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Real Estate: Number of office transactions went up by 24% in first 9 months

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The office market in Bucharest recorded an increase of 24% for the number of transactions, in the first 9 months of the year, compared to the same period of 2020, according to a report made by experts of the real estate consulting company Avison Young. 

 

In quarter 3, 2021, the modern office area stock reached 3.43 million sq.m,  while the non occupancy rate grew to 11.7% compared to 10% at the end of the previous quarter. Over 130,000 sq.m. of offices were completed in the period analyzed.

 

According to the specialized report, the number of office areas scheduled to be completed in 2022 is lower, by 166,000 sq.m of areas under construction, of which 30%-40% are already pre-rented. 

 

In this context, Avison Young consultants recommend companies to begin looking for new headquarters at least 9-12 months in advance, to be able to benefit from the best options, and to personalize available locations to company needs.

 

Since 2017 Avison Young has activated in Romania being now one of the most important real estate consulting companies in the market.

 

Founded in 1978 in Toronto, Canada, Avison Young administers now over  37 million square meters. Over 5,000 real estate specialists activate in 100 offices in countries like Canada, USA, Germany, Great Britain, Poland and Romania.

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