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The upcoming Metro Line 6 in Bucharest, linking Gara de Nord to Henri Coanda (Otopeni) International Airport, will create a new office pole, Colliers International shows in a press release on Tuesday.
Colliers International consultants bet on Expozitiei and Baneasa areas, where they expect new developments to compete with the already known office areas such as Floreasca – Barbu Vacarescu.
Metrorex (the public company running Bucharest subway) has announced this summer that starting the execution stage of Metro line 6 is estimated for 2017, after the Government’s approval of project’s technical – economic indicators. Its execution time is estimated for four years.
Theoretically, the project which comprises stations at Romexpo Exhibition Center and Baneasa Shopping Centre, is going to be ready in 2021.
“I believe that the first area that will be developed following the expansion of the subway network will be Romexpo – Expozitiei which can be a very good alternative for the companies in Floreasca-Barbu Vacarescu,” according to Lucian Opris, Senior Associate within Colliers International office department.
He adds that the Press Square (Piata Presei) area was attractive for for tenants in the financial sector, if we look at companies like UniCredit Bank, OTP Bank (former Millennium Bank) and RBS (former ABN Amro) which either have or have had the main headquarters in this area. “In the current context, I see real potential for this area to strengthen as a financial center,” Opris points out.
Bucharest’s modern office stock is estimated at 2.13 million sqm out of which Press Square (Piata Presei)/Expozitiei and Baneasa represent only 7 percent and 6 percent, respectively.
According to George Didoiu, Associate Director in the office department of Colliers International, Baneasa-DN1 road area has the advantage of being already developed in terms of retail and the future office projects will come attracted by visibility, easy access and massive presence of retail functions.
“There is a trend of mixed schemes that bring together offices, retail and residential. I think that Baneasa area, once will be served by the metro network, already having a consistent retail offer, can be developed as an important mixed pole, the residential component could follow as the third element of the ecosystem in development,” Didoiu explained.
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