Some 25,100 square meters of office space, in projects that are currently under development, will be delivered in the first quarter of 2015 and the most significant delivery is the first phase of Green Court Bucharest, developed by Skanska, CBRE Romania general manager Razvan Iorgu said in a press release Thursday.
According to Iorgu, 30% of the office projects currently under construction in Bucharest are located in the western part of the city.
Bucharest’s stock of modern office space has reached 2.23 million square meters, after two deliveries in April-June, namely CSDA Siriului, with a lettable area of 3,600 sqm and a 100% occupancy rate, and Armand Calinescu, with a lettable area of 3,500 sqm and an occupancy rate of 70%.
Some 55,800 sqm of office space (three office buildings) will be delivered by the end of the year, and another 30,500 sqm following two conversions. The largest projects to be completed in the upcoming period are Floreasca Park, developed by Portland Trust, and City Offices, following the conversion of City Mall into an office tower.
Bucharest has over 337,000 square meters of unrented office space, or 15.1% of the city’s modern office stock. The lowest share of unrented office buildings, of only 5%, is in western Bucharest.
CBRE expects overall office space transactions in Bucharest might reach 240,000-260,000 square meters by the end of the year, the highest level over the past five years.
Contract renewals will increase significantly as most agreements signed in 2009, when deliveries hit a record high of 400,000 sqm of office space, will expire in the next 12 months, Iorgu said.
Monthly rents are estimated at EUR18/sqm.