Bucharest office space, fully booked

Class A office space vacancy rate in Bucharest reached the lowest point in its history, 3.56% at the end of 2002. This is the lowest level in Central and Eastern Europe, a study of the real estate company Colliers International shows.  This trend is due, as explained by Colliers’ report, to growing demand from companies wishing to relocate to better buildings for better prices, but also to the decreasing supply. Very few Class A buildings were delivered in 2002, with Europe House (currently hosting Orange) and Opera Center II as the most representative. At the end of 2002, the total stock of Class A space was 155,000 sqm, out of which only 6,000 sqm were available. Class A buildings are newly finished projects offering about 500 sqm per floor, Western standards finishing and an attractive location, which is both affordable and visible. Class A rents range between $16-$20/sqm a month at the moment, while Class B rents reach $14-$16/sqm a month, according to Colliers. ZF