ESOP: 2017 as good as 2016 for the domestic office space market

The current year will be at least as good as 2016 in terms of transactions volume and deliveries of new office buildings, according to ESOP, profit.ro informs. The real estate consultancy company expects a decrease of renegotiations and an increase of companies’ appetite for relocation to new buildings.

“In the next two years, the office market in Bucharest will have a high dynamism, if Romanian economy will remain on an upward trend. We will see an accelerated development of the western area of Bucharest, Politehnica – Grozăveşti – Orhideelor, (…) and the office market in the major university cities of Romania (Cluj, Iasi, Timisoara, Brasov, Sibiu, Craiova, Constanta, etc.) will continue to provide quality office spaces,” Mirela Raicu, Manager Corporate Office Division of ESOP Consulting I CORFAC International.

Real estate consultants expect a rich period in deliveries of new projects with an annual total area of over 250,000 square meters over the next two years, only in Bucharest and the main trend will be an increase of relocations instead of renegotiations.

“For the owners of existing buildings will be important to adapt to the market, to be flexible especially in the contract periods and where it’s necessary, to invest in the revamping of certain areas (reception, common areas etc),” Raicu added.

Considering that in the last 5 years, the office projects delivered annually stood at a low level, of 125,000 square meters, culminating in 2015 with recording a historic low in the last 10 years, of 85,000 sqm, 2016 marked a tripling of the new spaces offer.

By the end of the year, over 280,000 sqm were given in use, as in all previous three years (2013-2015).

According to ESOP, the pace of trading marked an increase of over 20 percent in 2016.

In the last quarter of 2016, the tenants who traded the largest areas of offices chose A-class buildings such as Metroffice, Oregon Park, Palas Iași, Openville, Coresi Park, Iride Park, Afi Park 4&5.

A-class buildingsAFI Park 4&5Coresi Parkesop consultingIride ParkManager Corporate Office Division of ESOP Consulting I CORFAC InternationalMetrofficeMirela Raicunew office buildingsoffice space marketOpenvilleOregon ParkPalas Ia?itenantstransactions volume
Comments (0)
Add Comment