According to the latest market report published by JLL, Bucharest City Report, 2017, on the office market, in the analyzed period, in Bucharest, the developers delivered projects with a total area of 114,200 square meters. The Center-West area has benefited from the largest office space this year, with 64,200 square meters in two projects, and, with the completion of the first phase of Timpuri Noi Square (33,000 m2), the southern area is the second in terms of new office stock in the first 9 months. The office stock in Bucharest has grown to 2.5 million square meters.
In the last quarter of this year, a single large-scale project will be delivered in Bucharest, 29,000 square meters, Globalworth Campus Phase 1, in the Dimitrie Pompeiu area.
On the investment market, the retail sector was the star, accounting for 60% of the volume traded in the first nine months.
In the first nine months of 2017, the Romanian investment market reached 610 million euros, a value almost 44% higher than that recorded in the similar period of 2016 (423 million euros). The number of transactions increased, but the average value remained at around 25 million euros.
Acquisitions of office buildings accounted for 25% of the total trades, followed by industrial and hotels. On the office segment, the most important transactions were the acquisition by Immochan of Coresi Business Park in Brasov from Ascenta Management and the sale to Globalworth of the building C of Green Court Bucharest by Skanska. The acquisition of Renault Warehouse Oarja by Globalworth for 42 million euros remains the most important transaction this year's industrial segment.
"According to the investment plans announced by real estate developers, 2018 is announcing a richer year in new deliveries than 2017, especially in the office and retail sector. If all the announced projects will be completed, the office stock in Bucharest will grow by over 300,000 square meters and the retail stock in Romania will be richer by 200,000 square meters. On the industrial segment, the duration of construction is much lower than in the case of an office building or a shopping center, so that although around 120,000 square meters are announced, we estimate that in reality the new offer will be much higher", said Andrei Drosu, research consultant JLL Romania. (source: agendaconstructiilor.ro)
