Bucharest offices score high on European office market
October 2012 - From the Print Edition
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Bucharest is among the European capitals where rents for office space increased in the first half of the year. DTZ's recent study, Office Review Europe H1 2012, found that rents for office space in European emerging markets had increased, while traditional markets still face difficulties in attracting new tenants. Bucharest posted an almost four per cent growth in prime office rents in the first half of 2012, the study found. In a move to secure tenants for the challenging Bucharest market, landlords are offering inducements, such as rent-free periods. By comparison, London ranks highest on the list of European cities where rent-free periods are offered. A forecast for Bucharest for the 2012-2016 timeframe puts the average annual rental growth at between two and four per cent, mainly driven by the office market's positive evolution in Central and Eastern European (CEE) countries. The study also cites the tax regimes and the high demand for offices, noting, "CEE economies are less weighed down by fiscal burdens." According to Oxford Economics, a GDP increase in CEE of 3.8 per cent is expected for 2012-2016, the research paper said.
By Diana Mesesan
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