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Real estate: Most popular office areas is the Centre, Western Bucharest ranks second
The share of office transactions in the centre-western area of Bucharest has grown to 33% of overall renting market, from just 10% recorded at the beginning of the year, ranking second as importance in the decision to relocate companies.
According to data supplied by ESOP Consulting the number of large office projects in the centre-western area exploded over October 2015- April 2016, attracting the attention of company managers looking for new headquarters.
The Orhideea-Politehnica and Cotroceni areas attracted office transactions for 50,209 sq.m in the first 6 months of 2016, according to data centralized in the Forum of the main real estate companies in the office market. This volume represents more than double compared to the value of all transactions in the area at 2015 level. Rental contracts were concluded last year for 19,000 sq.m.
In quarter 1, 2016, the biggest tenants in office buildings were BCR, with a rental contract for 20,000 sq.m. in an office building under construction, Misys, with a contract for 8,000 sq.m and Adobe which renewed a contract for 6,500 sq.m.
Other big contracts signed in the first months of 2016 in Bucharest, in the other areas, were those concluded by Telekom, for an office area of 13,000 sq.m (a contract renewal in the centre-northern area), IBM for 10,000 sq.m and Vodafone with 4,300 sq.m in the centre-southern area.
ESOP is one of the main real estate consultants present in the Romanian market for 14 years in the office and residential markets.
As of 2013, ESOP has been activating in association with CORFAC International Corporate Facility Advisers, an alliance of real estate companies that offers real estate services covering 61 locations in North America and in 65 other world countries. It makes over 8,500 transactions annually including 55 million sq.m, evaluated at over 5.2 billion dollars.
The main ESOP competitors are JLL, Colliers, DTZ Echinox, CBRE or Knight Frank.