Office activity on the rise

According to the number of projects that have already been announced, a further 125,000–200,000 sqm should be delivered in 2014 and 2015. In the first six months of 2012, 40,000 sqm of modern office stock was added in three projects, of which two are already fully leased. Out of the total office space currently under construction, 85,000 sqm is located in the Floreasca-Barbu Vacarescu area. A total of 650,000 sqm of leases will expire between 2012 and 2014, which should result in a number of relocations and renegotiations. Asking rents remained stable in H1 2012. For pre-leasing transactions, rents were usually 15 pct less than the rent for an existing building in the same area. Pre-leases represented 40 pct of the 72,000 sqm lease transactions in H1 2012.