Relocations, contract renewals and renegotiations made up over 80% of total transactions, according to Esop Consulting.
The volume of office space transactions stood at 238,862 sqm in 2012. The evolution in 2013 was backed by a significant increase in relocation deals, from 90,000sqm to nearly 137,000 sqm, and transactions involving contract renewals and renegotiations, from 70,488 sqm to 112,181 sqm.
Transactions also include office space expansion contracts (17,950 sqm) and pre-lease contracts (24,430 sqm). In 2013, both segments saw a decline, which was stronger for the pre-lease segment. In 2012, office space pre-lease contracts saw a year-on-year increase of over 50%, from 39,000 sqm to over 59,000 sqm.