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Real estate : Bucharest ranks 42nd among most expensive 63 office markets in the world
Bucharest went down three positions to 42, in the classification of the most expensive 63 office markets in the world, although the rent level in the central area went up slightly in 2013, according to a study of real estate consulting company Cushman & Wakefield.
“The office sector in Romania suffered from massive reductions in 2012 on the background economic uncertainties in Europe, with many occupants trying to cut down operational costs, a fact with direct consequences in the drop of demand for offices. That led to concessions made by owners who should become more and more competitive in drawing the tenants’ attention. In any case, despite these conditions rents for prime offices in Bucharest grew during the year based on a shortage of quality offices and with few new developments in the office market, the Cushman & Wakefield report shows.
Rents reached 18-20 euro/sq.m/month in central Bucharest areas and 10-12 euro/sq.m./month in secondary areas.
For other cities in the country the rent level remained mostly at 2011 level because the delivery of new office areas was relatively small. The rent level in central areas in big towns is about 10-12 euro/sq.m/month while in secondary areas rents are 6-8 euro/sq.m/month.
Bucharest offices are more expensive than those in Vienna, Copenhagen or Lisbon.
In the other Central European capitals – Budapest, Warsaw or Prague, rents are higher than in Bucharest, placing these markets on higher positions – 40,33 and 41.