Market of office space transactions in Bucharest up 27 pct in H1

The market of office space transactions in Bucharest rose by 27 percent in the first half of 2014, compared to the same period of 2013, up to a total volume of 132,009 square meters, shows an analysis of ESOP Consulting.

The engine of the market was the relocation segment, which advanced by 61 percent as against the segment of contract renewals having moved 33 percent down.

'The office rental market maintains the dynamism of the last two years also in the first half of 2014, proving the fact that the managers' trust in the Romanian economy is on the rise. We hope that the second half of 2014 will be as active as the first one, with both large and medium companies to speed up the relocation process to headquarters of a better quality, because the market provides competitive solutions at this moment,' says Alexandru Petrescu, managing partner with ESOP Consulting/Corfac International.

In H1, 2014, the market of office space transactions amounted to a total volume of 132,009 square meters, up 27 percent compared to H1, 2013.

According to the analysis, it's the second straight year when the Bucharest office market goes upward in the first half, this being a sign that the entire year will turn out to be better than the previous one, as regards office space transactions.

In H1, 2014, the volume of spaces traded by the new tenants, known as relocation transactions, exceeded the volume of spaces for which old rental contracts were renewed. Thus, the relocation transactions totaled 106,750 sq m, up compared to contract renewals that stood at only 25,259 sq m, as they declined by 33 percent compared to the similar period of 2013.

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