Thus, the vacancy rate for A class offices is 7.1 pct, while for the B class offices is 11.4 pct. Lowest vacancies are registered in Western Bucharest, in zones such as Militari and Timisoara Blvd. (4.6 pct) and in the north (6.6 pct).
“This low level of vacancy is a consequence of limited deliveries during the first three months of the year, coupled with a maintained healthy demand which continued from last year into this year’s first quarter”, says Mihai Paduroiu, Head of Advisory & Transaction Services, Office CBRE Romania.
The office take-up, without including renegotiations, represented 54 pct. of the total request in the first three months of the year, a period which saw 94,000 sqm of transacted area, namely 23 pct of the total rented area in 2016.
CBRE estimates that by the end of the year 140,000 sqm will be also delivered.
Most of the transactions of this quarter were made in north and Pipera area, more than 69,000 sqm, and 64 pct. of the total request was represented by A class office buildings.
The first quarter of the year saw the delivery of two boutique office projects with a total area of 11,600 square metres. The CBRE study also shows that 20 pct. of the area in construction estimated for this year and for 2018 is situated in the central Bucharest.
The largest project in the centre is Timpuri Noi Square, developed by Vastint. By the end of 2008, another two projects are scheduled for delivery, Day Tower and Unirii View.
Prime office rent in Bucharest remained constant at EUR 18.5 per sqm.
The modern office stock is estimated at 2.65 million square metres, with 44 pct A class offices.
CBRE estimates a total of nearly 300,000 square metres to be delivered next year. (Source: zf.ro)
