Office Market Snapshot in the first quarter of 2019

Overview

In the first quarter of 2019, the total stock of office space in Bucharest exceeded 3 million sqm. In terms of new supply, three office projects were completed, with a total GLA of 92,000 sqm. Demand continued to be strong, with pre-letting activity accounting for 35% of the total volume transacted. Prime rents are expected to remain stable going forward.

Download the Office Market Snapshot-Q1 2019

Occupier focus

In Q1 2019, demand for modern office space in Bucharest was of 107,000 sqm. Net take-up represented 79% from the total volume recorded and consisted mainly of pre-leases and new operations. West and north areas attracted the largest share – approx 80% of the net take-up.

The most active occupiers were companies from Technology and Telecommunications sector – 53% from the total take-up, followed by companies from Financial sector.

Main transactions in Q1 2019

Outlook

By the end of 2019, over 300,000 sqm of modern office space is forecasted to be completed. Due to the high number of office projects under development, rental levels are forecasted to remain stable. Demand for quality office space is projected to follow the same positive trend going forward.

Main Projects to be delivered in 2019

The main Bucharest office areas benchmark

The market best practice and our recommendations

  1. If you want to get the best market PRICE/QUALITY ratio, take your time to properly run the relocation process
  • in this way you benefit for the best opportunity on the market
  • the sooner you start the information and searching process, the more you keep the benefits of your side and having a strong negotiation position.
  1. If you want to stay in the current location, run the relocation process as if you wanted to move 100%. Make it not fake it.
  • in this way you empower your negotiation position with current landlord
  • running this process helps a company to be in a position to make an informed and assumed decision
  1. Run relocation or renewal process through ESOP:
  • 17 years market practice, entrepreneurial approach, cost – efficient attitude.
  • access to market practice and similar transactions carried over time and currently
  • over 700 business centers in our the largest property database in Bucharest

REFERENCES

Harman Romania
·         10.000 sqm
·         Metroffice – Bucharest
·         Pre-lease and enter Romania Market
1 and 1 Romania
·         3.500 sqm
·         Sky Tower – Bucharest
·         Relocation from Non-Competitive Stock
Hella Romania
·         4.000 sqm
·         City Business Center – Timisoara
·         Pre-lease and relocation from Non-Competitive Stock
Medlife
·         2.300 sqm
·         Victoriei BC – Bucharest
·         Relocation from Non-Competitive Stock
Hella Romania
·         5.000 sqm
·         Electroputere – Craiova
·         Pre-lease and relocation from Non-Competitive Stock
Beller Soft
·         1.250 sqm
·         Timpuri Noi Square – Bucharest
·         Relocation from Non-Competitive Stock
Lukoil Technologies
·         4.300 sqm
·         Aviatiei BC – Bucharest
·         Relocation from Non-Competitive Stock
Ludan Engineering
·         1.250 sqm
·         AFI Tech Park – Bucharest
·         Pre-Leasing from Non-Competitive Stock

ESOP’s portfolio includes, in addition to business parks for rent in Bucharest, office spaces for sale in Bucharest, industrial parks and warehouses for rent, as well as office spaces for rent in the main cities of the country.

If you would like more information, please contact the ESOP team by filling this brief form, or by phone (+4) 0723.26.61.97 or (+4) 021.528.04.40. We’ll promptly answer your inquiry!


Mirela Raicu

Founder Partner of ESOP Consulting CORFAC International, coordinator of the Corporate Office Spaces division, with 18 years of experience in real estate consulting and entrepreneurship.

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