The demand stayed unchanged compared with the previous years (175,000 sqm), but the renewals and renegotiations operations rose by 82% on the year.
Both prime rent and prime yield stayed unchanged at EUR18/sqm/month, and 8.25% respectively, but the prime rent might increase by maximum 2 – 2.25% by yearend, CBRE representatives stated.
The total deliveries for 2013 reached 122,000 sqm, up 35% on the year, so that the office space stock in Bucharest totals 2.14 million sqm.
“The contract renegotiation and expansion is estimated to continue in 2014, but the biggest change in the upcoming period should come from pre-rent contracts (…) With extremely attractive rents at the moment, renters may get financial packages hard to obtain in the future,” Razvan Iorgu, CBRE Romania managing director stated.
CBRE estimates that 124,000 square meters of offices will be delivered in 2014, out of which 70% speculatively developed. The new buildings anticipated for 2014 include Green Court Bucuresti – Skanska, AFI Park II and III – AFI Europe, Hermes BC – Atenor Group.
Currently, only three buildings are under construction for 2015, totaling 31,000 square meters.