JLL: Developers delivered office space for 8,000 employees in H1, but no malls

Newsroom 09/08/2014 | 11:03

Real estate developers completed in the first half of 2014 office buildings for another 8,000 employees in Bucharest and 60,000 square meters of industrial space countrywide, but no shopping mall was delivered during this period, according to a report by real estate consulting firm JLL.

“4 important office projects were delivered in Bucharest in the second quarter: Green Gate (S Group), AFI Business Park 2 (AFI Europe), Green Cube/Chandler and Dionisie Lupu 72, which together added 50,000 square meters of space class A and Class B to the city’s initial offer. The office buildings that were completed in the first half of the year totaled 73,000 squaremeters. Bucharest’s office space is currently at 2,15 million square meters”, according to the JLL report.

For the second half of the year another 70,000 sqm should be delivered, with City Offices and Green Court Bucharest representing 60 percent of the offer by the end of the year.  Developers have a different set of project deadlines for next year, estimated at 110,000 squaremeters.

Developers were more restrained in terms of retail projects: there were no shopping centers delivered in the first half of the year after 2013 saw the national retail offer increase by 128,000 sqm, On the industrial and logistics market, the current situation in hubs and around Bucharest shows a total surface of one million square meters and nationally it increases to 1,8 million square meters.

 

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