Office space market to grow in 2008
27 December 2007
The office space in Bucharest is becoming increasingly scarce, and that is why many of the office buildings are leased long before they are erected, reads a study of City Expert real estate agency. Just as in the case of residential projects, the demand for office buildings surpasses the supply.
“Due to the lifestyle and bigger salaries, people living in the regions are migrating to the capital. In this sense, Bucharest tends to become a real business centre”, says Eugen Paternic, general manager of City Expert.
So far most office buildings have been built in northern Bucharest. The most important tenants in northern Bucharest continue to be the IT, telecom and FMCG companies.
The most expensive area in terms of office spaces is in the centre-north of Bucharest, where there are the offices of the most important international banks and companies on the local market. The monthly rent in 2008 is estimated at 20 euros per square meter for these areas, with a slight downward variation to 14 euros per square meter.