The current modern office stock increased to 2.56 million sq m in Q3 2016 and should increase by approx. 80,000 sq m by the end of 2016, out of which 43% is represented by class A office buildings, according to the most recent CBRE reports.
The biggest project planned to be delivered until the end of this year are: Metroffice, developed by Immofinanz, Building B from Oregon Park, developed by Portland Trust and C Building from a Hermes Business Campus developed by Atenor Group.
The general vacancy rate for Bucharest registered an increase from 11.9% in Q2 2016 to 12.3% at the end of Q3 2016. Still, within class A and B properties with good location and accesibility to metro/ public means of transport, the vacancy rate continues to be at sustainable levels, of under 10%.
A most relevant trend over the last three quarters is the significant (23% of the TLA – 268,300 sq m and 37% of take-up – 170,400 sq m) and constant share of the new lease (new demand) and expansions transactions from TLA.
“This now established characteristic of the Bucharest market shows a continuous absorption of new stock and a healthy growth of the office market, which is expected to continue over the next quarters. This growth is due to the new demand came from IT& Tech Sector, Manufacturing, Industrial & Energy Sector, Financial Services and Public sector companies", says Mihai Paduroiu, MRICS, Head of Advisory & Transaction Services | Investor Leasing | Office, CBRE.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com