Vacant offices reach a five-year high
The non-occupancy of offices in Bucharest has reached a five-year high of 13 per cent.
This follows a rise in delivered office spaces in Bucharest by 25 per cent in the first half of 2009 compared to the whole of 2008, while demand has slumped. September 2009 - From the Print Edition
Around 245,000 sqm of office space was delivered between January and June 2009, while the total supply of office space in the capital has reached one million sqm, according to real estate consultants Colliers International. At the same time the demand for office space has declined by 80 per cent.
Only 26,500 sqm office spaces from the new space delivered in 2009 has been rented, an 80 per cent slump on the first semester of 2008. Office rent has also fallen by up to 20 per cent, with many tenants renegotiating their contracts at a lower rate. Another 190,000 sqm of office space is expected for delivery in the second half of 2009, of which 90,000 sqm has been pre-leased.
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