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Bucharest total office space take-up reached 100,000 sqm in Q1

Q1 2017 saw class A & B take-up reach approximately 97,300 sqm, according to Knight Frank Romania. There were 9,550 sqm delivered in two projects in CBD (Central Business District), and the average transaction size increased from approximately 1,800 sqm in Q1 2016, to approximately 2,400 sqm in Q1 2017.

2017-06-20 15:10:27 - From the Print Edition

"The market is continuing its growth trend after the record year of 2016, even if we won′t have that many deliveries," said Horatiu Florescu, chairman & CEO Knight Frank Romania. "It is interesting to follow what will happen in the centre, CBD and Pipera, where so far we saw the biggest transaction of this year."

Over 55 per cent of Q1 total take-up were renewals/renegotiations mainly in the IT&C and automotive industries. The biggest transaction was the 20,000 sqm renewal/renegotiation in Pipera and the upcoming two were the 10,300 sqm in Calea Floreasca/Barbu Vacarescu, and the 10,000 sqm in Presei Libere Square. Calea Floreasca/Barbu Vacarescu was demand leader with 30 per cent of the total take-up of Q1.

The office division of Knight Frank Romania had transactions of approximately 31,000 sqm in the first quarter of this year, having most of the new demands of the market.
Knight Frank LLP is an independent global property consultancy. Headquartered in London, Knight Frank operates from over 413 offices, in 60 countries, across six continents. Knight Frank entered the Romanian commercial property market in May 2009, forming an association with The Advisers, led by Horatiu Florescu.



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