The Expozitiei area in Bucharest will register a surge of developments in the office segment, according to Horatiu Florescu, the chairman & CEO of Knight Frank Romania, the real estate consultancy.
Florescu told BR that he is working on several transactions in this area which is gaining traction in terms of fresh investments.
“I am working on a couple of big transactions, you will see in the next 2-3 months, around Expozitiei, where there are 3 projects. We’ll announce one next week that will come with a prelease in the back,” said Florescu.
He went on to say that Expozitiei is the new “Barbu Vacarescu” area in terms of office development due the easy access adding that we “will see a lot of tenants moving out from a lot of areas” to be here.
Speaking about the main challenge for the market, he cited the insufficient land for offices going forward, adding that supply for good locations will start to go down, while demand from tenants will remain high.
“Now, for example, we are working for projects with delivery in 2020, 2021. We are signing a big pre-lease with a delivery in March 2020,” said Florescu, whose firm is the exclusive leasing agent for The Landmark office complex in central Bucharest.
Photo source: AmCham Romania