Q1 2017 saw Class A & B take-up reach approximately 97,300 sqm on the Bucharest office market and the average transaction size increased from approximately 1,800 sqm in Q1 2016, to approximately 2,400 sqm in Q1 2017. There were 9,550 sqm delivered in two projects in the CBD (Central Business District), Knight Frank reports.
Over 55% of Q1 total take-up were renewals/renegotiations mainly in the IT&C and automotive industries. The biggest transaction was the 20,000 sqm renewal/renegotiation in Pipera and the upcoming two were the 10,300 sqm in Calea Floreasca/Barbu Văcărescu, and the 10.000 sqm in Presei Libere Square. Calea Floreasca/Barbu Văcărescu was demand leader with 30% of the total take-up of Q1.
The Center-West will be the main supply generator, with over 50% of class A office space planned for delivery, followed by Dimitrie Pompeiu with approximately 30%, but we see an increasing activity also in the Center and the CBD.
