EnglishThe year 2006 brought a slight increase in modern office rental market. According to a study carried out by real estate company "DTZ Echinox", approximately 2000 sqm of offices were rented last year due to new companies entering the market, expansion of existing companies and as a result of mergers and aquisitions that occurred especially on IT and pharmaceutical markets.
Thus, the market increase in 2006 compared to 2005 is estimated by "DTZ Echinox" specialists at approximately 15%. Demand level was also lowered by the lack of avalability in 2006, most companies having to wait for the finalization of buildings sheduled for 2007.
The lack of adequate offer created a strong position for owners, who were more inflexible during contract negotiation, maintaining high rental prices and causing tenants to be more cautios in calculating budget. Pre-leasing percentage is estimated at 40% of total leasing transactions in 2006.
Given the fact that no large surfaces were cleared and supply outweighed demand, owners had sufficient reasons to maintain high rental prices.
The buildings that are still under construction will bring to the market another 35.000 sqm, 10.000 of which are still vacant. The vacancy rate is under 3%. Thus, more than 30% of the estimated stock for 2007 has already been pre-leased.
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