Bucharest’s Class A office stock exceeds 1 million sqm – EuropaProperty

The total office space in Bucharest amounted to 2.49 million sqm at the end of June 2016, over one million sqm of which was Class A office space, according to a CBRE study.

By the end of this year, developers will deliver 234,000 sqm of new office space in Bucharest, 95 percent of which is Class A. More than 60 percent of the new deliveries are located in the Pipera area.

The total demand on Bucharest’s office market amounted to 205,500 sqm in the first six months of the year, up 40 percent year-on-year. The total demand for office space in the second quarter of the year reached 100,700 sqm.

The net demand for office, which includes pre-leases, new demand and office expansions, was 76,000 sqm in the second quarter and 136,000 sqm in the first six months, according to CBRE.

“We estimate that the total demand will remain at constant levels in the next quarters of 2016 and will reach about 350,000-400,000 sqm for the whole year,” said Mihai Paduroiu, Head of Advisory & Transaction Services CBRE Romania.