Prime office rental levels have fallen over the last 12 months from €300/sqm/annum to €264/sqm/annum, leaving the rental level for office accommodation at no more than it was three years ago, King Sturge real estate adviser said in a report.
Nevertheless, further rent falls are in prospect in the short-term with vacancy still rising.

“The overall vacancy rate for the city has increased significantly from 4.0% at the end of 2008 to a current level of 10.0%, with higher rates registered closer to the city borders, such as in the Pipera area. This increase is being fuelled by the migration of companies to smaller and cheaper offices and the increase in new supply. The expectation is that the vacancy rate for the city will rise to around 10.0% by the end of the year”, reads the report.

King Sturge opened branch in Bucharest in 2006, and provides investment advisory, property management, appraisals, market research and project management services.

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