The Office Market in the first semester of 2013

Office Transactions at the End of the First Semester of 2013

During the first semester of 2013, the Take‐up on the Bucharest market (including leases in existing buildings, pre‐leases and expansions) amounted to 66,089sqm, from a total number of 107 transactions. In addition to these, contract Renewal transactions amounted to 37,361sqm (17 transactions).

Download The Office Market in the first semester of 2013

ESOP Consulting/CORFAC International’s percentage out of the total number of relocation transactions is 52%,
respectively 55 transactions, being a leader as far as the number of transactions concluded in Bucharest is concerned and, also, the second company at the level of the entire market, considering the total office areas leased.

EVOLUTION COMPARED TO S1 2012.

The number of relocation transactions concluded on the Bucharest office market increased by 22%, however, the total volume decreased by 30%, in terms of surface, due to the reduction of two important segments: pre‐leases and expansions. However, leases in existing buildings increased by almost 30% compared to S1 2013, while pre‐leases decreased almost five times.

However, contract Renewals significantly increased in S1 2013, by 114% compared to S1 2012, i.e. from 17,440sqm to 37,361sqm.
Overall, during the first half of 2013, the Total Leasing Activity (Take‐up and Renewals) was 103,450sqm, i.e. 17 up to 29% lower compared to three of the previous years.

MOST TRADED TYPES OF SURFACES

The transactions with office areas of up to 3,000sqm amounted to 79% of the Take‐up, the largest percentage being represented by transactions with areas of up to 1,000sqm. The transactions with areas exceeding 3,000sqm represented merely 21%.

FAVOURITE LOCATIONS

In the first half of 2013, most customers who relocated their offices preferred the Central‐North zone, here the volume of leased office areas being three and a half times higher than in the North zone, which ranks second and amounts to almost twenty times more than in the Central‐South.

TRANSACTIONS BY INDUSTRY

Most customers came from the IT&Communication (32%), Professional Services (14%), Financial Services and Construction&Real Estate industries.

OFFICE TRANSACTIONS AT THE COUNTRY LEVEL

Outside Bucharest, 9,684 sqm were traded, most of which in Sibiu (3,900sqm) and Cluj Napoca (3,500sqm). Other transactions were concluded in Timisoara (1,284sqm), Iasi (820sqm) and Brasov (180sqm).

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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