Slow demand for Romanian office market, Cushman & Wakefield study shows

Newsroom 31/01/2011 | 17:58

The local office market is expected to experience a growth in demand this year, but at a low pace, while prime rents should stabilize, a Cushman & Wakefield study shows. Diminished activity on this segment could maintain yields stable, while a few projects are expected to be finalized in 2011.

 The prime rent per sqm per month in Bucharest in December 2010  stood at EUR 18.50 in the central area of the city, while out of town rents stood at EUR 11. In Brasov and Constanta prime rents per sqm per month were EUR 10, while in Timisoara they stood at EUR 11.50.               

The gross prime yields in Bucharest at the end of 2010 stood at 9 percent in downtown areas, and 10 percent for out of town areas. In Brasov, Timisoara, Constanta, yields were 11 percent.

A few positive signals for the market this year are the expected economic growth, and the fact that many companies have postponed the analysis of the needed office space until this year. The demand isn’t very high and it will take a while until it will surpass the space offer, the same data shows. As far as investments are concerned, market conditions are expected to remain difficult, without any major changes.

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