Real estate consultants expect average rental rates to further equalize in Bucharest’s main business zones.
Five years ago, rental rates of new Class A office space in Barbu Vacarescu – Aviatiei – Dimitrie Pompeiu area started at EUR16/square meter/month and reached EUR17/sqm/month, whereas now, rental rates start from EUR14.5/sqm/month and reach EUR17.5/sqm/month, being close, at the lower end, to rates in Orhideea – Grozavesti – Politehnica area where rental rates reach EUR13-14.5/sqm/month.
Several large projects have been announced over the last months for Expozitiei area, being expected a new business pole with rental rates of EUR14.5 to EUR16.5/sqm/month.
Rental rates for Class A office space of the five office poles currently range between EUR13 and EUR18/sqm/month, depending on the zone and related facilities.
The office space in existing buildings will be freed up gradually by large tenants and will make room for medium-sized tenants with budgets of EUR8-12/sqm/month, which will have access to quality office buildings located in good areas.
The years 2018 and 2019 are expected to bring a lot more deliveries of new premium buildings in all five office poles.