Office space supply exceeds one million square metres in Bucharest

The total surface area of the office buildings in Bucharest has exceeded one million square metres, because of the completion of a number of projects in the first half, research by real estate company CB Richard Ellis reveals. The supply increased by 207,000 square metres, one third of which consists of class A space. The office space delivered onto the market in the first six months was about 41% larger than the total office space finalised last year, which totalled 146,000 square metres. The most active sub-area of the market was the north of the capital city, with about 85,000 square metres delivered. Office building developers delivered 36 buildings in the first half. The most important of them are America House, Bucharest Corporate Center, Construdava Business Center and Buzesti Office Building. The four buildings, totalling 67,000 square metres, account for 44% of the supply of new buildings, which stands at 151,000 square metres. Out of the total supply, buildings with an average built surface area between 1,000 and 6,000 square metres account for about 40%. Most class A buildings are located in central areas (about 200,000 square metres out of a 362,000 square metre total), and the majority of them have a surface area of over 10,000 square metres. Office space demand in turn witnessed significant increase in the first six months of the year. The total space bought reached 183,000 square metres, of which 83,000 square metres are pre-rented space, scheduled to be occupied until early in 2007.