FORTIM Trusted ADVISORS reached 10.500 sqm of office space leased in the first 9 months of 2021
FORTIM Trusted Advisors, an Alliance Member of BNP Paribas Real Estate in Romania, leased, in the half of 2021, over 10.500 sqm of office space, both in Bucharest and in Cluj-Napoca.
The business growth and, implicitly, the increase of employees’ number were among the most important factors that determined the companies to change their office spaces in the first half of this year. Computer & Hi-Tech, Health and Finance, the economic sectors that remained equally active during the pandemic, were the most dynamic in the office market.
The trend of opting for office spaces in modern buildings, located in the central areas of the city was strongly manifested in the search behavior of customers in the first period of the year. Last but not least, the current market conditions, favoring tenants, have encouraged corporations to take the opportunity and look for new office space.
"We are glad that we register better results in 2021 compared to the previous year, as market data indicates already. We estimate a market growth of 15-20%. In the future, we will witness a balance between relocations and renewal of leases, as well as maintaining the share of pre-leases", said Nicolae Ciobanu, Managing Partner | Head of Advisory FORTIM Trusted Advisors.
In Q3 2021, the office market in Bucharest continued to recover, with approximately 90,600 sq m traded, thus reaching a total of 225,000 sq m traded during Q1-Q3 2021. Thus, we are witnessing an increase of approximately 30% compared to prevoius year, but 20% less than in the same period of 2019. The most active economic sector was Medical & Pharma with 21% of total demand in Q3, followed by IT&C with 12% of demand.
At the level of Q3 2021, Fortim studies indicate a total stock of modern offices of 3.85 million sqm. Several office projects announced in previous quarters were delivered by the end of the third quarter of 2021, representing a significant influencing factor in the total vacancy rate which registered a slight increase, reaching 12.5%. The average value for "prime" rent remains constant at 18.5-19 euro / sqm / month. The stock of modern office space will increase by approximately 150,000 sqm in 2022, reaching a total of 4 million sqm.
FORTIM Trusted Advisors advised GROHE Romania in the relocation process
FORTIM Trusted Advisors, an Alliance Member of BNP Paribas Real Estate in Romania, advised Grohe Romania in the relocation process of its offices in the Matei Millo Offices, a project developed by Forte Partners.
This transaction is another confirmation of the positive evolution of the market.
The company moved its operations to the new headquarters of 520 sqm in the modern office building, class-A, located on Matei Millo Street in Bucharest, starting with October 2021.
"The central location and attractive commercial conditions for a premium, class-A, energy-efficient building were the factors that determined Grohe International to opt for the Matei Millo Offices. We are pleased to have had the opportunity to advise the relocation process of GroheRomania, a representative transaction for our office portfolio,” said Dorin Caplea, Senior Office Consultant Fortim Trusted Advisors, responsible for this transaction.
„The characteristics of “green”, energy efficient building, centrally positioned and built according to the newest and most modern standards, allowing a customized fit-out, were important for us in choosing our new workspace. FORTIM Trusted Advisors managed to identify all these aspects embedded in the Matei Millo Offices, which led to the efficient conclusion of this transaction", declared Ștefan Moșneanu, Leader, Marketing Romania & Moldova, LIXIL EMEA .