The value of signed real estate transactions in the first nine months of 2018 reached EUR 520 million, according to the real estate consultant JLL officials. The company estimates that the value will increase to EUR 800-900 mln by the end of 2018, according to Business-Review.eu.
Bucharest remains the strongest market with 76 percent of the transactions. Office transactions covered 56 percent of total transactions, and 30 percent out of these were retail projects.
“When it comes to delivering projects, things have stagnated. Net demand is over 120,000 square meters. We believe it will reach the same level as last year, of around 300,000 sqm, ” Marius Scuta, head of Office Department & Tenant Representation, JLL explained.
”The unoccupied rate is about 8 percent and the rent remains stable at maximum EUR 18.5/sqm. Yet, most rents in Bucharest are around EUR 14 and 16/sqm. But there is inflation pressure on rent prices” Maria Florea, head of Office Agency, JLL said.
According to Florea, developers are still looking for areas close to a Metro station and it’s a risk to develop in areas like bulevardul Expozitiei, based on authorities promises to expand the subway network. Co-working is becoming more and more important.
Read more HERE
