Historical record in Bucharest: Class A office stock exceeds 1 million sqm in Q2

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Domestic real estate market continues its upward trend, total demand in H2 reaching 100,700 square meters (sqm), while it amounted to 205,500 sqm in H1, representing 86 percent compared to the total demand in 2015 and by 40 percent more compared to H1 2015, CBRE report reads.

The quoted document also reveal that net demand for office space on Q2 was 76,000 sqm, representing over 75 percent of total demand. Net demand was 136,000 sqm in H1 of 2016, which represents two thirds of total demand recorded in the same period.

One of the most important data of the report shows that Bucharest has over 1 million square meters of Class A office space for the first time.

The total stock of office space at the end of H1 reached 2.49 million sqm.

“There are a large number of ongoing firm requests. (…) Therefore, we consider that total demand will stay constant at the levels up to the next quarters of 2016, and will reach approximately 350,000 – 400,000 sqm,” Mihai Paduroiu, head of advisory & transaction services, CBRE Romania said.

CBRE data also shows that in Q2 of 2016 were delivered 80,600 sqm of Class A offices in four buildings in Bucharest, three of them located in the northern part of the capital: Globalworth Tower and Gara Herastrau Office Building (developed by Globalworth), Green Court Bucharest, developed by Skanska, and one building in the center: George Enescu Office Building (developed by Jupiter Group).

The vacancy rate for office space in the middle of this year decreased by 1 percent compared to the same period last year, amounting to almost 12 percent.

By the end of the year, approximately 234,9000 sqm (95 percent representing Class A offices) are scheduled to be delivered.

 

 

 

 

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