Big companies pay 100m euros per year for space in Bucharest's top office buildings

The largest banks, pharmaceutical players, IT firms, telecommunication and consultancy companies pay annual rents of around 100 million euros for space in one of the leading 15 office projects in Bucharest, in areas such as Piata Victoriei, Piata Aviatorilor, Pipera or Baneasa, reveals a ZF analysis based on market information. The 15 operational office projects selected as being representative for the Romanian office market, have an overall lettable area of 460,000 square metres, i.e. almost half of Bucharest's office market. If an average rent of 18 euros/square metre/month is considered, the owners of these buildings collect revenues worth 100 million euros over the period of a year from the largest players in the economy. Out of the chosen projects, in buildings such as America House in Piata Victoriei or Charles de Gaulle Plaza in Piata Aviatorilor, the average rent probably exceeds 18 euros/square metre, while in projects such as Conect Business Park and IRIDE Business Park in Pipera, the average rent is lower. The office buildings house banks such as the BCR, Raiffeisen, ING, UniCredit and Credit Europe, leading telecom players - Orange, Vodafone, Cosmote, Telemobil -, consultancies such as KPMG, Deloitte, PricewaterhouseCoopers, as well as the leading pharmaceutical players - Roche, Terapia Ranbaxy, Bayer and Zentiva.