Office rents in Central Business District slightly down, CBRE Eurisko says

Newsroom 25/05/2009 | 16:00

“The owners of A-class type office buildings in this area have come up with other money-savings offers for their tenants, some offering office space rent-free for one or two months in order to anchor an important tenant,” said Jigman.
Due to the low demand on the real estate market, tenants can speculate and relocate to premium-quality buildings. But, overall, Bucharest still lacks a high quality offer and suffers from too many inefficient buildings, according to the representative.
Bucharest's CBD was established back in 2000, when investors such as Portland Trust and Globe Trade Center built the landmark office developments Opera Center and Europe House, after which the neighboring areas saw other developments of A-class office buildings like America House, Charles de Gaulle Plaza, Bucharest Business Park, Millennium BC and S-Park.
Besides the benefits of the central area, which has direct traffic access to the most important state institutions, this also generated international deals involving these buildings. The CBRE Eurisko representative quotes the acquisition of Opera Center I by CA Immo in 2003 and the USD 31 million deal in which Europolis purchased Europe House in 2004 as two examples.
Magda Purice

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