Office rental market up 27 percent in 2014

Newsroom 28/07/2014 | 16:20

Companies leased 27 percent more office space in the first half of 2014 compared to the same period last year in Romania, to a total of 132,000 sqm, according to statistics released by ESOP Consulting., which makes 2014 (so far) the second year in a row when the office market increases, writes Mediafax.

“This is the second consecutive year when the office market in the Capital grows in the first semester and that is a sign that 2014 on a whole will prove better than is predecessor, in terms of transactions for office space”, according to Esop.

The main engine for this growth were the relocations, which increased by 61 percent, to a total of 106,750 sqm. On the other hand renewals of existing contracts dropped by 33 percent, to 25,260 sqm.

The largest volume was made in large transactions of more than 3,000 sqm, which represented 44 percent of the total market volume in the first six months, more than double compared to the same period last year. In 2013, the market was dominated by relocation transaction of under 1,000 sqm which represented 40 percent of total deals.

“We hope that the second half will be as active as the first one and that both large companies as well as medium ones will accelerate the relocation process to better quality office spaces, as the market is offering competitive solutions at this moment”, according to Alexandru Petrescu, managing partner of ESOP Consulting.

Want to know more about Romania’s real estate market in the first half of 2014? Read the BR Property Supplement. Download it here.

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