The government’s announcement that it will kick start next year works on a new subway line that will connect Gara de Nord with the Otopeni international airport (subway line 6) could result into the creation of a new office pole in Bucharest either in the Expozitiei or Baneasa areas, according to real estate consultancy Colliers International. New developments in these two areas will compete against the capital’s consecrated office destinations such as Floreasca – Barbu Vacarescu, argue Colliers representatives.
“I believe that the first area that will benefit from the expansion of the subway network will be Romexpo – Expozitiei which could be a very good alternative for companies located in Floreasca-Barbu Văcărescu,” according to Lucian Opris, senior associate with the office department of Colliers International. The area has always been popular with companies active in the financial sector, he explained. Players like UniCredit Bank, OTP Bank (former Millennium Bank) and RBS (former ABN Amro) are either headquartered or have previously been headquartered in the area, pointed out Opris. “In the present context I think there is a real potential for this area to consolidate itself into a financial center,” he concluded.
Baneasa, on the other hand has the advantage of already being a strong retail area which in turn would attract office developments, explained George Didoiu, associate director in the office department of Colliers International.
“There is a developing trend of mixed projects that bring together an office, retail and residential component. I think that once the new subway will be completed, Baneasa can grow into an important pole for mixed developments. It already has a strong retail offer and residential could follow as the third element of this ecosystem,” he explained.
Bucharest’s modern office stock is estimated at 2.13 million sqm out of which Piata Presei/Expozitiei and Baneasa take up only 7 percent and 6 percent, respectively, according to company data.