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Office spaces could become 10 pc cheaper in 2009

Bucharest ranks 37 in the top most expensive office locations in the world, with a total cost of EUR 367/sq m/year, or EUR 30.58/sq m/month, reads the report "Office Space Across the World 2009," launched by the real estate company Cushman & Wakefield.

The survey compares the rentals for the office spaces in 202 important locations from 57 countries on all continents. According to the survey, London lost its status of the most expensive office location in the world, for the first time in nine years, being outdistanced by Hong Kong and Tokyo. In Bucharest, the rents were stable in 2008, remaining at the level from 2007, with an average of EUR 21/sq m/month. This year we watch also in Romania a possible fall of the rentals, to around EUR 18-20/sq m/month.

"Romania as an investment country at real estate level was not very interesting for most of the major investment funds. First because of the political, legislative and monetary instabilities which generated massive fluctuations at the level of investment perception. There are other markets much more mature and more attractive for investors - Russia, USA and Great Britain," said Dan Ionascu, Director Department Evaluation and Consultancy, Cushman & Wakefield.

According to the representatives of the company, in Romania there will be a trend towards a fall of the costs, also of those for the renting of spaces, because most of the companies, both local and multinational, are confronted with falls of the turnover. This, together with an upward trend of the stock of office spaces, will result in a dropping of the rentals, by 10-12 per cent, possibly even more, in 2009.

 

Sursa: http://www.nineoclock.ro

Tags: office spaces

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