As per the report, capital Bucharest holds, for the first time, over one million sqm of Class A office space.
CBRE Romania report says the net demand for office space reached 76,000 sqm in the second quarter, accounting for over 75% of the total demand. Compared with the first half of 2016, the net demand reached 136,000 sqm, which accounts for two thirds of the total demand registered in the same period. The total office space stock reached 2.49 million sqm at the end of the first half of 2016.
CBRE brokered approximately 20,000 sqm in the second quarter of 2016, representing owners and tenants in capital Bucharest and countrywide.
CBRE data also show that 80.600 sqm of Class A office space was delivered in the second quarter, in four buildings in Bucharest, three of which are located in the city’s northern area: Globalworth Tower and Gara Herastrau Office Building (developed by Globalworth), the last stage of Green Court Bucharest (developed by Skanska) and a building in the central area: George Enescu Office Building (developed by Jupiter Group). Approximately 234.000 sqm (95% being Class A offices) are expected to be delivered by the end of 2016.
The vacancy rate of office space at mid-2016 fell 1% against the same period a year ago, reaching 11.9%; for Class A buildings, the vacancy rate is 5.8%, while for Class B buildings the vacancy rate is 16.3%.
The prime rent for office space remained stable at EUR18.5/ sqm for the Centre Business District (CBD) area, and the actual net rent is estimated at 80-85% of the headline rent.