More than 200 transactions were closed last year on the office market in Bucharest, according to the latest CBRE Romania reports. The company’s analysis show also that the new demand exceeded in 2016 400.000 sq m, respectively 412.000 sq m, which is the highest level on the local office market.
CBRE Romania had in 2016 the highest market share in Bucharest office market, reaching 47% market share on landlord representation, 34% on tenant representation and 38% market share from the total transactions closed by real estate consultants companies in Bucharest.
CBRE reports point that 71% of total office demand in 2016 was for A class offices while new leases counted 69% from TLA. Also, 47,5% from all the office spaces transacted by CBRE were pre-leases, 30.9% renegotiations and 15.9% were new demand or extensions.
“We are happy for all these figures and achievements but the most important thing is that they have echoes on the labor market. Due to the new leases and extensions we closed last year, 1800 new jobs were created in Bucharest”, says Razvan Iorgu, Managing Director, CBRE Romania.
Bucharest West – 36% from TLA and Pipera – 25% - were the most wanted areas for companies in 2016, which was also the year of the biggest transaction on the Romanian real estate market, respectively 47500 sq m, where CBRE has represented the tenant.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