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Pre-rental offers accounted for 64 pct of the total transactions on the office spaces market
Approximately 18,000 sq m of office spaces were subject to renting in the first six months of 2015, worth 15.1 million euros, shows a study by CBRE real estate company released on Monday.
Pre-rental offers accounted for 64 pct of the total transactions on the office spaces market, 59 pct of which were located in the Pipera area, in northern Bucharest.
The second quarter of 2015 was dominated by transactions involving tenants from the IT&C sector, accounting for 72 pct of the total rental operations. The total vacancy rate for office spaces indicates a slight decrease - 12.9 pct in Q2 against the 13.3 pct recorded in Q1. The current stock off office spaces of 2.33 sq m should increase by some 57,000 sq m by the end of the year.
'We estimate that the office space market will grow in the second part of the year. In the next 36 months, we will see a relatively high volume of new office spaces, of approximately 800,000 sq m, available for renting. As much as 50 pct of the new offers regard the northern area of the city and Pipera and 25 pct the western area. The western area around the Basarab Bridge also looks like a new market that has all the potential to compete with the Barbu Vacarescu area and even with the Victoriei Square area,' says Razvan Iorgu, managing director at CBRE Romania.
According to the research, the demand for office spaces increased by 22 pct in the 2nd quarter of 2015 compared with the same period of last year.