Demand still not enough to fill all empty office spaces

The office market has shown some signs of a rebound, but current demand from companies is not enough to fill all the empty spaces in Bucharest, so that some office owners risk seeing their buildings still vacant. The vacancy rate of Bucharest office spaces has risen toward 20%, but consultants particularly account for this by the projects of Pipera area, where several buildings are almost empty. Nevertheless, the situation of downtown Bucharest is not better, either, particularly as regards the new projects. The developers now finishing projects generally built at quite high costs, on the back of estimates of rent incomes that are hard to reach during the current period. Primavera Development developer has been trying, for more than a year, to attract tenants to a building in Piata Victoriei, whose structure has been finalised, Search Corporation still has enough lettable floors in Crystal Tower project under construction on Iancu de Hunedoara Boulevard, and many of the already finalised projects do not have a 100% occupancy rate, yet.