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Office take-up in Bucharest rises

Date : (News Section: Romania)

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Office take-up in Bucharest rises
An increase in the level of take-up of office space in Romania's capital Bucharest has been recorded.

The CBRE report found Romania's commercial property sector appears to be in better shape than some of its counterparts in Central and Eastern Europe (CEE).

Destinations such as Moscow and Budapest experienced significant declines in the amount of office space being occupied, with the CEE region posting an average fall in take-up of ten per cent overall.

Vacancy rates in Bucharest currently stand at approximately 14 per cent, while around 200,000 sq m of new space is expected to come on to the city's market by the end of next year.

CBRE also revealed prime rents in Bucharest have remained unchanged since 2011 and office properties in the Romanian location presently deliver yields of eight per cent.

Senior director of CEE capital markets at the firm Mike Atwell commented returns may slip by the end of 2012, because "the number of active investors and financiers has been reduced considerably".

According to figures published last month by Colliers International Romania, there will be significant opportunities in the Romanian office sector this year due to the high number of lease contracts that are up for renewal, ACTmedia - the Romanian news agency - reported.
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Article by +Steve Binge on behalf of Propertyshowrooms.com

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