Office vacancy drops below ten per cent in Bucharest for the first time since 2009, says C&W Echinox
Office demand continued to be consistent in the first six months of 2017 and the level of new supply was limited compared with H2 2016. The vacancy rate in Bucharest dropped for the first time since 2009 below ten per cent, according to data from C&W Echinox. At the end of H1 2017, the general vacancy rate stands at 9.3 per cent. 2017-08-30 12:09:06
Looking at submarkets' performance, the lowest vacancy rates are recorded in the Central North area – 4 per cent, followed by West - 4.7 per cent and Pipera South submarket - 5.5 per cent.
The modern office stock in Bucharest is of 2.61 million sqm at the end of H1 2017. Throughout the first half of the year, new supply amounted approximately 75,000 sqm and was delivered in Central, Pipera South and CBD submarkets. Overall, the most developed office area in Bucharest remains the Central North submarket, with 24 per cent of the total stock.
For the second half of 2017, new supply is forecasted to be around 80,000 sqm, with West submarket accounting for more than 75 per cent. Although the number of projects under construction is high, the vast majority of office projects have been postponed for 2018.
Overall, the pipeline for next year exceeds 300,000 sqm. Demand for quality office space is forecasted to follow the same positive trend, while active developers are competing for the interest of large office occupiers. Given the high number of sqm under construction, rental levels are not expected to increase going forward.
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