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The surface of office spaces traded in Bucharest down 3.6pct in H1 of 2017

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The surface of office spaces traded in Bucharest was almost 185,000 square meters in 1st half of 2017, recording a decline of 3.6 compared to the similar period of 2016, an analysis carried out by JLL Romania, a company specialised in professional and management services of investments dedicated to the real estate area.

"The net demand of office spaces of Bucharest totalized almost 80,000 square meters in the first half of the year, which means an addition of approximately 10,000 jobs, if we take into account that for each employee 8 square meters are allocated. In terms of the offer, in the first six months 43,000 square meters have been delivered, out of almost 140,000 square meters that the developers have announced for this year," the document reveals.

According to the quoted source, the supply of office spaces of Bucharest stands around 2.43 million square meters, and due to a low number of deliveries in 2017 and the sustained demand, the average vacancy rate dropped to almost 9 percent, a minimum of the market after the financial crisis.

"We are noticing a sustained interest of companies, whether they are new or already exiting in Romania, to open new work points in Bucharest or new business lines. The fact that in the first half of the year, over 60 companies have leased new spaces for their business in Bucharest, and another 40 have renewed their contracts for their current offices is a proof of the investors' confidence in Romania," National Director, Head of Office Department and Tenant Representation of JLL Romania Marius Scuta said.

Depending on the areas, a quarter of the contracts signed in the analyzed period were concluded for offices situated in Floreasca-Barbu Vacarescu areas, followed by Victoria Square - Charles de Gaulles Square and the West and Centre-West areas.

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