Northern Bucharest is no longer the star of real estate transactions

by   CIJ News iDesk V
2022-05-11   14:51

Office buildings in the northern part of Bucharest are no longer the main destination for companies looking to rent office space. Companies interest has shifted now to the Center, South or West of the Capital, these areas representing now 60% of the real estate transactions. Timpuri Noi, Tineretului or Orhideea Grozavesti are the main areas sought by companies, according to a 24REAL agency.

"If in 2020, about 80% of the demand for office space was concentrated on the axis of Victoriei Square - North area, now we can say that it is almost reversed, where 60% of the demand targets the Center, Center-West and Center- South - this is because new developments have appeared, with good accessibility to road and public transport infrastructure, but especially the proximity of the house, which has led to a greater segmentation of the market. At present, we can no longer talk only about the New CBD (Central Business District), but also the central areas of the South and the West," said Constantin Capraru, managing partner of 24REAL.