New Office Rentals in Bucharest Drop To 60% Of Last Year

Real-estate developers completed 200,000 square meters of new office space in Bucharest, in the first six months of 2009, but the newly rented surface dropped to 60% of last year's, according to a study performed by Jones Lang LaSalle (JLL) real-estate agency, quoted by Mediafax wire service.

The total office space for rent in Bucharest stays now at 1.35 million square meters.
Some other 60,000 square meters will be completed by the end of the year.

The non-occupancy rate of office space in Bucharest climbed to 10.8%, forcing real-estate owners to lower rents by 10%-15% from the first six-months last year, or a maximum of 22 Euro/sqm/month, in absolute figures.

This brought the maximum values to 80-95 Euro/sqm/month for shopping centers and to 70-90 Euro/sqm/month for shops in the city.

The analysis estimated the newly built office space next year will drop to 180,000 sqm and that the rentals on the real-estate market will bounce back.

- Translation AAP

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