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Articles - office vacancy

Andreea Păun, Colliers: Office request is double compared to the level of deliveries

The office stock in Bucharest will increase this year, same as in 2014, with approx. 100,000 sq. m, while the request level is double, has declared to ZF Live Andreea Păun, associate director in the office department of the real estate consultant Colliers.

Telekom, Vodafone and Orange rented the largest office areas in 2014

The telecom companies made the largest office transactions last year, the three big players in the market - Telekom, Vodafone and Orange – having consolidated their activities in new buildings by pre-renting, followed by important contracts signed by the IT companies.

Cushman & Wakefield: Bucharest overtakes Prague, Warsaw and Moscow in growth of office space inventory

Bucharest is second in Europe, behind Istanbul, when it comes to the growth rate of the office space inventory in the 2014-2016 period when the delivery of over 420,000 square meters, or 20 per cent of existing inventory, is scheduled, a Cushman & Wakefield report shows.

70,000 sqm of office space leased in Bucharest in Q3, says CBRE

The total amount of leasing activity (TLA) in Bucharest in the third quarter was of over 70,000 sq m, out of which take-up represented 80 percent, according to a CBRE report.

Office markets in CEE continue to be supply-led through new development

A number of markets experienced a rise in the vacancy rate of the back of a large volume of new supply through the end of 2013 into the first half of 2014 including St. Petersburg, Moscow, Warsaw and Prague. The regional vacancy rate increased to 13.6 percent in 2014 H1, up from 11.8 percent in H1 2013 according to recent research released by Colliers International

92,000 sq. m offices delivered in Bucharest in 1Q, but half of them are vacant

In the first half of this year offices were completed in Bucharest with a rentable area of 92,000 sq. m, but approx. half of these spaces don’t have yet tenants, according to a ZF analyze of the market data.

Bucharest offices – best quarter in the last 21 months

The office request (except for renegotiations and extensions) reached 48,500 q. m in the first 3 months of the year, with more than 55% prelease transactions.

Office developers active across CEE

Developers have been very active in the Warsaw and Prague office markets in recent years. However, these leading CEE markets are victims of their own success as concerns over vacancy rates are causing developers to re-consider the Budapest and Bucharest office markets.

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