Take-up on Bucharest and Big Cities office markets doubled in Q1 2016

140,000 sq m of office spaces leased in Q1 2015 in Romania, double from 76,000 sqm leased in the same period in 2015. One third of the total take-up represented transaction in projects outside of Bucharest.

Close to 100,000 sqm were leased in Bucharest, double the level reported in Q1 2015. The largest transaction in the Capital was 13,000 sqm, this being a lease extension.

Outside Bucharest, approximately 40,000 sqm of office space were leased in Q1, up from about 18,800 sqm in the same period last year. The largest transaction outside of Bucharest was 13,000 sqm, advised by JLL for a project in Iasi.

Iasi (17,200 sqm), Timisoara (16,300 sqm), Cluj-Napoca and Brasov were the most active regional markets.

"The statistics on office demand in the first three months of this year are encouraging. New demand, meaning pre-leases and new contracts, stood at about 70,000 sqm or about half the market. This comes to show that Romania remains attractive for investors. The increased activity outside Bucharest helps create an attractive and competitive investment climate and the presence of new tenants from different industries on the local market could attract additional international players in the future, she added", said Claudia Cetatoiu, senior consultant tenant representation with JLL Romania.

Demand for office space continued to come mostly from BPO, IT and professional services firms which together generated over 60 percent of the demand for office space in Q1.

The banking and financial services sector and tenants active in the FMCG industry generated another 10,000 sqm and 3,000 sqm respectively, of the total demand.

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