Record area of office space to be delivered in Bucharest this year

Bucharest will see a record area of office space delivered this year, according to the real estate consultancy company CBRE. About 408,000 sqm of new office space will ready in 2016, five times more compared to the total volume of 72,500 sqm recorded last year. The surface will also be 10% larger compared to that delivered in 2009, a reference year for the local real estate market. The new demand for new spaces will also increase this year, continuing last year’s trend, said Mihai Paduroiu, Head of Office Agency, CBRE Romania. In the previous years, the market has been dominated by renegotiations of past contracts. Next year, another 315,000 sqm of office space will be delivered in Bucharest. Over half of this space will be located in the west of the city. The demand on the local real estate market has been moving from the north of the city to the west part. editor@romania-insider.com