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Office Space in Bucharest Is On the Rise, But Still Insufficient
Six of the 17 office buildings announced to be completed in Bucharest this year are ready for their tenants. Investment in the real-estate business exploded in 2005, putting the total new surface for office rental to be built at 140,000 square meters. The six buildings already competed in 2005 are Novo Park, Nord BC, Unimed BC, Sema Park, River Gate and Gabrielle Center. At the end of 2004 the space for office rental in Bucharest stayed at 500,000 sqm, of which 80,000 sqm Class A office space had been completed in 2004. Though the office space open for rental this year will increase with almost a quarter, most of it is already taken via renting contracts. America House will be the biggest office building erected this year, standing in Victoria Square at nine flights high, 26,000 sqm office space and three stories underground parking for 350 cars. The building will be serviced by nine elevators and will be open for business in November 2005. Bucharest Business Park is a Class A building with four separate units, developed on Bucharest - Ploiesti Road, close to Casa Presei Libere building. Developer Portland Trust will offer for rental 18,000 sqm of office space and 450 underground and above ground parking places. Floreasca Tower is placed on the bank of Floreasca Lake. It will stand 50 meters high, with 8,500 sqm office space distributed on 13 flights, and will have parking place for hundreds of cars, both under and above the ground level. Bucharest Corporate Center will have 16,000 sqm Class A renting space. The cost of the building stays at 22 to 24 million euros but the investment it will be quickly recovered given the investment recovery rate for office buildings stays at 8 to 9%. Unimed goes seven stories high, holds 6,098 sqm of office space and has a gallery at the mezzanine. Itâs also situated on a prime location plot, close to University Square, providing amenities like air conditioned, Internet, and around the clock security services.