„The market continues to be dynamic. In this new quarter, the office request has exceeded for the first time in Bucharest the milestone of 100,000 sq. m, representing almost the double of the request registered in the same period of last year “, says Răzvan Iorgu, managing director CBRE.
According to CBRE, the largest transaction in Bucharest registered in the first months of 2016 was the five years extension of the lease by Telekom in City Gate project in Piaţa Presei, for an area of 13,000sq.m. This is followed by the pre-rental transaction signed by CA Immo for an area of 8,000sq.m in the office building Orhideea Towers, situated across the street from Carrefour Orhideea, premises rented to the financial software company Misys International Financial Systems, which is also the first tenant of the building. The building has an area of 37,000 sq. m. The contract was signed for a period of ten years, and Misys has the option to expand up to 13,000 sq. m. The Orhideea Towers project is an investment of EUR 75 million, whose construction started in October last year and will be completed next year.
According to the study conducted by CBRE, last year the IT&C companies attracted 51 pct. of the total leasing activity. Since 2012, the area transacted by those companies was about 100,000 sq.m annual average. According to the official data of the company, CBRE Romania maintained its leader position in the first quarter of 2016 on the office market in Bucharest, on tenant representation segment. The Office Agency CBRE team transacted in this period 24,700 sq. m, 35 pct of the total office spaces transacted by the real estate companies in Bucharest.
Next year are scheduled for delivery 315,000 sq. m offices, therefore, in the end of 2017, the delivered spaces in the period 2016-2017 will represent a third of the total office spaces existent in Bucharest. For 2017, more than half of the total area announced will be delivered in western Bucharest. The real estate market reconfiguration trends show a clear switch of the request from the North and Pipera to the West, which will lead to a more dynamic Bucharest market. (source: zf.ro)
