Bucharest Among Top 15 Cities With Biggest Drops In Office Occupancy Costs

Bucharest ranks 12tyh in the top 15 cities in the world with the biggest cost reductions in office space occupancy, with a 6.1% drop in the first quarter compared to the same period in 2012, property consultants CB Richard Ellis said Monday in a report.

The occupancy cost for Bucharest office space stands at EUR23.25/sqm/month, while the average rent dropped 7.7% in the first quarter, to EUR18/sqm/month. Occupancy costs include what a company pays for maintenance and cleaning services.

The biggest drop in office space occupancy costs was in Singapore (16.3%), followed by Guadalajara (16.1%), Valencia, Porto, and Sao Paolo.

Bucharest is the only city in Central and Eastern Europe to make the top 15 biggest declines in office space occupancy costs. Except for Bratislava, where office space rents dropped 5.9%, to EUR16/sqm/month and the total occupancy cost fell 4.2% to EUR25.47/sqm/month, occupancy costs in all other capitals in the region have remained unchained or have increased.

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In Prague, rents remained at EUR21/sqm/month and total costs rose 1.4% EUR33.2/sqm/month, while office rents in Warsaw stood at EUR27/sqm/month with total costs of EUR37/sqm/month, same as last year.

Costs have remained virtually unchanged in Sofia (EUR13/sqm/month and EUR18.18/sqm/month) and Budapest (EUR20/sqm/month and EUR26.89/sqm/month).

The biggest growth in monthly costs was reported in Jakarta (Indonesia), where occupancy costs rose nearly 40%, but the most expensive office market in the world remains the central area in Hong Kong, followed by London”s West End, and New Delhi.