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Co-working hubs get big on the office market in Bucharest

In the first half of this year, coworking spaces operators are said to have rented office space of nearly 20,000 square meters in existing or emerging buildings in the capital, accounting for 13.4 per cent of the total volume of transactions, estimated at around 150,000 square meters, according to Cushman & Wakefield Echinox analysis.

2018-07-12 13:49:59

The most active occupants were, in the first half of this year, the technology and telecommunications companies, accounting for almost 31 per cent of the total transactions, with the companies active in the energy sector - oil and gas a market share of 13.5 per cent.

According to the data, coworking operators were in the third position, while three new companies - Mindspace, Spaces and Rent-a-desk - decided in the first half of the year to expand their operations in Bucharest. "The trend in western markets, where coworking operators began to capture an increasing share of trading activity, has indeed begun to manifest in the office market in Bucharest. Last year, 21 per cent of the leased premises on the London office market were taken over by coworking operators.

In the first half of this year, 13.4 per cent of offices leased in Bucharest are destined for coworking spaces. The stake of these companies is both freelancers and start- ups, and companies that can and want to give employees the ability to work from another office closest to home to reduce their time spent in traffic, "experts say. Approximately 40 per cent of the volume of transactions was concentrated in the West, with significant rental activity being recorded in the Center (19.6 per cent) and North Center (14.4 per cent). The vacancy rate remained below 8%, with the lowest available office areas being North Central - 3 per cent, CBD (Central Business District) - 4.3 per cent and West - 4.5 per cent. In terms of deliveries, a single office building, the second Globalworth Campus building, was completed in the first half of the year, with eight more leased projects of over 150,000 square meters to be put into service until the end of the year.

According to Cushman & Wakefield Echinox data, 70 per cent of the building space to be delivered in the second half of the year are already rented.


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