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Bucharest’s modern office stock exceeded 2.76 million sqm, CBRE report reveals. During 2018, more than 200,000 sqm will be delivered. 40 percent of the total amount estimated is already pre-leased. 57 percent of the total amount estimated for this year is located in West sub-market, in projects like Campus 6, Orhideea Towers, AFI Tech Park – phase 1.
Last year, more than 120,000 sqm office projects were delivered in Bucharest, 38 percent of the new supply is located in West sub-market, followed by Central sub-market. The largest office projects delivered in 2017 in Bucharest were: Timpuri Noi Square – developed by Vastint, The Bridge – Forte Partners and Globalworth Campus – Globalworth. 90 percent of the total amount delivered was already leased.
The overall vacancy rate in Bucharest registered one of the lowest rates in recent history: 9 percent of total modern office stock, CBRE also notes.
According to CBRE data, based on a year-on-year analysis, the largest fall in vacancy was noted in North sub-market, where the vacancy rate decreased from 9.5 percent to 5 percent. Grade A properties have the lowest average vacancy rate (5 percent), registering a drop of 1.3 pps q-o-q and 4.5 pps y-o-y.
The prime rent is still unchanged and is estimated at EUR 18.5/sqm/month. In the new two quarters, the level of the prime rent is estimated to have a slight increase duet o the large demand estimated to be transacted in central Business District sub-market
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