Romania’s office rental market, up by 27% in first six months

The market for office space leases increased by 27 percent in the first half of 2014 compared to the same period last year in Romania, to a total of 132,000 sqm, according to data released by ESOP Consulting. This is the second consecutive year when the market for office space leases sees an increase. The main driver for the market were relocations, which increased by 61 percent, to a total of 106,750 sqm, as opposed to the renewals of existing contracts, which dropped by 33 percent, to 25,260 sqm. The largest volume was made in large transactions of more than 3,000 sqm, which represented 44 percent of the total market volume in the first six months, more than double compared to the same period last year when small transactions made the largest volumes. “The market for office rentals keeps the dynamism that was observed in the last two years, which supports our opinion that the managers’ trust in the Romanian economy is on an uptrend,” said Alexandru Petrescu, managing partner of ESOP Consulting. He added: “We hope that the second half will be as active as the first one and that both large companies as well as medium ones will accelerate the relocation process to better quality office spaces, as the market is offering competitive solutions at this moment.” Andrei Chirileasa, andrei@romania-insider.com