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Rented office area in Bucharest 125,000 sq.m. in first semester
The office area rented in Bucharest in the first semester of 2013 grew by 12% compared to the same period of 2012, reaching 125m000 square meters, according to an analysis made by The Advisers sent to Agerpres on Tuesday. In the second quarter of 2013 there were 70 rental transactions in Bucharest, for office areas with a total area of 65,000 sq.m. There was a slight increase (8.3%) compared to the first quarter (60,000 sq.m by means of 51 transactions).
Transaction analyses for different areas of the Capital show that the most active areas were Central Business District (20%) and Center-West (19%), while in the second quarter the Pipera area attracted 33% of rents and Central Business District continued to present interest with 22% of the negotiated area.
In quarter 2 of 2013 the IT&C sector was the most active in Bucharest with 21 transactions representing 28% of overall absorption, compared to the first quarter which represented 30%. Professional services represented 18% and companies operating in production and energy fields had 11%.
The activity in the office area market in the first two quarters of 2013 consisted of relocations and new demands – 55% (of which relocations represent 60%), renegotiations and renewals 33%, area expansions 7% and pre-rentals 5%.
The office area offer in Bucharest in the second quarter included only 6,000 sq.m of new areas compared to the first quarter when 70,000 sq.m were delivered.
At present over 180,000 sq.m of class A buildings are in construction in Bucharest, to the commissioned in the second semester of 2013 and also in 2014 and 2015. The most significant project to be commissioned in the next six months is Floreasca Park (37,500 sq.m) with 75% pre-rentals.
Properties turned into office buildings or renovated, estimated at about 1.7 million sq.m. with an overall renting area of 30,000 sq.m.
An overall absorption similar to the one recorded in 2012 estimated at 200,000 sq.m. rented area is expected by the end of 2013.
The Advisers, an office associated to Knight Frank in Romania offers integrated consulting services for real estate. Founded in 1896 in London, Knight Frank LLP offers consulting and real estate transaction and management. Based in London and New York, the company is present in 43 countries by means of 244 local offices.