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Real estate agencies: Office rents in Bucharest to decrease 10%

de Radu Rizea     HotNews.ro
Luni, 2 februarie 2009, 16:39 English | Business

The average rent price in Bucharest recorded in 2008 the highest level in the past 10 years, reaching 26 Euros per square meter / month in well-placed downtown areas, the DTZ Echinox consultancy company informs. The price is expected to drop 10% this year, since many companies target smaller offices, with lower maintenance and rent costs, real estate consultancy company Re/Max Bastion says.

"The rent level had an ascending trend during the past years, with 2008 recording the highest level in the last decade, up to 26 Euros per square meters per month", an analysis conducted by DTZ Echinox indicates.

According to the company, the real estate investments reached 900 million Euros, only 7.7% of it being designed for office buildings, an abrupt fall from the 2007 figures, when the office buildings represented 21.5% of all investments.

Other real estate agencies, like Re/Max Bastion, estimate that companies will move towards less wide office spaces, with lower costs in both maintenance and rent. Company consultants say that the average price is expected to drop between 5 and 10% in some Bucharest areas and 10% downtown.
























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