Development of office space market

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The multinational companies’ entry in Romania following 1990 and, implicitly, their need of office space led to the development of a new real estate market segment in Bucharest, focused on all it means office in Romania, the office space market hitting a maximum over 2004-2007, when transactions with office buildings surpassed the one billion euros ceiling.
 
Total office buildings surface in Bucharest at the end of 2007 amounted at some one million square meters for rent, of which 300,000 sq m delivered last year alone. The respective buildings are mainly concentrated in the north zone, but also in Bucharest’s downtown and the west, zones appreciated as adequate for business development.
 
According to DTZ Echinox representatives, 47.3% represent class B office buildings and 52.7% class A ones.
In 2007, the stock of class B office buildings declined in favor of those in A class by 19% from the previous year and the stock of renovated office buildings (villas) also declined by 6.5%, according to a study conducted by real estate services company Atisreal Romania.
 
Total office surface delivered last year, some 300,000 sq m, was equally divided between class A and B buildings. “Number of surfaces offered for rent is expected to further rise up to the  oubling of the stock, over 2009-2010 and even surpassing the threshold of two million sq m, to be rented  at the Capital’s level”, Business Standard daily quotes representatives of real estate consultancy Regatta as saying.
 
For 2008, they predict that office spaces will attain 1.4 million sq m for rent, if the percentage of project finalization will in line with the 1 announced by developers. According to data provided by real estate consultancy CB Richard Ellis-Eurisko, the office stock stood at 200,000 sq m at the  level of 2000.
 
In Bucharest, last year, an office surface of 465,000 sq m was rented and, according to Colliers specialists, Bucharest has a rate of empty spaces of just 0.02%, meaning that the current offer of office spaces still fails to meet demand on the market.
 
“Rent level for class A spaces saw a slight increase this year due to the lack of available spaces, ranging between 22 and 24 euros/sq m/month”, says Catalina Jigman, Head of Commercial Department of CBRE-Eurisko.
As for the rent level for class A offices in Capital’s downtown it is at present at the same level as the one in 2001, respectively 23.5 euros/sq m/month.
 
In the central zones, the highest rents were recorded for reduced surfaces, 25-30 euros/sq m/month, whereas in the north zone the level stood at 18-20 euros/sqm/month. Some office spaces in Pipera zone and Bucharest’s north zone were rented for 15-17 euros/sqm/month.
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