SME office buildings, still unexploited market niche

Office buildings for small and medium-sized enterprises (SMEs) is a market niche still unexploited in Romania, given that there are no buildings for small entrepreneurs only, weekly Saptamana Financiara says in its latest issue. Some developers say they have detected this market demand.
Economic crisis has affected large companies, but small companies, of up to five employees have been the hardest hit. The weekly says that, despite the current financial hardships, law firms, accountancy firms and other companies employing a small staff have a future.
It explains that many of such firms do not need a large space for business, but rather some specific arrangements, low administrative costs and positioning close to big businesses.
Since offices specially designed for them do not exist, they usually resort to hiring or buying flats in blacks of flays and equipping them according to the profit.
Supply is missing for small companies and some areas of the Bucharest City, for instance the northern side, have offices for large and medium-sized companies only.
The publication says the vicinity of class A or class B office buildings, airport areas and areas with low costs but standing a chance for future development are suitable for small companies. And yet, it adds, there are not many developers thinking of such projects now.
With all the class A office buildings commissioned over the past years, class B office buildings are still making up the largest share of the market, that is 56 percent of the total supply, and there are still many large cities of Romania lacking in class A office buildings.
Because long-term trends are hard to predict now, renters are said to be more inclined to flexibility an rental terms of up to three years. Demand, the paper says, came to a standstill in late 2008, mainly on the segment for larges office space, and experts are expecting the trend to continue well into 2009.


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