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Companies leased 38,000 sqm of office space in the first quarter, says Colliers

The office market in Bucharest recorded a new net take-up of up to 38,000 sqm in the first quarter of this year. According to Colliers International, demand has come from the energy / industrial and IT&C segments.

2018-04-30 12:15:23

The volume of leasing transactions was lower in the first quarter of 2018, compared to the same period last year. The total leased area - which includes renegotiations and contract extensions - was approximately 68,000 sqm, down by almost 43 per cent compared to 2017. Also during this period, the new demand amounted to 38,000 sqm, 26 per cent below the level of last year, but the value is, however, above the quarterly average in recent years.

"In the first quarter, the new office space demand was moderate compared to the peak in the past as a result of the unemployment rate at a historic low and the growing interest in office markets in major regional cities. At the same time, amid the excellent level of activity in the first half of last year, we are also discussing a significant unfavorable base effect," said Silviu Pop, Head of Research at Colliers International Romania.

The largest demand came from energy and industrial companies (37 per cent), followed by IT&C (24 per cent) and banking and insurance companies (9 per cent).

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