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DTZ: Bucharest office market up 10% at 9 M 2015

The total trading activity in Bucharest was approximately 10% higher in the first nine months (9m) of the year as compared to the same period of last year, says DTZ.

2015-12-17 16:48:01 - by Bogdan Tudorache

"We expect that total this year to exceed the 2014 results," DTZ officials said.

In terms of demand, for the new office space, in the first nine months of the year, it was higher by 11%, which demonstrates that Bucharest is still attractive in terms of total cost of employment, productivity and quality of labor.

In 2016, the stock Bucharest office will undergo the second major stage of development, the volume of new space for the next two years will go over 550,000 sqm. However, Bucharest will continue to lag behind the main capitals of Central and Eastern Europe region (forecasts for the end of 2017: Bucharest - 2.9 million square meters, Warsaw - 5.4 million square meters, Prague - 3.4 million sq.m. Budapest - 3.4 million sqm).

The total volume of office space scheduled to be delivered in 2016 is three times higher than in 2015 to 350.000 sqm. Approximately 35% of these areas are already pre-leased.

The vacancy rate declined, standing at the end of Q3 2015 at around 12.7%. Considering the average absorption rate of the last two years and the volume of demand, the vacancy rate is projected to reach 12% by the end of Q4 2015. In 2016, the vacancy rate will register growth trends. However, the forecast for the end of 2016 reflects a value much lower than the maximum value in Q1 2014 (17%).

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