Experts see potential for growth in office space demand
The company said the most important office buildings delivered by October 2012 included Bucharest Tower Center (21,300 sq m), UniCredit Tiriac HQ (15,000 sq m) and the first phase of AFI Business Park, comprising 13,700 sq m of lettable area.
The total 2012 annual supply is expected to reach some 92,000 sq m, a similar level to the one registered at the end of 2011, which was considered to be the year with the lowest volume of completions since 2004.
The net take-up volume (comprising new lease transactions, preleases and expansions) registered during the first nine months of 2012 reached 131,000 sq m.
In terms of demand by subzone, the western and central–northern areas gained the largest share of the quarterly net take-up volume.
DTZ Echinox indicated that the IT&C sector dominated the quarterly net take-up volume following the same trend set in the second quarter. Thus, the IT&C sector accounted for around 56% out of the net take-up volume in Q3 2012.
After 15 months during which the vacancy rate remained within the 13 – 14% range, the ratio increased to 15.4% in Q3 2012 from 13.8% in Q2 2012.
In 2012, a marginal increase in headline rents was tracked in the city centre and the Centre–North area. At the end of Q3, headline rents remained stable reaching a level which ranged between 18.5–19.5 Euro per sq m per month for the central area. For the semi-central locations the rental level ranges between 13–16 Euro per sq m per month, while a decreased level of around nine–12 Euro per sq m per month was tracked for the decentralised business districts.
”Since the beginning of the crisis, 2012 is the year that has seen most pre-leasing transactions (announced and signed) for office spaces. For the next two years, new office deliveries amounting to 140,000 sq m will be developed in the Centre-North and West part of the city, so we anticipate that the number of pre-leasing transactions will increase. Taking this into account, we’ve recently noticed a trend among multinational companies to consolidate and expand their offices, which will have as a result the leasing of spaces in new office buildings located in well-connected areas ,” said Madalina Cojocaru, Head of Office Department at DTZ Echinox.
For the end of 2012 the company estimates a constant rental value for Bucharest business districts with premium locations remaining stable at 18.5–19.5 Euro per sq m per month.
The total 2012 annual supply is expected to reach some 92,000 sq m, a similar level to the one registered at the end of 2011, which was considered to be the year with the lowest volume of completions since 2004.
The net take-up volume (comprising new lease transactions, preleases and expansions) registered during the first nine months of 2012 reached 131,000 sq m.
In terms of demand by subzone, the western and central–northern areas gained the largest share of the quarterly net take-up volume.
DTZ Echinox indicated that the IT&C sector dominated the quarterly net take-up volume following the same trend set in the second quarter. Thus, the IT&C sector accounted for around 56% out of the net take-up volume in Q3 2012.
After 15 months during which the vacancy rate remained within the 13 – 14% range, the ratio increased to 15.4% in Q3 2012 from 13.8% in Q2 2012.
In 2012, a marginal increase in headline rents was tracked in the city centre and the Centre–North area. At the end of Q3, headline rents remained stable reaching a level which ranged between 18.5–19.5 Euro per sq m per month for the central area. For the semi-central locations the rental level ranges between 13–16 Euro per sq m per month, while a decreased level of around nine–12 Euro per sq m per month was tracked for the decentralised business districts.
”Since the beginning of the crisis, 2012 is the year that has seen most pre-leasing transactions (announced and signed) for office spaces. For the next two years, new office deliveries amounting to 140,000 sq m will be developed in the Centre-North and West part of the city, so we anticipate that the number of pre-leasing transactions will increase. Taking this into account, we’ve recently noticed a trend among multinational companies to consolidate and expand their offices, which will have as a result the leasing of spaces in new office buildings located in well-connected areas ,” said Madalina Cojocaru, Head of Office Department at DTZ Echinox.
For the end of 2012 the company estimates a constant rental value for Bucharest business districts with premium locations remaining stable at 18.5–19.5 Euro per sq m per month.
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