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Real estate: C&W Echinox: Bucharest has 1.4 sq.m of offices per capita, half compared to Warsaw and Prague
Bucharest, with a stock of modern offices of 2.55 million square meters, has a density of 1.4 sq m per capita, half the level of Warsaw and Prague, cities where the density of modern offices exceeded the level of 3 sq.m/capita, according to an analysis made by the real estate consulting company C&W Echinox.
In point of density, Bucharest is now at the level of secondary towns in Poland, such as Cracow, Wroclaw or Katowice, where the density of modern offices is between 1.2 sq.m and 1.45 sq./capita.
In Bratislava, the capital city of Slovakia, the density is 4 sq.m/capita, while in Budapest the level is 2 sq.m/capita.
At the level of cities of regional importance in Romania, the most developed office market is Cluj Napoca, with a level of 0.74 sq.m/capita, followed by Iasi (0.5sq.m/capita) and Timisoara (0.45 sq.m/capita).
In the last ten years, the modern stock of offices in Bucharest trebled, considering that at the end of 2007, only 875,000 sq.m of modern offices were available.
For the next decade, consultants from Cushman&Wakefield Echinox estimate that the stock of offices in Bucharest may double, to the level of 5 million sq.m, taking density to 3 sq.m/capita, at the present level of Warsaw and Prague.
To reach that level, the present development rate of the market should be constant, at about 250,000 sq.m of new areas per year.
Last year, new buildings with area to be rented of 275,000 sq.m were commissioned, while for 2017-2018 new projects will be commissioned with a cumulated area of over 500,000 sq.m.
According to the analysis, a high development potential is shown by big university centres in the country - Cluj Napoca, Timisoara and Iasi, where the share of students in the population of cities is even higher than in Bucharest.