Bucharest Office Rents in 2017: Center-North Area Takes the Lead Again

In 2017, on the office market in Bucharest, the appearance of new projects with premium finishes and endowments, but also with excellent positioning, next to the Government, such as The Landmark and Aviatorilor 8 again raised the average rent for the center-north area, which is distancing so as the level of the center-west and the ultra-central area.

“It is an opportune moment for the extension or renting of new office spaces, being in work in various stages of execution with the delivery term in the next 2 years, spaces that total over 500,000 sqm.

In the center-west area, where, in a short time, the number of premium office projects has increased the most and where we estimate that over 250,000 sqm will be delivered, by 2020, the current rents are between 12.5-14, 5 euro/sqm, for class A offices, at values ​​that are at the level of 2013-2014.

But beware, for companies that want the right positions and already existing quality buildings, in which to move tomorrow, the solutions are less and less. The rents are higher, most deliveries being expected at the earliest in mid-2018″, says Alexandru Petrescu Managing Partner at ESOP Consulting l CORFAC International.

The offers in the center-north area diversify more during this period, outlining several different subzones in terms of rent level.

The top of the tariffs, of over 18 euro/sqm, are registered for the new projects, which are recently delivered or are still under construction in Victoriei Square, in the so-called CBD. Then follows in second place the Barbu Văcărescu-Floreasca subzone, next to the Promenada shopping center, and in third place the Casa Presei Libere subzone, between them there are differences of 2-3 euro/sqm.

The cheapest offices in Bucharest are located in the southern neighborhoods and the Pipera-Tunari area, further away from the subway, where you can rent space in office buildings from 8-9 euro/sqm and villas from 7.5 euro/sqm.

“We consider that the opening of a new office pole in Bucharest, in the Polytechnic – Grozăvești – Orhideelor area, and the positive way in which tenants received this, two of the largest tenants in the market, BCR and IBM already choosing this area for the consolidation of activities by occupying a total surface exceeding 38,000 sqm, is a positive signal for real estate developers to look for new poles of urban development such as the Expozitiei area or the Unirii area.

In this way, the premises are created, both for a balanced development of the office and residential areas that follow and for a decrease in traffic from one part of Bucharest to another now produced by employees living in the neighborhoods of the Capital and moves in most cases only in the northern area “, says Alexandru Petrescu Managing Partner at ESOP Consulting.