Another 21 office buildings were finalised in Bucharest in thefirst half of this year, in the wake of investments put at 300meuros, though almost 20% of offices built in Bucharest are emptyand rents have dropped by 5% to 15% since the start of the yearalone, reveals a survey by The Advisers Knight Frank real estateconsultancy, sent to ZF.
The 21 finished buildings, including Euro Tower or Lakeview inBarbu Văcărescu street, have a 155,000 square metre lettable area,showing that developers have started building smaller projects toreduce risks.
"Over 90% of spaces were delivered in central and semi-centralareas, with only 7% of office spaces developed at city outskirts.Given that in 2009 around 45% of projects were at the outskirts,developers have changed their behaviour, focusing on central andsemi-central areas," according to Advisers Knight Frankconsultants.
On the other hand, a series of the projects finalised in thefirst half had been started in 2008.
Nevertheless, the surface area of office space available inBucharest has hit new records, of around 300,000 square metres,considering the vacancy rate has remained flat from 2009, at19-20%.
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