CBRE Romania: 15 new office buildings in 2019, over 300,000 square meters

By Emea Riga
The modern office space inventory has exceeded 2.91 million square meters in 2018, and for 2019, the construction of 15 new office buildings, totaling over 304,000 square meters, is announced, according to an analysis of CBRE Romania.
The rental requests amounted to 325,000 square meters in 2018, and 81% of the traded premises are located in Class A office buildings.
The modern office space stock has reached 2.91 million sq m, with 144,000 sq m delivered in 2018, up 15% from 2017, according to CBRE Romania’s analysis.
The office space segment will continue to grow rapidly in 2019, experts say, and 15 new projects will be launched later this year. However, the market feels the lack of several projects, the level of demand being still above the existing supply. At this time, 50% of the total area to be completed in 2019 is already leased, which is a clear indicator of the need to deliver more office space.
In 2019, 15 projects totaling over 304,000 sqm are announced, while the west of the capital remains a champion in the most active areas. Thus, 48% of the projects are located in the western part of Bucharest, 24% in the north, 10% in the CBD area, 9% in the central area and 8% in Pipera.
At present, most of the total stock of modern office space in the northern part of the capital and Pipera, according to CBRE, is the largest part, and these areas are considered for many years to be traditional for the location of office complexes and where massively built. However, the current trend is to create new poles, such as Timpuri Noi, located in the center-south part of the capital. The Timpuri Noi Square project, located here, whose contribution to the development of the area is indisputable, functions as an anchor, attracting more and more investors and new tenants, and also inspiring other developers who have noticed the potential of the area.