Study: Bucharest among top 15 markets with cheap office space renting costs

Bucharest is one of the top 15 markets around the world size of decline in prime office space occupancy costs in the first quarter of this year, with a year-on-year fall of 6.1 percent, according to the latest research carried out by commercial real estate services firm CBRE. The occupancy costs for office spaces in Bucharest is EUR 23.25 per sqm per month, while the average EUR per sqm annual rate for prime office space in Bucharest is EUR 279. Office space in Bucharest is almost exactly the same price as in Lille, France, where the total occupancy cost is EUR 279.57 per sqm per year, but slightly cheaper than in Portugal - EUR 296.70 per sqm per year. According to CBRE, from the total of 127 markets tracked in this research, occupancy costs declined on a year-over-year basis in 34 markets in the first quarter of 2013. The highest decline was recorded by Singapore - a year-on-year decrease of 16.3 percent, followed by Guadalajara, Mexico - down 16.1 percent, Buenos Aires, Argentina - down 11 percent and Valencia, Spain - a 10.3 percent decrease. However, Jakarta reported the largest increase in prime office occupancy costs in Q1 2013, up 38.9 percent year-over-year, followed by Houston (suburban), U.S. - up 21.2 percent and Boston (downtown), U.S. - up 15.4 percent. Find the complete CBRE research here. Irina Popescu, irina.popescu@romania-insider.com (photo source: Sxc.hu)