“In 2014, office space deliveries totaled some 165.000 sqm, 40% more than in 2013. Fourteen new office buildings were delivered in Bucharest, of which four represent reconversions of other projects,” The Advisers/Knight Frank CEO, Horatiu Florescu, told MEDIAFAX.
Of these, new office space deliveries in Bucharest have reached some 120,000 sqm of leasable area in 2014, similar with the last year’s level.
Florescu also said the office sector remains among real estate developers’ favorites, and is followed by the retail and residential sectors.
“For sure, the office segment has attracted the bulk of investments in new developments this year. This evolution was driven by demand, the financial conditions tenants are willing to accept and the vacancy rate on each market segment,” Andrei Drosu, research consultant with JLL Romania, told MEDIAFAX.
Representatives of real estate consulting firm CBRE said developers prefer class A buildings because they can be sold at a certain time.
For 2015, consultants expect an inversion of trends on the real estate market, namely, more deliveries on the retail and industrial segments, and the completed office space area to maintain at the levels in 2013 and 2014.
As regards the development of new industrial projects, Cristina Pop, head of the industrial department with real estate consulting firm JLL, said production activities will stay on upward trend because of new firms choosing Romania to Poland and the Czech Republic, due to low labor costs, and of existing companies choosing to expand and consolidate their position in Romania.