The areas which have registered an increasing interest from the tenants are the Central business District (CBD) and central-western Bucharest, with 39% from the total leased area. Among the biggest transactions in these areas are for Charles de Gaulle Plaza - Generali, Lafarge and Tenaris rented 8,400 sqm in total, with The Advisers/Knight Frank as broker. The demand in the central-western area focused generally on the new delivered office buildings, such as AFI Park 1, or under construction, such as Green Gate. From the total amount of the registered transactions, the biggest percentage is represented by the relocations and new market entries (54%), followed by the renegotiation transactions, with 37%. As regarding deliveries in the first quarter, approx. 71,000 sqm office projects was delivered, including Sky Tower (57,000 sqm), in Floreasca area and H5 Building in West Gate Park (14,000 sqm), in western Bucharest. In the next nine months a total of approx. 60,000 sqm retable area is to be delivered in Bucharest, in five projects, among which Floreasca Park (37,500 sqm) is the biggest and it is already 70% let. The Advisers/Knight Frank expects for the end of 2013 an office absorption similar with last year, and estimated at 200,000 sqm rentable area. (source: economica.net)
Office lease transactions in Bucharest increased to 60,000 sqm in 1Q 2013
Bucharest office lease transactions totalized approx. 60,000 sqm in 1Q 2013, increasing with 20% compared to the same period of last year, according to The Advisers / Knight Frank, which has intermediated a third of the lease agreements.
