“The total surface area leased, which includes renegotiations and contract extensions, reached approximately 73,500 sqm, up 18% versus 2017. However, the net take-up reached a lower level, of 20,400 sqm, half the level recorded in 2017. The first nine months of 2018 clearly saw a moderation in leasing activity and a balancing of the office space market”, said Silviu Pop, Head of Research within Colliers International Romania.
Between January and September 2018, the bulk of demand came from companies operating in the services sector (26%), which are closely followed by the companies in IT&C sector (25%) and by power and industrial firms (19%).
During the analysed period, the leasing activity was dominated by central areas (32%), followed by Center-West (18%) and West (13%). At the opposite pole, the areas in northern Bucharest– Dimitrie Pompeiu, Piata Presei (The Free Press)/Expozitiei and Floreasca-Barbu Vacarescu – were not in great demand (12%, 10% and 6%, respectively).
Rental rates remained stable, in general, although some sub-markets, such as Floreasca – Barbu Vacarescu, feel some pressures due to strong demand from tenants and a low vacancy rate.