In 2014, Bucharest’s modern office stock reached 2.16 million sq. m, being with 6% higher when compared with 2013. Twelve office buildings have been delivered last year, with a total rentable area of 117,000 sq. m. For 2015, we expect the delivery of 154,000 sq. m of office space located in projects such as Bucharest One, Green Court – B, AFI Business Park 4&5 or Sema Office 3.
Office leasing activity in 2014 was of 298,000 sq. m. Take-up for 2014 exceeds 221,000 sq. m, being the highest take-up figure registered since 2008. New demand has increased by 60% compared with 2013. Renegotiation and renewal activity has been on a downward trend and amounted 77,000 sq. m. Companies from Technology & Telecommunication, Manufacturing / Industrial and Professional Services were the most active office occupiers.
Between Q1 – Q4 2014, Bucharest’s general vacancy rate for class A & B office space decreased from 16.7% to 13.3%. The lowest vacancy rate is registered in CBD, followed by West and Pipera South (Dimitrie Pompeiu area).
Prime headline rent has been stable throughout the first three quarters of 2014. A slight increase of € 0.5 was recorded in Q4. At the end of 2014, prime headline rent is situated at € 18.5 /sq. m/month. Net effective rents continue to be lower by 10 – 20%.
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