Office leasing transactions up to 73.500 sqm in Bucharest in Q3 of 2018

The office market in Bucharest registered a total volume of 75,300 sqm of rental transactions in the third quarter of 2018, of which the new demand was 20,400 sqm. According to Colliers International real estate consultancy, the demands came largely from the professional services and IT & C segments.

"The TLA (total leased area) which includes, in addition to the actual rentals, renegotiations and contract extensions - was approximately 73,500 sqm, up 18 per cent from 2017. In contrast, the new demand was estimated at 20,400 sqm, half the level of last year. For the first nine months of the year, there is clearly a moderation in rental activity and a balancing of the office market, "said Silviu Pop, Head of Research at Colliers International Romania.

In the first nine months of the year, most of the demand came from companies offering professional services (26 per cent - including co-working), followed closely by IT & C companies (25 per cent) and energy and industrial companies (19 per cent). Also, only the co-working segment resulted in 20 per cent of net demand, or 10.4 per cent of total demand. "The magnitude of this phenomenon, highlighted by the entry of Mindspace and Spaces into the local market, contributes to the sense of slowing down the office market, as this part of the new demand is not correlated with an increase in employment," said Sebastian Dragomir, Head of Office Advisory at Colliers International.

In the first three quarters of 2018, the rental activity was dominated by central areas (32 per cent), followed by West-West (18 per cent) and West (13 per cent). On the other hand, areas in northern Bucharest - Dimitrie Pompeiu, Press / Exhibition Square and Floreasca-Barbu Vacarescu - were less sought after (12 per cent, 10 per cent and 6 per cent respectively).

Regarding rents, they remained broadly stable, although some areas such as Floreasca - Barbu Văcărescu, felt some pressure on them as a result of the strong demand from tenants and the low degree of vacancy. "Similarly, downward pressure on rents may also be felt in the future due to more and more frequent relocation of modern office buildings (competitive stock), a phenomenon that increased in the first three quarters of 2018 to a maximum post-crisis of 26 per cent of total demand, "added Sebastian Dragomir.

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Colin C. Lovering has been living and working in Romania since 2009 when he arrived to offer consultancy and advice to organisations looking for growth and profitability and founded Achieve International.