Loading ...Romania’s capital, affected by a wave of house prices decline, recorded a surprising evolution on the office and retail segments. According to Atisreal consultants (BNP Paribas real estate division), quoted by Adevarul daily, the office space market in Bucharest continued its excellent evolution in the first half of 2008 as well, although in the absence of some big transactions.
For those finalized in 2008 negotiations were launched in 2007, when the market was following a steady upward trend. On the office market the total value of transactions stood at 36 million euros.
Despite this, Atisreal analysts announced that after a steady drop in profitability rate for five years, in the first half of the year the trend reversed.
For offices, profitability rates advanced 6 percent in the first half of 2007, up to 6.5-6.75% at present, whereas for class B office space profitability rates have been even higher, attaining 7.75-8.25% from the level of 7.5-8% in the first half of 2007. But these figures are not the result of a series of transactions, as calculated in the previous years, just a market information compilation of sellers and buyers expectancies.
The office stock jumped 15% to 1,735,000 built square meters. In the first half of the year 235,000 square meters were delivered and rents were in line with the general move on the European market, namely stagnating.
The same as for offices, malls did not diminish rents, say consultants from real estate company CB Richard Ellis. In Bucharest, retail spaces advanced in the third quarter of the year by 7%, to an average of 1,580 euros per square meter per year. Together with Dubai the Capital was the market with the biggest modifications at the level of rents in this field.
According to Atisreal, investment profitability rates for commercial centers in Bucharest rose from 7.5% in H1 to 7.75% at present.
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