Liviu Tudor: In 2014 we could assist to important office transactions

The relocation decision will be though hard to take for very large companies in the current economic context, said the businessman Liviu Tudor, the biggest office spaces owner. He explained that the “multinationals hardly take decision of office relocations, sometimes this decision process extends for more than a year, depending on the company’s dimension, respectively the number of employees, available A class office spaces and budget. Moreover, a relocation decision involves the safety of a development plan, considering that the contractual period on the office market is at least five years. To all these factors add the renegotiations the respective company is carrying with the actual owner and the relations already developed between the two players. Those aspects have contributed to the renewal in 2013 of the six lease agreements in West Gate and Novo Park”.

On the office market, 2009 is by now the year with most of the office buildings completions, the stock increasing in that period with more than 400,000 sq. m rentable area. The buildings delivered in 2009 include BOC, Floreasca 169A or City Gate.

Liviu Tudor does not expect 2014 to bring significant changes on the office market.

„There are few buildings to be completed next year, but they will add to the already existing stock of available spaces. Though the office projects with good location, efficient spaces and good management will continue to attract tenants or to extend the existing contracts.  For the companies, it is possible to assist to further expansions, especially on the IT&C and BPO segments, where Romania enjoys a number of advantages compared to the countries in the region”, Tudor said, who did not feel major changes on the office segment neither in 2013.

Regarding the offer, in 2013 relatively few office buildings were delivered, one of them being the H5 building in West Gate, a project included in the businessman’s portfolio. In the beginning of 2013, was also delivered the Sky Tower project, the tallest office building on the local market.

Considering the request, the companies continued to focus on office building with very good position, easy access to public transportation, especially underground, looking for A class office spaces for fair rental fees, Tudor considers. (source: wall-street.ro)