CBRE: Bucharest will witness a fivefold increase in office space, IT - best lessee

A record area of office space will be delivered in 2016 in Bucharest, according to a CBRE report. In 2016 408,000 sqm of new offices will be delivered, over five times more than the total of 72,500 square meters in 2015 and 10% more than the volume of 2009, which represented a historical record of the local real estate market.

The most active real estate industry continues to be the IT&C; companies in this sector in the last three years rented 330,000 square meters of office space, and their 2015 lease represents 51% of total demand.

CBRE Romania owns a portfolio of tenants representing 44% of the local real estate market, according to a company release.

"It is the second consecutive year that reinforces the trend noted since 2014 of a growth in demand for new spaces and expansion of the rented space at the expense of simple renegotiations that characterized the period of hesitation and mistrust of the market in previous years," says Mihai Paduroiu, Head of Office Agency, CBRE Romania.

"It is an excellent signal on increasing market confidence in Romania, in line with the general economic growth communicated by the National Statistics Institute. The figures speak: business that needed new office space have practically doubled the demand over the last two years, from 28,700 sqm to 52,800 sqm in 2013 to 2015," says Paduroiu.

The total volume of office space leased last year was of 240,000 square meters, 20% less than in 2014. The 2015 figures represent "the result of the market context of 2009-2010 crisis when fewer deals were concluded, the vast majority of which were clinched over five years-periods. Last year fewer contracts have expired, meaning fewer tenants were in a position to seek accommodation and rentals are expected to resume growth in 2016, due to substantial number of warrants that are expected to be completed in the next 9-12 months," states the CBRE report.

Next year other 315,000 sqm will be delivered other, so that at the end of 2017, the volume of spaces delivered during 2016- 2017 will represent one third of all existing offices in Bucharest.
For 2017, more than half of the total number of spaces, or 53% of the total amount already announced, will be delivered in the western Bucharest.

"Reconfiguration of the real estate market trends clearly show a shift in demand from the North and Pipera towards the west, which will lead to a more dynamic market in Bucharest," says Paduroiu.

The TEDxBucharest conference series reaches its tenth edition to happen between November 30 – December 1, at Auditorium Pallady, with 19 international speakers on the stage.

The office market demand is estimated to have reached 220.000 sqm in the first nine months of 2018, according to the latest study findings delivered by CBRE.

Within a developing yet solid market where the necessary factors are on the table - investors, strong academic life, work force, skills and private companies operating countrywide - it seems that the evolution

The office market in Bucharest registered a total volume of 75,300 sqm of rental transactions in the third quarter of 2018, of which the new demand was 20,400 sqm. According to Colliers International real est

Microsoft announces the appointment of Violeta Luca as the new General Manager for the company's operations in Romania, starting November this year.

Oracle announced the availability of Oracle Digital Assistant, enabling companies to build personalized digital assistants to help employees work smarter and more productively.

Verint Systems announced the opening of a Cyber Intelligence Research and Development center in Romania. This new facility will offer Romanian IT professionals a unique opportunity to contribute to making the w

Microsoft has leased 23,000 square meters of office space and 500 parking spaces in Skanska's Campus 6, in Bucharest, Romania. The start date of the lease is in the third quarter of 2020 and it is estimated to

DCA Romania, the company's top five largest debt brokers in the country, opened in October its first call center outside Bucharest, the company announced in a press release.

Fintech OS is also the first Romanian start-up that joins the Microsoft UK accelerator, after having passed a complex registration and selection process.

The necessity of creating a functional dialogue within a company has been underlined by Denisa Panaite Casu, PwC Academy Manager, Romania, in the panel of the recently held People in Shared Services and Outsour

To what extent will robotics, chat bots and other cognitive technologies change the makeup of our future workforce? With customizable software and cloud-based tools which promote automation, the low skill secto

The Romanian employees are well-seen and appreciated by foreign investors, top managers of large corporations and, as Vivek Bakshi General Manager International Operations (Europe), Wipro Technologies considers

The plenary session of the recently held People in Shared Services and Outsourcing Forum brought together the industry stakeholders and the authorities in an open dialogue panel, with the aim at identifying the

We have just concluded the fourth edition of our annual event People in Shared Services and Outsourcing Forum, the get-together of the Who's Who in the industry of business shared services in Romania.