"It is an opportune moment to expand or rent new office space, as spaces that total over 500,000 sqm are in construction at various execution stages with a delivery term in the next 2 years.
In the centre-west area, where, in a very short time, the number of premium office projects has increased most and where we estimate that more than 250,000 square meters will be delivered by 2020, the current rents range from EUR 12.5-14.5 / sq m, for class A offices, at values that are at the 2013-2014 level.
Attention, however, for companies looking for good positions and already existing quality buildings in which to move tomorrow, solutions are getting less and rents are getting larger, most deliveries being expected at the earliest by the middle of 2018”, says Alexandru Petrescu, Managing Partner at ESOP Consulting l CORFAC International.
Offers in the centre-north area are more diversified during this period, with several sub-areas outlining the rents.
The highest rents, exceeding EUR 18 / sq m, are registered for new projects, recently delivered or under construction in Victoriei Square, in the so-called CBD (Central Business District). Next, Barbu Văcărescu-Floreasca sub-zone, next to the Promenada mall, followed by Casa Presei Libere sub-zone, with differences of EUR 2-3 / sqm.
The cheapest offices in Bucharest are located in the South districts and in Pipera-Tunari area, further away from the metro, where you can rent office space from EUR 8-9 / sq m and villas from EUR 7.5 / sqm.
"We consider that the emergence of a new office pole in Bucharest in the Politehnica - Grozăveşti - Orhideelor area and the positive way in which it was received by the tenants, two of the largest tenants in the market, BCR and IBM already choosing this area for consolidating their activities by occupying a total area of more than 38,000 sqm, represent a positive signal for real estate developers to search for new urban development poles such as the Expozitiei area or Unirii area.
This creates the premises for a balanced development of office areas and residential areas that follow them, as well as a diminution of traffic from one side to another in Bucharest now being made by employees living in the capital's districts and moving in most cases only towards the northern area", added Alexandru Petrescu. (Source: ESOP)
