English
A.T.
Owners of office space in Bucharest are beginning to experience some cold sweat as the occupancy rate plunged a worrisome 31% in Q1 compared to both Q4 and Q1 of 2008. Most of the deals that go through these days concern B Class space in the northern part of the city, according to a study by BNP Paribas Real Estate Romania. The vacancy rate increased significantly, by 1.5 percentage points, following the delivery of newly built space and a shrinking demand.
At European level, the setback of the office space segment is smaller than the downturn of the investment market, but rental operations continue to decrease across the continent as companies are seeking to cut costs by moving to less expensive space. Consequently, demand for affordable space is still high, but not all companies are ready to move immediately. Many of them are waiting for further price cuts and more advantageous terms.
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