Membres
2018 witnessed a total take-up for class A and B offices in Bucharest of over 320,000 square meters
Bucharest, March 2019: Bucharest’s office market experienced healthy growth following the positive results recorded in 2017. Both supply and demand remained at high levels, with supply registering a 55% increase compared to the previous year, while demand slightly increased with 3.5%.
The Center-West area confirmed its new hub status by closing the year ahead, both in terms of supply and take-up. In 2018, the delivery of new space in this area was close to 75,000 sq m, while take-up was almost 100,000 sq m.
In terms of tenant profile, the IT & Communication sector still makes up the largest share of demand, accounting for 35% of the total take-up. Prime rents remain stable at 18.5 EUR/sq m/month.
“This year we are celebrating 10 years of Knight Frank in Romania and the key feature of the last decade has been the unsettling change. Last year we recorded a 20% growth in the office leasing transactions and what is certain is that future will create many investment opportunities on the Bucharest real estate market”, says Horatiu Florescu, Chairman & CEO Knight Frank Romania & Hungary.
The total stock of class A and B grade offices in Bucharest reached 2.74 mil sq m at the end of 2018 and we expect the total stock of class A and B office space to exceed the threshold of 3 million sq m at the end of 2019, if all the announced projects will be delivered on time.
Knight Frank’s Romania Market Overview 2018-2019 covers the whole real estate spectrum and the valuable contributions from collaborators on property taxation, legal aspects and a Romanian economic overview.
Contact: Natalia Gross,
Head of Marketing and Communications
Natalia.Gross(@)ro.knightfrank.com
