In the first three quarters of the year, office space transactions in Bucharest, including contract renegotiations or renewals and relocations, reached 208,919 sqm, according to data centralized by the main real estate consultancy companies in Romanian, around 25% more than in the same period in 2012, Esop Consulting I CORFAC International told MEDIAFAX Wednesday.
The third quarter of the year was marked by expansion by older companies and new entries. Space expansions and office rentals by firms fresh on the market totaled 33,701 sqm, or 16% of the total, in the first nine months.
Space expansions and office rentals by new firms on the market totaled 19,600 sqm in the third quarter alone, 39% more than in the previous two quarters put together.
“A healthy office building market is that which has progressive and constant new demand. If in the first quarter of 2013 we had a total volume of 7,963 sqm in new demand transactions and in the second quarter the volume was 6,136 sqm, in the third quarter it surged to 19,599 sqm, more than double compared to the first quarter and triple compared to the second,” said Alexandru Petrescu, managing partner with Esop Consulting.
He added this is a good sign as new demand transactions lower the vacant office stock on the market and reflect an increase in companies’ confidence in their chances of development or the local market.
Compared to the third quarter last year, new demand for office space increased 49% in the third quarter this year.
On the whole, considering all office space transactions in Bucharest – including renegotiation, renewal, and relocation – the volume reached 90,030 sqm in the third quarter.
Office space transactions in Bucharest stood at 238,862 sqm in 2012, down nearly 10% on the year.