PremiumRed to complete 60 percent-leased PremiumPoint in June

The ten-storey building close to Victoriei Square covers 6,000 sqm, with the main tenant on the space occupied so far being insurer Aviva, which will have its headquarters here, as well as a life assurance retail center on the ground floor.
“Tenants are taking longer to make decisions, which has considerably impacted take-up volume in the first part of the year, causing a decline in take-up in the first quarter in comparison with Q1 2008,” said Kevin Harrington, head of the office department at Jones Lang LaSalle in Romania.
Vacancy rates have increased slightly but remain in the low single digits for central locations. In contrast, decentralised submarkets may see vacancy rates in the double-digits by year-end, he warned. “Take-up in 2009 will be down as much as 40-50 percent from 2008. However we expect take-up to begin to rebound in 2010 in line with improving economic growth,” added Harrington. “In the meantime, developers wanting to start projects will be forced to compete aggressively for pre-leases.”
PremiumRed completed Premium Plaza last year, as well as Baneasa Business Center.
Staff