In all, 22 office buildings should be completed in the country this year.
“We estimate new office buildings offering about 450,000 square meters will be delivered in the country in 2019 and the most active markets will be Bucharest, 300,000 square meters and Timisoara, 90,000 square meters. Deliveries will be 60% higher compared with 2018, when about 270,000 square meters were delivered, if developers and builders are able to meet their deadlines,” said Madalina Cojocaru, partner office agency with real estate consultant Cushman & Wakefield Echinox.
The star building this year will not be in Bucharest but in Timisoara, which is a first. Timisoara is one of the fastest-growing regional markets in the last few years. Businessman Iulian Dascalu should inaugurate Openville UBC 0 building in the fourth quarter, which will be the tallest building in Romania, 155 meters and 27 stories tall, offering 52,000 square meters of space.
A 300,000 square meter volume in Bucharest will be good in 2019, but not the best, with the peak reached in 2009, 350,000 square meters of office space delivered.
“Preliminary data indicate demand for office space in Bucharest remained above 300,000 square meters in 2018, as well, with contract renegotiations and renewals accounting for 25% to 30% of total demand.”
(English version by Loredana Fratila-Cristescu)