60% of the total office market are transactions with over 3000 sqm
- The share of transactions with office areas larger than 3,000 sq m increases and the other segments decrease;
- At the level of ESOP Consulting, the total leased area increased by 22% compared to the same period last year; the largest transaction assisted by ESOP was 4,000 sqm, Hella company in the City Business Center building in Timisoara.
In the first three quarters, the most significant “slice” of the office market belongs to large tenants: the share of transactions with large office areas of over 3,000 square meters increased even more, to 60% in 2015, compared to the same period in 2014, when it represents 37%, according to a study conducted by the real estate consulting company ESOP.
Transactions with office areas of over 3,000 square meters were made mainly in Bucharest. Still, essential contracts were signed with areas of 3,000 square meters and above in cities such as Timisoara, Brasov, and Iasi.
“Confidence in the Romanian economy is growing, and the economic and political stability of the last period has determined a part of the companies with over 300 employees present on the Romanian market to resume the expansion plans. IT&C, BPO, Share Services, professional services, automotive, were the most dynamic fields in the first 9 months of 2015, observing both in Bucharest and in the country an increase of interest and rented areas. We believe that this trend will be kept for the next 24 months,” says Alexandru Petrescu, Managing Partner of ESOP Consulting | CORFAC International.
Among the big tenants that found office space in 2015 are Oracle, Hella, Genpact, KPMG, NNDKN, Luxoft, Siveco, and Alcatel. Last year, in the same period – the first three quarters – the share of spaces over 3,000 square meters was 37% of the total, which is just over a third of total transactions (according to the chart below).
22% increase in the area traded through ESOP
At the level of ESOP Consulting, the total traded area was 28,234 sq m in 2015, 22% more than in the same period of 2014, and the average area of a transaction increased by approximately 30% during this period. The largest deal made by ESOP in 2015 was the rental of office space of 4,000 sqm, in Timisoara, in the City Business Center building.