2016 Overview: The Offer Is Overgrowing, and Customers Have a Choice

The beginning of 2017 brings good news for companies that are looking for office space: the offer has grown, last year office spaces came on the market as in the last three previously. Office spaces deliveries in Bucharest reached 280,000 sqm in 2016, as in the entire period 2012-2015.

And in 2017, we estimate that many new office buildings, classes A and B, will be put into use, which will accumulate over 240,000 sqm, which will lead to an even more significant increase in supply.

Most of the projects in progress will be carried out in stages, depending on the advancement of pre-lease contracts, which had a say in 2016.

“There is a period rich in deliveries of new projects, with a total annual surface of ‚Äč‚Äčover 250,000 square meters in the next 2 years, only in Bucharest. In this context, we estimate that the number of renegotiations will decrease. The appetite of companies to relocate to new buildings will increase, especially in the context in which most of the projects delivered in 2016 and those are still being executed are high-quality projects, with multiple phases and exceptional features.

For the owners of existing buildings it will be essential to adapt to the market, to be flexible primarily to contract periods and where necessary, to invest in the redevelopment of certain areas (reception, common areas, etc. “, says Mirela Raicu, Manager of the Corporate Offices division within ESOP Consulting l CORFAC International.

Also, throughout 2016, the demand for office space increased by over 20%, both in Bucharest and throughout the country, according to ESOP estimates.

Maria Neda

PR & Media Coordinator, PR & Media Consultant, with background as a journalist in the economic press and experience as a consultant in Urban Development.

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