Due to the unoccupied rate of the office buildings in Bucharest, daily there are lost around 100.000 euros

According to a ZF analyze, the vacancy rate for office buildings in Bucharest decreased last year to 13-14%, but approximately 300,000 square meters spaces are still empty, causing a daily loss of 100,000 euros by not collecting rent. At the final of the last year, the vacancy rate in Bucharest A and B class buildings was at 13.3%, what means that spaces of 288,000 square meters did not have occupants and the situation is even worse in Pipera-Tunari area, where 44% of the spaces are empty. The rent for the office buildings may vary in Bucharest between 6 euro/sqm for certain buildings in the Pipera-Tunari area, while in Victoriei Square or Charles de Gaulle area they may arise 18 euro/sqm. So the situation is different from an area to another, from a building to another and from a developer/owner to another. There are buildings with an employment rate of over 95%, while other investors are struggling to attract tenants, and a number of projects are standing empty for four to five years. According to the ZF info, almost half of the empty office buildings are concentrated in 5 major projects, developments that either have been built in inaccessible areas or that are technically outdated. There are buildings with an occupancy of 9%, but a major contract may radically change the financial data of the project. For example, a recent transaction of 10,400 square meters in a Barbu Văcărescu – Floreasca office building raised the occupancy from 60% to 85%, bouncing at the same time the occupancy rate of the entire area. In Bucharest, office developers will deliver this year new buildings with an area of approximately 120,000 square meters, while 2016 announces delivery of a stock of 200,000 square meters. The investors are driven by the increasing number of transactions in the last two years, but yet there are not enough tenants for all projects, so the owners of the outdated buildings or from the secondary areas will continue to suffer. source: ZF