The new office space demand rose 11% in the first nine months of the year, showing that, at the level of Central and Eastern Europe, Bucharest is attractive in terms of total occupancy costs, productivity and workforce quality, according to the report.
The total volume of office spaces scheduled to be delivered in 2016 is threefold higher than 2015 volume, namely 350,000 square meters. Nearly 35% of these spaces are already preleased.
In the next two years, Bucharest will enter the second stage of major development on the office space segment, with a volume exceeding 550,000 square meters. Nevertheless, Bucharest is outranked by the main capitals of CEE countries (forecasts for the end of 2017: Bucharest – 2.9 million sqm, Warsaw – 5.4 million sqm, Prague – 3.4 million sqm, Budapest – 3,4 million sqm).
The vacancy rates fell to 12.7% at the end of September and are expected to fall to 12% by the end of the year. Nevertheless, vacancy rates are expected to increase in 2016.
On the retail space segment, around 180,000 square meters are scheduled to be delivered next year countrywide.
The Romanian industrial and logistic spaces segment also registered positive results compared with last year.
The volume of new spaces delivered in 2015 will be the highest in the last seven years. Built to suit projects were and will continue to be the main growth engine for the modern stock of industrial and logistic spaces.