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Office buildings in expansion in Bucharest centre-southern area Unirii-Timpuri Noi

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Many office buildings have been built lately in the most expensive area in Bucharest - centre and northern (Barbu Vacarescu - Dimitrie Pompeiu), but office building developers shifted their orientation to the centre-southern area (Unirii- Timpuri Noi), real estate specialists say.

“There is broad interest in developing the central area. Unirii is just being born. Once Unirii View project  develops, Unirii area will be the place to develop office buildings”, said Andreea Paun, the representative of Unirii View project.

This project will be completed in 2018 and has 18,000 square meters of office area. Pre-rental contracts have been signed for 30-40% of the area, especially with IT customers.

Deliveries of new office areas in Bucharest were low in the first three months of the year - only 11,000 sq.m were completed, on the drop by 65.6% against the same period of 2016, according to a study made by Cushman & Wakefield Echinox.

In the first quarter of 2016, deliveries of new , modern office areas in Bucharest reached 32,000 sq.m.

However, the overall transaction volume with modern office areas in Bucharest was over 110,000 sq.m. In the first quarter of the ongoing year, on the rise by 6.8% against the same period of 2016.

50% of the transactioned area represents net demand, new rental and pre-rental contracts or extensions of existing companies.

Besides the Capital city, most modern office areas are found in Cluj Napoca, Timisoara, Iasi and Brasov.

According to Cushman & Wakefield Echinox, there are 650,000 sq.m of modern office areas in these four towns which will continue to attract most real estate developers.

Office area developers should deliver this year ten projects with 219,500 sq.m at national level, an area 37% smaller than the one commissioned in 2016, according to JLL real estate consulting company.

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