H1 2014 was the best semester for the Bucharest Office Market in the past six years. In the first six months of this year have been leased 108,000 square meters of office spaces in Bucharest – the largest volume of rentals in one semester since 2008, according to a report from the real estate consultancy company DTZ Echinox. The demand for office spaces has increased gradually in the first part of this year, and this trend will continue in the following quarters, declared Madalina Cojocaru, head of office department of DTZ.
“The tenants continue to prefer to relocate into existing buildings or in buildings that will be delivered within 6 to 12 months. This behavior is encouraged by the occupancy costs and by the quality of the new office spaces delivered. We identify in the market big companies looking for Read more
The vacancy rate of the offices from Bucharest remained constant at the end of the first quarter of this year, at about 16.7%, according to the real estate consultancy company DTZ Echinox, who has counted 345,000 square meters of empty office spaces and 38% of them are located in office buildings from Pipera area. The office lease activity in Q1 has exceeded slightly the level of 60,000 square meters, but 12,000 square meters of this surface are lease extensions and renegotiations, while the actual demand was of 48,500 square meters. At the same time, in the city have been delivered 23,400 square meters of new office spaces – the first building of Hermes Business Campus office ensemble from Pipera, respectively Metropolis II – a project of converting the former aparthotel Starlight. By the end of this year is expected the delivery of several office buildings with an overall surface of 100,000 square meters, including projects such as AFI Park 3, Green Court I or Ethos House.
The Austrian developer Real4You has obtained the construction permit for the Mega Mall project and will start next year the development of the commercial center with a surface of 70,000 square meters on the platform of the former Electroaparataj factory near Iancului Avenue and Pantelimon Avenue from Bucharest. Mega Mall will be one of the largest commercial centers from Bucharest and Read more