The Central Business District and the central and western parts of Bucharest were the areas that appealed to companies the most in the first quarter of 2013, while the Pipera area in northern Bucharest accounted for 33% of total office space rentals in the second quarter. The Central Business District continued to attract most companies, accounting for 22% of total rentals, the company said in a statement.
A total 65,000 square meters of office space were rented in Bucharest through 70 transactions in the second quarter of 2013, which translates into an 8.3% increase from the first quarter when a total 60,000 sqm of office space were rented through 51 transactions.
Of total transactions, relocation and new rental contracts contributed the highest share, 55%, and renegotiations contributed 33%.
In the second quarter of 2013, office space supply in Bucharest rose by only 6,000 sqm of new space, compared to the first three months of the year when 70,000 sqm of office space were delivered.
A total 41,500 square meters of office space are scheduled for delivery in the next six months. The largest project is Floreasca Park with a lettable area of 37,500 square meters, of which 75% has already been rented via The Advisers/Knight Frank. The project is due to for delivery in the third quarter of 2013.
Considering the constant level of rents at the end of 2012 and in the first six months of 2013, The Advisers/Knight Frank consultants estimate the same stable trend in the upcoming period, with small increases only for the main office buildings in Bucharest.