Colliers: slow 2004 for office space market

The supply of new office space in Bucharest will be poor this year, both in terms of quantity and quality, the newest report by Colliers International shows, estimating the total office space that will become available in 2004 to nearly 66,000 sqm. The demand for office space is estimated at 80-100,000 sqm. Furthermore, the realty company notes that among the projects set up for delivery this year, only the Charles de Gaulle Building exceeds 20,000 sqm, the others’ average size being 4-5,000 sqm. “This is explained by the fact that the vast majority of the medium-sized projects are built by developers with little experience or limited financing,” Colliers’ analysts explain. The projects scheduled for delivery in Q2 or Q3 this year include Barba Building (4,500 sqm), Domus (3,000 sqm), Charles de Gaulle (23,000 sqm) etc. ZF