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2011, a new beginning on office market

2011, a new beginning on office market
25.04.2011, 23:42 40

2011 is set to be the year of a new wave of projects for theexperienced office market developers though the vacancy rate inBucharest is still around 15%.

Real estate groups such as Portland Trust, GTC and AIGLincoln, as well as Raiffeisen Evolution, Nusco Imobiliara orAnchor Grup are still betting on the office segment and are readyto put projects with an area of almost 200,000 square metres on theBucharest market in the next two or three years, though Bucharestnow holds empty spaces of around 300,000 square metres.

A series of projects are being "revitalised" after a longerperiod of inactivity, while others are started from scratch and thevalue of investments likely to be started this year is put ataround 400m euros. The sum is ten times higher than the value ofprojects started last year, when only Belgium's Atenor startedworks for an 18,000 square metre office building in Pipera, whileCotroceni Park's owners began raising a 13,000 square metrebuilding near the mall.

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