“After years of having Barbu Vacarescu-Floreasca and Dimitrie Pompeiu attracting the most tenants because of significant deliveries of new space, we witnessed a significant rise in demand for the Western and Central-Western area in 2016,” Maria Florea, head of office agency with JLL Romania, said.
“This was a natural development given developers’ expansion to other submarkets in Bucharest.”
The delivery of the AFI Park 4&5 near the AFI Cotroceni mall along with the contracts Forte Partners and CA Immo signed for The Bridge and Orhideea Towers, as well as the announcement of Renault about a new office building in western Bucharest, led to the creation of a new office space hub, which beat Barbu Vacarescu-Pipera (north of the city) by demand for the first time in years.
Eight major office space projects developed by CA Immo, Forte Partners, Sema Park and Vastint (Ikea) are in various phases of permit securing and construction in the Orhideelor-Politehnica area (central-western Bucharest).
They will put more than 170,000 square meters of office space on the market and be completed in stages, between the second half of 2016 and 2018. Furthermore, over 1,600 apartments are now under construction in that area, following start of development of office space projects set to accommodate more than 20,000 new employees by 2018.
(English version by Loredana Fratila-Cristescu)