At the same time, the volume of rental transactions was lower in Q3 compared to the same period last year, so that the total leased area - which includes, renegotiations and renewals, was approximately 56,000 square meters, compared to 71,000 square meters in 2016, as a result of the prolongation of the negotiation phase of many large transactions.
"In the third quarter, the new demand for office space was in line with the market dynamics in Bucharest, especially since it had three large entries: Amazon, GoPro and Systematic. The highest demand came from IT and BPO / SSC (83%) - followed by energy and industrial companies (6%) and by companies in the banking sector and insurance (5%)", explains Silviu Pop, Head of Research at Colliers International Romania.
According to the study, Dimitrie Pompeiu area was the most active, with a total rented area of more than 20,000 sqm of office space, accounting for 36% of the total, while the CBD (Central Business District) area accounted for 25% of total rental transactions, and the Floreasca-Barbu Vacarescu area 21%.
In terms of vacancy rates, it fell as a result of the lack of new deliveries from 12% in the first semester to just over 9% in the third quarter.
According to the Colliers International study, a total of up to 100,000 sqm of office space will be delivered by the end of this year, and in 2018 the new deliveries will amount to more than 300,000 sqm, which could mark a new post-crisis peak.
"It is important to stress that despite the slowdown of office space rental so far, demand is still very healthy considering that we can reach a new demand of 175,000 square meters for the whole of 2017", added Silviu Pop. (source: zf.ro)
