Office stock to increase by 350,000 sqm this year, says Colliers
Romanian office market registered last year the highest rate of deliveries in the last seven years, and the upward trend will continue in 2017. This year, the stock of office spaces will increase by approximately 352,000 sqm, through a broad development both in Bucharest and in other cities in the country, according to data from Colliers International. Like last year, the demand will come mainly from IT companies and the BPO/ SSC s 2017-03-24 15:25:46
"Given the development of the service industry, which became the second largest contributor to GDP, we expect this sector to trigger expansion of office spaces in Bucharest and major university centres such as Iasi and Cluj-Napoca," said George Didoiu, associate director, office department of Colliers International. "Also, cities like Timisoara and Brasov are getting ready to develop new office poles due to demand from the engineering sector. In these conditions, we estimate that the current stock of three million square meters at the country level will increase by approximately 352,000 sqm in 2017, of which 265,000 square meters will be in Bucharest and 87,000 sqm in secondary cities."
Last year, office stock in Bucharest reached 2.1 million sqm following new deliveries which totalled 230,000 sqm. The largest deliveries were registered in areas already established. However, this year, growing areas such as the north of Bucharest and other areas which have the advantage of proximity to public transport and other facilities will attract the developers' attention.
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