1 million sqm office spaces to be delivered in the next two years

The next two and a half years will see nearly 1 mil. sq m of prime office space hitting the market, according to Mihai Paduroiu, Head of Office Transactions at CBRE: 185,000 sq m to be delivered this year, 350,000 sq m in 2019 and 436,000 sq m in 2020. “In the last two years there has been a dramatic drop in vacancy, which creates a lot of challenges for the entire occupiers’ sector. We recommend our clients to extend their timeline exceeding 24 months when it comes to any sort of real estate project,” Paduroiu said during CEDER. He added that Bucharest’s map is getting more balanced in terms of new office buildings, with new hotspots such as Expozitiei and Timpuri Noi/Tineretului. Up until three years ago everybody was talking about the offices in the north of the city, which created challenges for the city demographics. “According to our research, over 70% of the people in Bucharest live on the East-West axis or below it. They commute daily to the center and north, hence the congestion. The good news is the developers have reacted smartly to this and now we have more options. This brings balance back to the urban development of the city,” Paduroiu added.