Genpact, Luxoft and Oracle, top lessees for Bucharest offices; 2016 market, up 20%-Esop

The 2016 office rental market may grow by 20-25% compared to 2015, says Alexandru Petrescu, managing partner ESOP Consulting, CORFAC International.

While in 2015 most demand came from multinationals such as Genpact, Luxoft and Oracle, in 2016, a succession of relocations will follow, as result of legislative changes and major consolidation of headquarters of multinationals.

"This will lead to an increase in office rental market by 20-25% compared to 2015," says Petrescu.
Current year could be the first in a series of relocations towards top quality offices, while lower quality office spaces in Bucharest will be rolled over to smaller tenants during the next 3-4 years.

"The large pre-lease contracts of ‚mammoth' office spaces, with areas of 10,000 - 40,000 square meters, completed in 2015 or still in the pipeline will free up several Class A and B+ buildings in the central area, and there's a growth coming from companies currently located in blocks of flats and other residential premises," says he.

"2016 will bring together multiple factors of influence on the office market, there will be a migration in all segments of the office market in Bucharest, amid increasing supply of offices: large tenants will strengthen their headquarters in the latest and well positioned office buildings in areas of central north and west that will take the cream."

Some of the largest transactions in 2015 were done by IT and BPO companies such as Genpact (22,000 sqm - Hermes Business Park), Oracle (10,400 sqm - Sky Tower and 20,000 square meters in Oregon Park), or Luxoft (5,500 sqm - Hermes Business Park).

In 2016 there are already known at least three major pre-leases: two big players in the banking sector and one in IT want to consolidate offices and seek solutions for over 15,000 sqm of space.

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