EnglishA report of real estate company "CB Richard Ellis" shows a slight increase in office rental prices in the 2nd quarter of 2006, compared to the first half of the same year. Thus, in the first half of 2006, office rents maintained at the same level as in 2005, namely 18.5-19 EUR/sqm/mth, in the second half of 2006 they rose to 19-19.5 EUR/sqm/mth.
Specialists at "CB Richard Ellis" claim that the price increase was triggered by the rising demand and low vacancy rates of quality office space. Also, the finalized class A buildings in downtown Bucharest were leased for 20-22 EUR/sqm/mth, and the pre-leasing contracts for the same space types were signed for 16.5-17 EUR/sqm/mth.
According to a press release sent to our newspaper, class B offices were leased, last year, for 12-15 EUR/sqm/mth. Rents remained stable because supply met demand.
Office rents rose worldwide last year, also due to high demand and low vacancy rates. In Europe, the most significant rises were recorded in London (22%) and Madrid (25%).
CBRE specialists also say that this is the first time rents have simultaneously increased, while vacancies dropped in every major market.
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