consultancy firm JLL Romania brokered office lease transactions totalling almost 25,000 sqm in Romania in the first quarter of 2016. This represents a record of the last 12 months for the company. JLL advised companies into leasing some 13,000 sqm in Iasi, 7,500 sqm in Bucharest, and 1,700 sqm in Cluj, according to a company statement. Most of the tenants are active in the professional services, BPO, IT, and constructions sectors. "JLL advised office lease agreements totalling 25,000 sqm, almost three times bigger when compared with the first quarter of 2015. We are currently in discussion to bring new companies in Romania, which will boost the total net demand for office spaces. This year’s newcomers will mainly be BPOs, SSCs, and IT tenants”, said Maria Florea, Head of Agency Office JLL Romania. In Bucharest, the hottest areas for offices are Floreasca - Barbu Vacarescu, Central-West, and Unirii. According to Maria Florea, the financial and IT sectors will continue the consolidation trend this year, a trend that began two years ago and generated large office lease transactions (over 20,000 sqm). ”There are some companies that are currently working to consolidate their activities in Bucharest in a single office. They are looking for modern space assessing not only the financial aspects. They are seeking to provide their employees working spaces with good access to public transportation (mainly metro) and numerous amenities. Considering the performance of the office lease market at the beginning of this year and the increasing interest in Bucharest and in the major cities, we can expect for a new good year in terms of demand”, Maria Florea added. The rents have remained stable over the last 12 months, but the landlords are willing to offer more incentive packages to the tenants, according to JLL. Bucharest has more than 2.5 mln sqm of modern office space Irina Popescu, irina.popescu@romania-insider,com