Competition to increase on new office spaces market in 2017, says ESOP
2016 was a good year for the office market in Bucharest, after five years of low delivery annual rates and recording a historic low in 2015 with 85,000 sqm, according to data from ESOP Consulting | CORFAC International. The office supply tripled last year, with deliveries of more than 280,000 sqm, as much as in the previous three years combined (2013-2015). 2017-01-09 15:09:17
"In the next two years, the Bucharest office market will have a greater dynamism, if the economy remains on this upward trend," said Mirela Raicu, manager, Corporate Office Division, ESOP Consulting | CORFAC International. "We will see accelerated development of the western area of Bucharest, Politehnica - Grozavesti - Orhideelor, the second pole of importance in the city, which will continue to attract companies in the ICT and other sectors."
According to ESOP, 2017 will see an increasing competition on the new office buildings sector of the market, to be at least as good as last year in terms of transactions and deliveries.
"There comes a period with plenty of new deliveries, more than 250,000 sqm in two years in Bucharest," said Mirela Raicu. "In this context, we expect to reduce the number of renegotiations and the companies' appetite for new office spaces will increase, given that most projects delivered in 2016 and those in progress are big projects with good quality."
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