In 2013 the total modern A and B class offices request increased to 276,500 sq. m (including direct transactions) to 35% more than the precedent year, according to The Advisers/Knight Frank data. The total A, B and C office request reached nearly 300,000 sq. m.
This level is encouraging according to the real estate consultant, representing the largest office request on Bucharest office market since the beginning of the crises.
In 2013, The Advisers/Knight Frank has brokered transactions including 65,000 sq. m office space, compared to 55,000 sq. m in 2012.
According to the company’s data, those numbers make The Advisers/Knight Frank the leader of the office market with 30% market share from the total modern A and B class offices brokered by agents. The most important transactions brokered last year include the renegotiations for HP in Novo Park and the pre-lease of Electronic Arts in AFI Park.
According to The Advisers in 2014 120,000 sq. m are scheduled for delivery, with 22% of the area being already pre-leased.
Last year approx. 120,000 sq. m offices were delivered, increasing from the 80,000 sq. m level in 2012 and the total modern A and B class office stock reached 1.8 million sq. m. The average area of the 162 transactions in 20013 is 1,700 sq. m.
Most of the rentals, as a number, were for areas under 1,000 sq. m (50% of the total), while 35% of the transactions were for areas between 1,000 and 3,000 sq. m.
The transactions with areas over 3,000 sq. m represented though over 50% of the total trnsacated area.
For the A class office buildings, the vacancy rate has slightly oscillated in the last quarter of 2013, but the general level of the market is still at 18%.
The relocations and the new market entries covered over 40% of the transacted office area while the renegotiations and the renewals represented 38%.
The area Dimitrie Pompeiu covered 28% of the total volume transacted last year, being followed by the CBD zone with 15%, Pipera with 12%, centre-West with 11% and Piata Presei Libere with 10%.
The companies in the IT&C field have occupied 35% of the total transactions, the production and energy companies has transacted 15% of the total, and the financial institutions rented 14% of the total transacted area. (source: wall-street.ro)
