Bucharest office market could be saturated within 3-4 years

The Bucharest office market could be saturated within the next 3 or 4 years, if all the projects, which have been announced are completed, Florin Sorea, manager of the Office Department of real estate consulting company Cushman & Wakefield Activ Consulting, told ZF on Thursday. Most office projects are scheduled for completion in Northern Bucharest, in the Pipera area. In the future, the Pipera-Tunari area will become Bucharest’s business centre, which, at present, is located in the Piata Victoriei area. Office projects of hundreds of thousands of square metres would be completed in the Pipera area, which will be enough to saturate the market, explained Sorea. According to Sorea, investors tend to opt for the secondary and peripheral areas of Bucharest due to the land shortage for building projects in central areas. “There are no similar statistics on the amount of office space available in Bucharest, they vary from 800,000 square metres to 1,2 million square metres. What is certain is that the vacancy rate is very low, of just 3%. (…),” said Sorea.