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Real estate: Office area market grew by 24% in first three quarter, 2019

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The volume of office area rentals amounted to 339,100 sq.m at the end of the first three quarters of the year, 65,430 sq.m more (24%) than in the same period of 2018, according to an ESOP  survey on data centralized by main brokers in the market, which shows that most transactions were made in Bucharest, Cluj Napoca and Timisoara.

“The office market remains in a growing trend, it is a period of development and extension both for multinational companies and the local ones. Companies were attracted mainly by pre-rentals of areas in new projects, the pre-rental segment recording an increase of 40% in the first quarters of the year, compared to the same period of last year: to 96,000 in 2019 against 68,000 sq.m the previous year,”said Alexandru Petrescu, managing partner ESOP Consulting.

Offices of 90,810 sq.m were rented in quarter 3, 2019, the average renting area being 1,196 sq.m.

The largest office areas were rented in Iride Park, AFI Park, Dacia Office, Orhideea Towers and Timpuri Noi Square projects.

In Cluj Napoca, the biggest transactions had in view office areas in Record Park and CBC projects and in Timisoara Iulius Tower project.

ESOP is a company specialized in the commercial real estate segment.  ESOP made transactions with over 120,000 sq.m of office areas in the last three years. Its customers include Harman Romania, Hella Romania, IPSOS Interactive Services, Konica Minolta, Lugera & Makler, Enel, Alcedo, Sygenta, SNC Lavalin, 1 and 1 Romania and Asseco.

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